Bank of India Kenya

Bank of India Kenya

Bank of India Kenya is a commercial bank in Kenya, the largest economy in the East African Community. Bank of India Kenya is one of the commercial banks licensed by the Central Bank of Kenya, the national banking regulator.

As of May 2015,Bank of India Kenya is a medium-sized financial services provider in Kenya. Its total assets were valued at approximately US$541 million.

Bank of India Kenya received its banking license on 6 May 1953.[1] Its first office opened in Mombasa, the same year. In 1954 it opened its first branch in Nairobi, in the Heritage Building. It plans to increase its footprint to eight branches before 1 July 2015.

Kenya was the Prestige and dream destination towards international journey of BOI.

It was in October 1953 we have opened our first branch in Kenya in the Coastal town of Mombasa. In the greencity of Nairobi, the bank opened its branch on 18th March, 1954. The branch which is situated in a heritage building, once being the National Assembly of Kenya, has now been fully renovated to provide better ambiance and service to our valued customers. The office of the chief executive is also situated in the Nairobi branch,which was officially opened on 19th feb,1965 by first president of republic of Kenya His Excellency Honourable Mzee Jomo Kenyatta, indeed it is great honour itself for Bank of India.

Bank of India Kenya Services Offered

ATM Facility

All our Individual Savings and Current account holders can avail ATM facilities at any Pesa Point ATM Outlets countrywide.

Please contact respective Branch Managers to avail the facility.

Safe Deposit Vault

We have lockers at all the branches in Kenya. The lockers are of various sizes and are available now.
The rent is payable yearly.
You can operate the locker as many times as you wish.
Please contact respective Branch Managers to avail the facility.

FCNR Accounts

If you are an Expatriate / Non Resident Indian, you may open your deposit account in our designated branches in India. These accounts could be in US Dollars or other major world currencies like GBP, EURO or Japanese Yen. The deposit receipts are issued for a maximum period of 7 years.

NRE Accounts

You can also open NRE accounts in Indian Rupees. These accounts may be opened in the form of Savings Bank , Current Deposit, Fixed Deposit , Double Benefit deposit , Monthly Income Certificate and Quarterly Income Certificate. The deposit receipts are issued for a maximum period of 7 years. Some of our designated centers also offering Internet Banking Services.

You can check our interest rates by clicking here.

Requirements for opening FCNR/NRE Accounts

1. Original Passport
2. Proof of residence
3. Three passport size colour photographs
4. Duly completed account opening form
   (Click here to download account opening form)

We also help you open accounts with our UK Branches and also Jersey Branch. Please contact our branch Personnel for further details.

Kenya Revenue Authorities i-Tax Payment

Customers can now conveniently pay taxes, directly into Kenya Revenue Authority’s Account, at Bank of India, following KRA’s approval of Bank of India as a tax collection agent through the revamped Integrated Tax Management System (iTax). This service is available across all branches of Bank of India in Kenya through cash payments and internal transfers from customer’s account. Upon payment, you will obtain a payment confirmation advice from the bank and your Tax details will be updated and confirmation sent to KRA on a real-time basis. The Advice provided by the Bank is final and sufficient proof of payment both to KRA and the taxpayer. It is also possible to enquire about your payment status online from the KRA website to confirm that the details have been updated.

Star InstaRemitQuick fund transfer to India (HRTGS)

• Efficient Remittance to India through Bank of India branches or any other bank in India
• Available to customers / non-customer * (* subject to KYC/AML norms)
• Hassle free and easy money transfer to India
• Instant credit to beneficiary’s account with any branch of Bank of India in India
• Same day / within 24hrs credit to beneficiary’s account with branch of other Banks in India which are RTGS/NEFT enabled.
• Trade related Payments NOT allowed under this remittances.

Bank of India Kenya Deposits

Current Deposits

Current accounts can be opened by individuals, business community , corporate bodies or the like where the account holder has often to receive money and to make a number of payments. These are very active accounts. No interest is paid on balances in these accounts and there are no restrictions as to the number of deposits into and withdrawals from the account per day.Cheque books are issued in these accounts.

Savings Bank Deposits

Savings Bank accounts can be opened by individuals and the like where the account holder deposits money for the purpose of savings. There is no restriction on the number and amount of deposits to be made on any one day. Balances in these account earn interest and the amounts from the account can be withdrawn when needed. These accounts can be opened with or without cheque book facility.

The interest rate on Savings Bank Deposit Accounts has been changed to @ 6.65% with effect from 01.04.2018.

Term Deposits

Term deposit accounts can be opened by individuals , corporate bodies ,etc. These deposits are for a period of 30 days or more. The interest payable on these deposits is higher than that payable in savings bank deposits. Receipts are issued for each deposit made under this scheme.In case of need these deposits can be prematurely encashed.

Term Deposit rates

Call Deposits

Call deposits can be kept by individuals , corporate bodies ,etc. Call deposits are not opened for any fixed period. These deposits can be withdrawn at the will of the depositor . The contracted arte of interest is payable on this deposit. The interest payable on call deposits is higher than that payable in savings bank deposits.

Bank of India Kenya Loans and Advances

With effect from 14.09.2016, we have implemented the Central Bank of Kenya guidelines, as per circular No.4 of 2016 dated 13.09.2016 that the Central Bank Rate (CBR) will be the base rate and the maximum rate of interest applicable on advances will be four percent over CBR.

Central Bank of Kenya has revised Central Bank Rate (CBR) from 10.00% pa to 9.50%pa with effect from 19th March 2018. Hence, our Rate of Interest on all Loans/Advances based on this floating rates will accordingly get revised with effect from 19th March 2018.

The Bank gives hassle free loans for all your requirements at very competitive rates of interest. Loans are instantly given against our Term deposit receipts. We also give loans against deposit with any branch of Bank of India in India or globally subject to regulations of the respective countries.

Bank of India Kenya Remittances

We can transfer your money to India quickly and efficiently to any of our over 4467 branches. We can also effect transfer of funds to all major financial centers viz. New York, London , Jersey , Singapore , Hong Kong , Tokyo , Osaka , etc. Since we are connected to SWIFT the funds are remitted fast , efficiently and promptly.

For details and for further clarifications or for any queries, please contact Mr. Mannik P Kumar (Forex Dealer) or Mr S. Tripathy (CM Operations) on +254 020 2221414 /15 16

Bank of India Kenya Branches

BOIK maintains branches at the following locations:

1. Kenyatta Avenue Branch – Bank of India Building, Kenyatta Avenue, Nairobi (Main Branch)
2. Industrial Area Branch – Unit 1D, Block D, Sameer Industrial Park, Nairobi-Mombasa Road, Nairobi
3. Mombasa Branch – Bank of India Building, Nkrumah Road, Mombasa
4. Westlands Branch – Progressive Park Towers, Westlands, Nairobi
5. Kisumu Branch – First Floor, Tuffoam Plaza, Jomo Kenyatta Highway, Kisumu
6. Eldoret Branch – Tarita Centre, Ronald Ngala Street, Eldoret
7. Nakuru Branch – Nakuru
8. Thika Branch – Thika

Bank of India Kenya Contacts

Kenyatta Avenue,
P. O. Box 30246 00100
Nairobi, Kenya.
Phone No :0025420-2229461
Fax No: 00254-20-2221417