Medium Enterprise Current Account

The Medium Enterprise Current Account is a transactional cheque account specifically designed for Small and Medium Enterprises . This account is intended for businesses that require a formal current account with cheque-writing capabilities to manage their day-to-day operations, make payments to suppliers, and receive customer payments.

This account offers several practical features for business owners. There is no minimum balance requirement, giving businesses flexibility in managing their cash flow without worrying about falling below a prescribed limit . The initial deposit required to open the account is MK30,000, and this amount may be withdrawn after the account is opened, meaning it does not need to remain locked in the account . Customers can access their funds from any NBS Bank Service Centre, providing convenience for businesses that operate across different locations . Additionally, interest is paid annually on the account balance, allowing businesses to earn a return on their working capital .

Sole proprietors looking to open this account must provide specific documentation. You will need a Business Registration certificate to confirm your business is legally registered. For identification, you must present a valid passport or driving license. Proof of residence is also required, which can be a latest water bill or electricity bill .

Partnerships have additional documentation requirements beyond those for sole proprietors. You must provide a Partnership Deed and Business Registration certificate. Each partner must present valid identification documents such as a valid passport or driving license. Proof of address in the form of a latest water bill or electricity bill is required. Additionally, you must submit a letter from the partners approving the specific persons concerned to open and operate the account on behalf of the partnership .

While both accounts serve business customers, they have distinct purposes. The Medium Enterprise Current Account is a transactional cheque account designed for daily business operations, with cheque-writing capabilities and no minimum balance requirement . The Small and Medium Enterprise Savings Account, by contrast, is a savings account primarily intended for saving money to reinvest in the business, with a minimum balance requirement of MK10,000 . The current account requires a higher initial deposit of MK30,000 compared to the savings account's MK10,000 opening deposit . The current account also offers interest paid annually, while the savings account is described as cheap to manage and earns interest without specifying the rate .

Yes, interest is paid annually on the Medium Enterprise Current Account . The specific interest rate is not detailed on the product page, but the account earns interest on the deposited balance, providing businesses with a return on their working capital held in the account. For current interest rate information, customers are advised to contact the Bank directly or refer to the latest tariff sheet.