You must read this article if you want to know how to open an account with Centenary Bank and everything else that is required to do so.
Centenary Bank headquarters are located at Mapeera House in Kampala City, and the bank serves more than 1.8 million customers.
To open an account with Centenary bank, you must first decide on which account type suits you best. Down below is a clear outline of the account types to choose from plus the requirements of each, including features and benefits;
Types Of Accounts At Centenary Bank Uganda
Listed below are the different Centenary Bank accounts that one can open, along with the requirements for opening each account.
Cente Ordinary Savings Account
This deposit account is intended for reliable and consistent savers. This account allows for both over-the-counter and ATM card withdrawals of cash (CenteVisa Card).
Features
- Opening deposit fees of UGX 10,000 for individuals and UGX 3,000,000 for platinum clients
- Monthly account management fee of UGX 3,000.
- A minimum balance of UGX 5,000 for individuals & UGX 300,000 for platinum clients.
- A CenteVisa ATM Card was issued to the account holder
- Only account holders are permitted to withdraw money from their accounts; third parties are not permitted.
- On request, daily balances and brief statements are provided.
Requirements
- Two of the account signatories’ most recent passport-size pictures
- Passport for foreigners and a National Identity Card for Ugandans (Non-Ugandans).
- Card identifying refugees as refugees.
- Individuals may open accounts with a cash deposit of only UGX 10,000.
- For platinum customers, UGX 3,000,000
- A Referee (who must be a Centenary Bank client, employer, advocate or lawyer, clergyperson, or other respectable local authority.
Benefits
- Cash withdrawals without limitations are controlled by the minimum balance.
- Access to a range of other bank products, including loans and Internet Banking.
- SMS transaction alerts to assist the account user in keeping track of consumption.
- On the outstanding credit amounts in this account, interest is earned.
- Permits unlimited deposits of cash and checks.
- Offers CenteVisa Card holders and CenteMobile users services around the clock.
- Joint savings accounts are accepted.
Cente Plus Account
This account type is a savings account for anyone looking to save money to fund future investments and achieve their goals. The client agrees to start the account and maintain adding money to it until there is enough for them to invest in or acquire a specified asset.
Features
- A Deposit of UGX 50,000 is required to open this account.
- A balance of at least UGX 50,000 must be kept.
- No ongoing fees for account maintenance are needed.
- No ATM card is issued.
- Transaction alerts are received right away.
Requirements
- A cash deposit for opening the account
- Two passport-size photos
- Passport for foreigners (Non-Ugandans)
- Valid National Identity Card for Ugandans
- Refugee Identity Card for Refugees.
- A Referee (who may be a Centenary Bank client, an employer, a lawyer or other advocate, or any other reputable local authority.
Benefits
- Up to 4% in tiered interest
- No recurring fees
- Each quarter, one free withdrawal is permitted
- Interest is paid each month.
- A pledged account may be used as security for loans.
- The account balance may be increased by making recurring cumulative deposits.
- Allows deposits made using checks, wire transfers, cash, and other accepted deposit methods.
- Free monthly account statements are provided upon request.
- Enjoy access to various banking services, such as CenteMobile Online banking
- Helps the client in financing productive investments through borrowing and savings.
Cente Fixed Deposit Account
This type of account prohibits withdrawals before the predetermined period’s expiration and locks a customer’s deposits at a competitive interest rate for the predetermined amount of time.
For cash withdrawals made before the maturity period, the interest earned will be forfeited.
Features
- The minimum to be accepted is UGX 300,000, and the maximum is unbounded.
- The entire deposit must be kept in the account until it matures for the depositor to receive interest.
- There are no ongoing fees or costs.
- For this account, no ATM is issued.
- There are no ongoing account statements.
Requirements
- Valid National Identity Card for Ugandans
- Passport for foreigners (Non-Ugandans).
- Refugee Identity Card for Refugees.
- An Opening cash deposit
- One Referee who is either a Centenary Bank customer, employer, lawyer/advocate clergyman, doctor, headmaster, or any other position.
Benefits
- Zero monthly charges
- Up to 4% in tiered interest
- Each quarter, one free withdrawal is granted.
- Helps the client in financing productive investments through a combination of borrowing and savings.
- To finance the desired asset or investment, the customer may get a loan equal to 100% of the balance on their account.
- Interest is paid each month.
- Enjoy access to a variety of bank products like CenteMobile Internet banking.
CenteXpress Account
This account works best for young people, women, and low-income groups who do not have bank accounts but are capable of operating low-value digital transactions.
Features
- Opening balance of UGX 3,000.
- Minimum balance UGX 2,000.
- The maximum amount per transaction is UGX 500,000.
- The daily withdrawal limit is UGX 2,000,000 across all channels.
- No ATM card was issued.
- Allowed deposits by way of cash, digital transfer, cheque, and any acceptable means of deposit.
- Zero monthly charges
Requirements
- A Valid & original National ID.
- An active SIM card is registered in the holder’s name.
- A mobile phone.
Benefits
- You don’t have to go to a physical branch to open this account. A Digital Network that will use the CenteMobile App to open accounts for new customers with valid national identification documents and registered SIM cards will assist with account opening.
- Almost anyone can afford to open this account
- No monthly fees
- No paperwork required
- Account earns interest on outstanding credit balance.
Cente Investment Club Savings Account
A unique savings account designed specifically for investment clubs is available to members who want to invest collectively as a group or club in a business or income-generating activity with the shared objective of raising their level of income and quality of life.
Features
- Opening cash deposit of UGX 50,000
- Minimum balance UGX 50,000
- Allows cash withdrawal by completing a withdrawal voucher
- Allows deposit by way of cash, wire, mobile banking, and cheque.
- The account is accessible at any branch
- Issue of electronic account statement months
- Transaction alerts to selected account managers
Requirements
- Opening cash deposit of UGX 50,000
- A copy of Investment Club bye-laws and minutes with a resolution to open the account
- A copy of a valid Identity card for Account signatories
- Two recent Passport photos for the Account signatories
- Signatories mandate
Benefits
- After six months of persistent banking, there’s an ability to borrow up to 150% of your savings
- An attractive loan interest rate
- A passionate relationship officer
- Free internal transfers of monies using direct debits and standing orders
- Access to training in financial literacy
- Attractive tiered interest rates.
Cente Diaspora Account
Ugandans working abroad can access financial services through the CenteDiaspora Savings Account. It gives non-resident Ugandans the chance to register an account and manage it from any location in the world.
Features
- Currency: UGX, USD, GBP, and EURO with no opening balance
- A minimum amount of 200 USD, 100 GBP, 100 EUR, and 10,000 UGX is required.
- Interest is accrued quarterly on credit balances that are higher than the minimum level.
- Account accessible through CenteMobile, VISA, and internet banking at any Centenary Bank branch in Uganda.
- Withdrawals are made through CenteMobile, Visa-enabled ATMs, and additional financial service providers/Agents that the bank has designated in addition to going into the banking halls
- Email alerts and mobile phone transactions will both be used to communicate every transaction.
- Quarterly account statements are published online (sent via individual email addresses)
Requirements
- 2 recent passport-size photos (colored)
- Copy of the passport or valid resident Identification (I.D)
- One referral either by a Centenary Bank customer or foreign lawyer Attorney or an officer at Uganda’s consular or diplomatic foreign mission or the bank’s appointed agent/representative.
Benefits
- Ledger and account maintenance costs are avoided.
- There is no over-the-counter (OTC) fee.
- Relationship manager who is devoted
- Pleasant Interest rates
- Dependable and safe investment choice
- Interest is accrued quarterly on credit balances that are higher than the beginning balance.
- Deposits can be made using authorized money transfer services, TTs, and international checks.
- Withdrawals are made through CenteMobile, ATMs that accept Visa, and other banks’ designated
- The Ugx account earns tier-based interest of 3–5% annually, or 0.025% for Euro, GBP, and USD.
CenteSUPAWoman Account
This account is for women’s organizations that want to save money together to enhance their standard of living.
Features
- Opening balance UGX 100, 000
- Minimum balance UGX 50, 000
- You receive SMS Transaction alerts
- Attracts monthly account maintenance fee
- Cash withdrawal is permitted. This can be done through cash, wire, cheque, and CenteMobile
Requirements
- Valid National Identity Card for Ugandans
- Passport for foreigners (Non-Ugandans).
- Refugee Identity Card for Refugees.
- Minimum opening balance of Ushs.100,000
- Copy of valid Identity document for Account signatories
Benefits
- It offers networking opportunities and business linkage help for the ladies.
- Free cash withdrawal at counter
- You have access to financial literacy training for free
- Access to life and medical insurance at discounted premium rates
- Savings interest rates range from 3% to 5%.
Cente SACCO Savings Account
This is a savings account created to encourage SACCOs to save money to finance their lending activities or potential investment plans
Features
- Minimum account cash deposit of UGX 50, 000
- Minimum balance of UGX 50, 000
- Allows deposit by way of cash, wire, cheque
- Accessible at any Centenary branch
- Attracts interest
Requirements
- Opening cash deposit of UGX 50, 000
- Two recent passport-size photos of the account signatories
- Valid National Identity Card for Ugandans
- Passport for foreigners (Non-Ugandans).
- Refugee Identity Card for Refugees.
- Copy SACCO registration Certificate from the ministry of cooperatives.
- Copy of the SACCO by-laws
- Copy of the minutes and resolution to open the account
- Letter of introduction by DCO (District Commercial Officer)
- One Referee – This can be from a Centenary Bank account holder, LC1 Chairperson, Registered Advocate, Religious leader, RDC or CAO.
Benefits
- No maintenance fees are charged
- The account credit balance may be used as security for loans.
- Account earns interest for being active
Cente Junior Account
This is an innovative kids’ savings account run by the child’s parent or legal guardian. It is specifically geared toward kids from toddlerhood up to a maximum age of 17 years.
Features
- Opening deposit of UGX 20, 000
- Minimum balance of UGX 20, 000
- A parent or guardian may apply for a Centenary Bank Cente Education Loan up to 150% of the account’s credit amount.
- For accounts with a minimum credit balance of UGX 200,000, life assurance policy coverage is available for up to 30 million for the parent or guardian, covering death as well as funeral costs.
- No maintenance fees or monthly charges
- Free school fees bank drafts
Requirements
- Opening cash deposit of UGX 20, 000
- Two recent passport-size photos of the child
- Two recent passport-size photos for the parent/guardian.
- Birth certificate, immunization card, or baptism card for the child
- Valid identification documents for the parent/guardian
- Valid National Identity Card for Ugandans
- Passport for foreigners (Non-Ugandans).
- Refugee Identity Card for Refugees.
- Referral by a Centenary Bank customer
Benefits
- Free and unlimited number of internal standing orders for credit of the account
- Access to free school fees and bank drafts
- Parent/Guardian can acquire the Centenary Bank Cente Education Loan of up to 150% of the credit balance on the account
Conclusion
And that’s how you open an account with Centenary Bank. Simply head on over to their offices by visiting the nearest Centenary bank branch with the requirements stated above.
You can as well send them an email at. They will be sure to answer your questions and take you through the various procedure for opening a Centenary bank account.
