I&M Bank customers should brace for higher banking costs as the lender plans to implement revised service tariffs effective May 24, 2025.
The new rates, which reflect an average increase of 8.5% across various services, will affect both personal and business banking customers using day-to-day banking, trade finance, and remittance services.
According to the tariff review shared by the bank, charges for common services such as standing orders, EFTs, cheque processing, and certificate requests will see notable increments.
I&M Bank has attributed the upward tariff adjustments to market trends and the rising cost of providing secure and efficient banking services.
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Details of the New I&M Bank Rates
Under the review, the cost of setting up an internal standing order will rise from Ksh75 to Ksh82 per entry, while the fee for an unpaid standing order will increase from Ksh2,000 to Ksh2,170.
Amendments to standing orders will also cost more, increasing from Ksh250 to Ksh272.
Additionally, customers making bulk salary transfers or EFTs will see the cost for internal transfers at branches increase from Ksh50 to Ksh55, and external EFTs from Ksh250 to Ksh272.
Also, the cost of retrieving old records for financial purposes has gone up from Ksh2,500 to Ksh2,713, while cheques returned for technical reasons now attract a fee of Ksh651, up from Ksh600.
Also Read: I&M Group Issues Warning to Shareholders
Foreign Remittance and Other Hiked Charges
The price hike also affects cheque-related services. Temporary overdraft processing fees have increased to Ksh2,170, and cheque books will now cost USD 0.22 or its equivalent in GBP/EUR per leaf, up from USD 0.20.
On the other hand, foreign remittance and SWIFT transactions have seen significant increases. SWIFT transfers from Noble accounts, BRISK transfers, and remittance charges for both inward and outward transactions have all been adjusted upward to Ksh1,085 per transaction, from previous rates of Ksh1,000.
SWIFT message charges to other banks also increased from Ksh1,000 to Ksh1,085, while SWIFT queries increased by the same margin.
Moreover, charges for foreign currency drafts and commissions on remittances done through channels like ATMs or mobile platforms have also increased by at least USD 1.
Trade finance services such as bills discounting and handling of foreign cheques are also affected. The handling charge on bank cheques drawn on foreign banks will now be 0.30% with a minimum of Ksh434, up from 0.25% and Ksh400. Courier and postage charges have been revised as well.
In 2023, I&M Bank announced a waiver of transaction charges from its digital banking platform, I&M On The Go (OTG), to mobile money wallets.
The move positioned I&M Bank as the first lender in Kenya to officially offer zero fees for bank-to-M-PESA and Airtel Money transactions, after the reintroduction of charges by the Central Bank of Kenya in January 2023.
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