Group Account is a type of joint account that customers can create by themselves via KB PRASAC Mobile app for the group’s common goal in savings, payments and performing other financial transactions. Customer who is the primary account holder can create and invite members to join a Group Account via KB PRASAC Mobile app, anytime, anywhere, without having to visit any bank branch,
You can open a group account with family members, friends, partner, or with someone to manage savings and expense jointly, while enjoying higher interest rates than regular savings accounts.
Benefits of group accounts
Created on KB PRASAC Mobile instantly and for free
Track incoming and outgoing transactions jointly with ease
Get high interest rates up to 3.50% per year
No minimum initial deposit and minimum account balance required.
How to open Group Account
Open KB PRASAC Mobile
Tap on Account, then tab on Open Account and click on “Open Now” on Group Account
Read and check agree to the Terms and Conditions, then tab on “Start”
Enter your group name
Choose account currency KHR or USD
Choose purpose
Click on “Add member”
Enter phone number link to KB PRASAC Mobile
Set permission as View Only or Full Access
Click on “Open Now”
Enter PIN or Biometric
Click on “Share” to share link to member to join group account(Link valid within 48 hours)
Tab on “Done”
Interest Rate
US Dollar
#colspan#
Khmer Riel
#colspan#
Amount in Account
Interest rate
Amount in Account
Interest rate
<= 5,000
2.50%
<= 20,000,000
2.50%
<= 10,000
3.00%
<= 40,000,000
3.00%
> 10,000
3.50%
> 40,000,000
3.50%
Product Features
Conditions
Description
Currency
KHR or USD
Number of group accounts
Primary Account Holder: A customer can open a group account and be the primary account holder of up to 20 group accounts.
Member: A customer can be a member in unlimited group accounts.
Ways to create Group Account
Via KB PRASAC Mobile app
Ways to perform transactions Group Account
Via KB PRASAC Mobile app only
Minimum initial deposit balance
Not required
Minimum Account Balance
Not required
Interest Payment
Interest is accrued daily and paid at the end of each month automatically into the group account or when closing the account
Interest Tax
4% for residents
14% for non-residents
Number of members in a Group Account
Up to 20 members including the primary account holder:
Primary account holder: 1 person
Members with “Full Access” rights: up to 4 people
Members with “View Only” rights: Up to 19 people
Group Account access levels via KB PRASAC Mobile app
Primary Account Holder: Has the “Full Access” right to use the group account to perform all types of financial and non-financial transactions
Members with “Full Access” right: Can perform all types of financial and non-financial transactions
Members with “View Only” right: can only check account information and account statements (cannot perform financial transactions)
Maximum deposit amount per customer (Maximum Client Limit)
The deposit amount for Group Account must be based on the type of customer of Primary Account Holder:
In case the primary account holder is a full KYC customer: unlimited
In the case the primary account holder is a partial KYC customer:
USD 10,000 or KHR 40,000,000 .
Savings Account Passbook
Not allowed
Account Information Card
Not allowed
Request to open a term deposit account
Not allowed (in case using group account as source account)
Deposit
Deposit via all channels, implement just like a normal savings account.
Withdrawal
Financial transactions can be performed by the primary account holder or joint account members with “Full Access” right via KB PRASAC Mobile app.
In case of cash withdrawal:
Transfer money via Cash-Code or
Scan QR to withdraw cash from ATM or
Transfer money from a group account to any account with a signature specimen and request a withdrawal at branch counter.
Group Account opening conditions
The applicant who is the primary account holder can be a full KYC or partial KYC customer.
Have an existing savings account at KB PRASAC, either savings account, digital account, or other savings account.
Use KB PRASAC Mobile app linked to phone number.
Can invite other customers to join a group account which can be full KYC or partial KYC customer via phone number.
Member who uses KB PRASAC Mobile app linked to his/her email (not linked to phone number) cannot accept the invite to join group account.
Add Member
Customer can add members by him/herself via KB PRASAC Mobile app.
Person who has right to request: Can be the primary account holder or any member with “Full Access” right.
Adding members requires approval from the primary account holder and/or all members with “Full Access” rights and partial new members as requested.
New members have the right to accept or reject the request.
In case of rejection or failure to respond to the request within 48 hours, the request will automatically expire.
Removing members
Customers can remove members from their group accounts via KB PRASAC Mobile app.
Person who has right to request: The primary account holder or any member who has the “Full Access” right.
Requests must be approved by all other account members with “Full Access” rightand disqualified members.
Members have the right to approve or reject the proposal.
In case of rejection or failure to respond to the request within 48 hours, the request will automatically expire.
Request to leave a group account by members
Members of a group account (Full Access or View Only) can request to leave the group account via KB PRASAC Mobile app and
Requests must be approved by the primary account holder and members with “Full Access” right.
Request to leave a group account by the primary account holder
Not allowed (if primary account holder wants to leave, s/he can request to close the group account)
Freezing or unfreezing Group Account or account balance
Not allowed via KB PRASAC Mobile app
Please come and apply at any KB PRASAC branch.
The primary account holder and all members of a group account with “Full Access” rights must request in writing at the branch.
Notifications via KB PRASAC Mobile app
Notifications to the main account holder and/or all members will be based on the types of transactions:
Reactivation of group account
Deposit
Withdrawal
Adding members
Removing members
Member leaving
Group account closing
All transactions on the group account.
Other services
Request for account balance confirmation: Not allowed
Request for account statement: Can download via KB PRASAC Mobile app for free of charge
Request for account passbook/account information card: Not allowed
Request a banker’s check : Not allowed
Link ATM card: Not allowed
Used as a source account for a loan : Not allowed
Used as a source account for a term deposit account: Not allowed
As a source account for term deposit account: Not allowed.
Note:
KB PRASAC reserves rights to change interest rate and fee with prior notice to the client as required by law.
