Personal Banking Products

It is a basic demand deposit scheme and is meant to promote the savings habit among people. It is primarily on operating account for non-commercial transactions. It helps one to put through day to day banking transactions besides earning some return on the savings made.

Savings bank account can be opened by any individual in his sole name, by two or more individuals in joint names with several options for mode of operation.

Basic Features:

• Minimum Balance-R1000-00
• No of withdrawals-30 in a calendar half year.
• No Cheque book will be issued.
• No Interest will be paid for the month if the balance in the account falls below the minimum of R1000 during the month.
• No passbook will be issued. However, statement of account will be sent through e-mail Every month and the customer can access his/her account through Internet Banking.
• Interest paid up to 3.00% depending upon the balance in the account. For details see Interest Rate link under Personal Banking

Essentially a Demand Deposit Account with the benefits of Fixed Deposit Account.

Basic Features:

• Minimum Deposit of R100000 for Corporate, Firms & Trust AND ZAR 25000 for Individuals. Can be opened with Equivalent in USD, GBP,EURO
• No restriction on number of withdrawals.
• Preferential Interest Rate Close to that of Fixed Deposits

Term deposit is a basic time deposit scheme in which customers can deposit amounts for specified maturity periods and earn monthly or quarterly or half yearly or annual interest. Interest calculated and applied on a simple basis.

Basic Features:

• Tenure- Open ended but no Compounding of Interest is allowed.
• Automatic renewal facility on due date for similar period at the rate prevailing on due date.
• Simple interest to be paid.
• Loan/OD facility available up to 90% of deposit amount available.
• Term Deposit receipt to be issued.
• Interest is credited to the Current/Call/Saving bank account of the Customers at the selected periodic intervals.
• Loan/OD facility available on deposit amount.

Special term deposits are similar to term deposits except that the interest is paid along with the Principal on maturity and Compounding of Interest is allowed.

Basic Features:

• Tenure minimum 6 months, maximum-1 year.
• Interest is compounded quarterly and paid along with the principal at the time of maturity.
• Loan/OD facility available up to 90% of deposit amount available
• Premature withdrawal not available.
• Special Term Deposit receipt to be issued.
• Loan/OD facility available on deposit amount.

Recurring Deposits is a systematic investment plan (SIP) to build an accumulated savings fund for achieving one’s financial goals. It is meant for those who wish to invest a specific chosen amount of money on a monthly basis for a fixed rate of return. The first deposit made at the time of opening will be the denomination of the account. Each subsequent monthly installment made is equal to the first deposit.

Basic Features:

• Minimum 6 months Maximum –1 year.
• Minimum Amount R500-00
• Interest at the rate equal to Fixed Deposit for the same period
• Loan/OD facility available on deposit amount.

Basically, a Saving Bank account with the add-on in-built facility to optimize the interest earning of the Depositors. If the balance in the Deposit Account crosses certain predefined level ( threshold limit), the excess is automatically swept by the system to open a fixed deposit account so as earn the higher interest.

Basic Features

• Minimum Deposit R10000
• Auto- Sweep in multiple of R1000 to Term Deposit Account for one year ( or nominated period) to be opened automatically
• LIFO method to protect against loss of Interest
• Penalty by penal interest of 2% if minimum balance falls below the ZAR 10000