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Savings Bank Account

Savings Bank Account is a basic demand deposit scheme to inculcate the savings habit among people. It is primarily an 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.

Features

  • Opened easily with ZAR 250 (minimum)
  • Attractive interest rates. Please click on interest rates for detail of interest rates in Savings Bank Account.
  • Statement of account is sent through e-mail monthly.
  • Access to cash at any ATM across South Africa.
  • ZAR transfer to any bank in South Africa through online EFT/ RTGS.
  • Direct Debit ECS facility
  • Receive remittance from any bank
  • Send remittance to any country
  • Online INR Remittance facility
  • Low monthly account maintenance fee (currently Rand 10 per month)

Benefits

  • Free ATM-cum-Debit Card, Internet banking facilities, swipe at any POS terminal all merchant establishments, cash withdrawal at POS terminals, online investments facilities, SMS alerts of all transactions, online statements of accounts.
  • Earn interest income up to 3.50% at month end

Eligibility

Savings Bank account can be opened by any individual in his sole name, by two or more individuals in joint names with various options for mode of operation, having independent source of income.

Documents Required

Following documents are required for opening of Savings Bank account with the Bank

  • SB Account opening form. Please click on Account opening form to download the form.
  • Proof of identity - copy of valid Passport and work permit / South African resident ID
  • Proof of residence - copy of current electricity / water bill, lease agreement. In case, the accommodation is provided by the company, a letter from the company stating the same along with copy of bank statement mentioning the residential address. ( Not a PO Box address)
  • Proof of Employment – copy of employment contract or latest salary slip.
  • One passport size photograph.

Please provide original documents to the branch for verification of copies.

Interest Rates

Interest on savings Bank account is paid at monthly intervals on daily balance in the account. Please click here for detail of Interest rates in Savings Bank Account.



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