A Fixed Deposit account is an investment account where money is deposited for a fixed period and the interest does not change. A Fixed Deposit account earns higher interest rates than ordinary savings accounts and is ideal if you want to save for a specific goal– like a wedding or year-end holiday.You choose how long you want to invest – from six months to one year.
What it offers you
- You must make a minimum investment of at least M1 000
- You can choose the date on which you want your investment to mature
- The funds in your account can be pledged and used as collateral
- There are no service fees charged on your account
- You can choose an investment period from 6 to 60 months
- You can have more than one fixed deposit if you want to save for different goals
- You cannot withdraw funds from your fixed deposit account during the investment period. Early termination attracts a penalty.
What you need to apply
- You must be over 18
- Nationally accepted and valid identification: passport, National Identification or driver’s license
- Visit your nearest branch with the following documents
- Nationally accepted identification card (valid voter’s ID, driver’s licence or passport)
- Proof of residence in the form of a utility bill (less than three months old) or Chief’s letter