Are you interested to read about the Absa deposit account in South Africa? Then, read this short article.
We will start by briefly explaining what a deposit account is.
What Is A Deposit Account
This is a bank account by Absa in which a member can deposit and withdraw money.
A deposit account can be in many forms, like a savings account, current account, among others.
Transactions on the account are recorded in Absa bank books, and the resulting balance is recorded as liability of the bank.
Now that you understand what a deposit account is, we will show you how the account works.
Absa Deposit Account
There are various types of deposit accounts you can choose from in Absa.
You can deposit and withdraw your money easily when the need arises.
Some accounts, however, will penalize you for withdrawing cash.
To withdraw from these accounts, you need to give prior notice according to the terms and conditions of the account.
Notice to withdraw varies from 7 days to 90 days.
Withdrawal charges vary with different deposit accounts.
Transaction fees are also variant, and in some accounts, the transaction is free when using Absa internet banking.
Some accounts have daily or monthly transaction limits, whereas, with others, you can transact as much as you need.
Some deposit accounts require you to maintain specific balances throughout.
You will be charged a monthly service fee for owning a deposit account.
Some accounts, however, do not charge any monthly service fee.
You earn interest from some deposit accounts.
This is how the Absa deposit account works in South Africa.
Now that you know how the account works, we will show you the various types of Absa deposit accounts in South Africa.
What Are The Types Of Deposit Account
Below are the common types of Absa deposit accounts:
- Savings account; you can deposit money and earn interest from it. However, there are limits to withdrawing cash from the savings account either from the bank or ATM. Types of savings accounts include individual accounts, joint accounts, women, children accounts, privileged accounts, and senior citizens accounts.
- A current account is meant for business transactions where you get unlimited daily transactions with no restrictions on withdrawals or deposits.
- Salary accounts
- Fixed deposit accounts are ideal for conservative investors where withdrawal is limited to the maturity period.
- A recurring deposit account is where you deposit a fixed sum of money at fixed and recurring intervals, monthly or quarterly.
These are some of the Absa deposit accounts in South Africa.