Are you interested in the Absa dynamic fixed deposit in South Africa but do not know how it works? Then check out this short guide to learn about it.
Absa has created an opportunity for you to earn monthly deposits interest based on the amount fixed, term duration, and interest rates.
You can choose how much money you want access to through this product.
We will first show you what you need when applying for this product.
Requirements For Dynamic Fixed Deposit
Below are some of the major requirements for Absa dynamic fixed deposit:
- You should have a valid South African ID or smart card
- You need proof of residence not more than three months old
These are the basic requirements to qualify for an Absa dynamic fived deposit.
Absa Dynamic Fixed Deposit
The investment term for this product ranges from 8 days to 60 months, and the minimum you can invest is R1 000.
Your capital is guaranteed, and you can choose a fixed interest rate on one linked to prime.
You are not charged any fees for monthly maintenance.
You can choose access to investment in portions of 0%, 10%, 20%, 30%, 40% or 50%.
You can choose to receive your interest monthly, quarterly, half-yearly, yearly, or upon maturity.
These are the features of Absa’s dynamic fixed deposit in South Africa.
What Are The Interest Rates
Now that you know the features of this product, we will show you the interest rates for the dynamic fixed deposits.
For balances between R1 000 and R100 000 with a liquidity option of 100%, the interest rate is 4.20% for six months, 5.15% for 12 months, and 4.95 for 18 months.
A 50/50 liquidity option attracts 3.75%, 4.70% and 4.50% for 6, 12 and 18 months respectively.
For balances between R100 001 to R999 999 with a 100/0 liquidation option, you get an interest rate of 4.25%, 5.65%, and 5.50% for 6, 12, and 18 months respectively.
A 50/50 liquidation attracts 3.80%, 5,20% and 5.05% interest rate for 6, 12 and 18 months respectively.
Balances above R1 000 000 have a fixed rate of 4.50%, 5.655, and 5.50% 100/0 liquidation for 6, 12, and 18 months.
A 50/50 liquidation has a fixed rate of 4.05%, 5.20%, and 5.05% for 6, 12, and 18 months.
This is all to know about Absa’s dynamic fixed deposit in South Africa.
