In our guide today, we will focus on the Absa fixed deposit account in South Africa.
This account is ideal for business owners, including retirees, the working-class, and students who want to earn higher interests for savings for a specified duration of time.
The product is designed to meet the investors’ needs and earn substantial interest and income over five years.
We will first show you the requirements to open this account.
Requirements For Fixed Deposit Account
Below are the requirements to open Absa fixed deposit account:
- You should have an existing Absa current or savings account
- South African ID or passport
- Proof of address that is not older than 90 days
- An initial deposit of R1 000
These are the basic requirements to apply for an Absa fixed deposit account in South Africa.
Benefits Of Fixed Deposit Account
We will show you the benefits of this account.
The account is a low-risk investment, and you are guaranteed your capital.
You have a choice to receive either fixed interest guaranteed returns or an interest linked to the prime.
You can choose when to be paid your interests either monthly, quarterly, bi-annually, or annually.
You can have your account in any of the five different currencies: SCR, GBP, EUR, USD, and the South Africa Rand.
Account-holders above 55 years enjoy additional interest and profit returns.
These are the benefits of the fixed deposit account in South Africa.
Absa Fixed Deposit Account
Savings plan accounts help customers to save for a specific goal.
Savings plan accounts include:
- Islamic TargetSave Account
- Future Plan Account
- Notice Select Account
Tax-free accounts include tax-free Savings accounts and tax-free deposit accounts.
Term deposit accounts prioritize long-term earnings and include the Absa dynamic fixed deposit and the Islamic term deposit accounts.
Easy access accounts allow you to save money and have immediate access to the savings.
Easy access accounts include the investor plus account, depositor plus account, and the truSave account.
Share trading and investing accounts like the Absa stockbrokers and portfolio management accounts.
Retirement accounts include:
- Core retirement annuity account
- Living annuity account
- Preservation fund account
- Retirement annuity account
This is all you need to know about the Absa fixed deposit account in South Africa.