Today we will focus on the Absa future plan in South Africa.
This is contractual savings account with no bank charges that allows parents or guardians to contribute toward giving children the best education possible.
You benefit from nominal interest and an additional Absa education interest contribution of 3.55.
We will start by showing you what you need to apply for this account.
Requirements For Future Plan
Below are some of the documents you need to apply for the account:
- You need to provide the child’s birth certificate or the green coded identity document
- Have the original or certified copy of utility bill, lease or rent agreement s proof of address
- Foreigners need to produce a valid foreign passport or proof of identity
These are the basic requirements to apply for Absa future plan in South Africa.
Absa Future Plan
You need to deposit a minimum of R100 per month for at least three years and always maintain an account balance of at least R100.
Deposits can be made by parents, friends, guardians or sponsors.
You can choose to annually increase the contractual amount contributed every month either as a percentage or rand value.
Open more than one account for different beneficiaries.
Withdraw the funds with a 32 days notice after the initial three years contract.
You can only withdraw funds from the account two times a year.
There are no charges on this account as it is a minor’s account.
Your savings term will systematically extend if you don’t inform the bank of your specific instructions.
The longer the investment period then your interest rate will also be higher.
You also get bonus interest if your future plan runs for longer than 12 months.
Your nominal interest is calculated daily and paid every month.
These are the features of the aba future plan in South Africa.
How To Transact With Future Plan
You can make deposits any time through the Absa branch near you, a stop order or a debit order.
Can withdraw at any Absa branch upon maturity of the funds.
Complete a maturity instruction to state your pay-out instructions.
You can make additional deposits at any time.
This is all you need to know about Absa future plan in South Africa.