Are you interested to know about the Absa graduate account in South Africa? Then check out this article.
We will first show you what an Absa graduate account is.
What Is Absa Graduate Account
This is a first-tier cheque account for students registered in tertiary institutions and are in their final year of study or have already graduated.
You can use the account for up to 3 years or 36 months before upgrading to Absa Gold Value Bundle Account.
The account is designed to cater to the needs of a final-year student or a graduate.
The account holder has access to an overdraft facility and credit facility before you receive your first salary.
We will now show how the Absa graduate account works.
Absa Graduate Account
A graduate or final year student gets up to 30% in discounts with rewards lite.
You will get a discount of 50% on your monthly fee if you maintain a balance of R30,000 in your account.
You have to keep your account active by making at least 6 transactions in a month to qualify for the monthly benefits.
Two of the transactions have to be prepaid.
To redeem your monthly benefits, dial *120*9001#
You get unlimited free transactions, including electronic balance inquiry and statement inquiry on Absa ATM, internet banking, cellphone, and telephone banking.
There are no transaction fees for transfers and internal payments, including the internal debit order and stop orders.
There is no fee to make purchases with your card, cash-backs or beneficiary payments, and external debit orders through any type of banking.
The account offers unlimited SMS notifications and email notifications. Your unused transactions in your value bundle are rolled over for one month.
You get an R200 travel start voucher with this account.
The monthly service fee is R54.50 and includes 5 Absa ATM cash withdrawals and 5 cash deposits.
This is how the Absa graduate account works in South Africa.
Now that you know how the account works we will show you the requirements to qualify for the account.
Requirements For Opening This Account
Below are the basic requirements:
- You have to be less than 30 years and with a valid South African ID or smart card or passport.
- Applicants must be in their final year of school or newly graduated
- Proof of residence not older than three months
- Latest bank statements if you need an overdraft facility
- Proof of qualification or transcript of your final year of study at a registered institution
These are the requirements to open an Absa graduate account in South Africa.