In our guide today, we will focus on the Absa Islamic savings account in South Africa.
We will start by showing you the requirements to qualify for the account.
Requirements To Open Islamic Account
Below are the basic requirements to qualify for the account:
- You need a valid barcoded South African ID or a valid passport for the foreigners
- Proof of residence not older than three months
- A minimum deposit of R50
- You need to maintain a minimum account balance of R50
These are the basic requirements to open an Absa Islamic savings account.
Now that you know the requirements to qualify for the account, we will show you the key features of the account.
Absa Islamic Savings Account
The account is compliant with Shari’ah.
The monthly service fee is R30.
You can access your funds anytime, and there is no minimum or maximum investment period.
You can conduct all types of electronic payments and transfer transactions and access funds through Absa ATMs or Absa branches.
Certain transaction fees will be waived if you have R16 500 or more in your account.
You can get your account statements any time you request.
You can make a third-party payment from this account.
Annual profit share is calculated at Absa end of the financial year, which is on 31st December, and paid into your account on 25th January of the following year.
You have to access a 24-hour self-service access through Absa online banking, mobile banking app, and telephone banking.
These are the key feature of the Absa Islamic savings account.
We will now show you how the account works.
How Does The Islamic Account Work
You can get a card to transact at an ATM and point of sale. (POS)
You are issued with an Islamic cheque Absa debit chip card with a unique PIN for added security.
You can shop securely with One Time PIN (OTP) transaction verification with this account.
You can visit the Absa website and register for Absa online.
When you open online banking, you can instantly set limits to pay beneficiaries or reset a locked or forgotten online password.
Retrieving a debit PIN online is also easy with online banking.
You can also make immediate interbank payments online.
When you add Absa Rewards, you stand to earn cash rewards on all qualifying transactions every time you swipe your debit card.
This is all you need to know about the Absa Islamic savings account in South Africa.