In our guide today, we will look at the Absa notice deposit account in South Africa.
Table of Contents
What Is A Notice Deposit Account
A notice account allows you to choose your own notice period and earn interest depending on your account balance.
We will now show you the essential requirement to open an account in South Africa.
What Are The Requirements To Qualify
To qualify for an Absa notice deposit in South Africa, you need to fulfill the following:
- A minimum account opening balance of R1 000 000
- You need to maintain a minimum balance of R1 000 to receive interest.
- You need to have a certified south African ID
- Proof of residence not older than three months
These are the basic requirements to open a notice deposit account.
Now that you know the requirements to open the account, we will show you exactly how the account works in South Africa.
Absa Notice Deposit Account
After you give the notice to withdraw, you will have access to your money within two days.
Interest is calculated daily and added to your investment every month.
This means that the more you save, the more you will earn.
The deposit is a safe investment as you are guaranteed returns and peace of mind.
You are allowed to have immediate access to up to 50% of your funds.
Transferring funds via Absa ATM, online, and mobile banking is free.
You will only incur the transaction costs and penalty fees if you withdraw earlier than your set notice.
You can use the funds or money in your account as security for a loan.
This is how Absa notice deposit works in South Africa.
We will now show you the advantages of using the Absa notice deposit account.
Benefits Of The Account
You earn very competitive rates for all the balances above R1,000.
You have the liberty to select the date on which your interests are paid and the account into which they will be paid to.
You can make additional deposits to the account at any given time.
There is no maximum investment period as you are the one setting the rules.
You stand to earn bonus interest when you keep the prescribed minimum balance for more than 90 days.
With the Absa digital bonus rate, you can earn additional interest on your account.
Open and manage your notice deposit account on the Absa website or the Absa banking app to qualify for the interest.
This is all you need to know about the Absa notice deposit in South Africa.
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