Today we will focus on the Absa stokvel account in South Africa.
We will first show you what a stokvel account is.
Table of Contents
What Is A Stokvel Account
This is a savings account for a group of individuals with a common purpose and to enjoy better rates.
You can save for groceries with this account.
The account requires two or more people who will elect group leaders to act as signatories.
Members have to contribute to the account every month.
Now that you understand what a stokvel account is, we will show you the requirements to open an account.
Requirements For This Account
Below are some of the important requirements to apply for an account:
- IDs of at least two elected group leaders who will act as signatories
- Proof of residence of the three group leaders not older than three months.
- An initial investment of R50 to open an account
to apply for the account You need to visit the nearest Absa branch.
These are the requirements to open an Absa club account in South Africa.
We will now show you the features of the Absa stokvel account in South Africa.
Absa Stokvel Account
You are advised to register for internet banking to reduce some transaction fees.
With online banking, you can payout members anywhere anytime using EFT.
NotifyMe alerts will be sent to up to three account signatories.
There are no monthly management fees required.
You can also track members’ contributions through online banking.
The benefits accrued are not for individual use but for the whole club.
The account savings are available on 32 days’ notice, so you have to make a notice earlier to access the funds.
You are eligible for an R2000 accidental death cover for up to 10 nominated members.
These are the features of the Absa stokvel account in South Africa.
We will now show you the interests and rates of the account.
What Are The Interest And Rates
The account interest rate is in tiers meaning that the higher your account balance, the higher interest earned.
For balance tiers between R0.01 to R39,999, the nominal interest is 0.05%, and from R50000 to R74,999, the nominal interest is 0.80%.
Savings of R75,000 to R99,999 attract a nominal interest of 0.55%, while those above R100000 have a nominal interest of 1.80%.
Account balances below R50 do not earn any interest.
This is all you need to know about the Absa stokvel account in South Africa.
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