Absa Tax-free Fixed Deposit

Absa Tax-free Fixed Deposit, Requirements & How It Works

In our guide today, we will briefly discuss the Absa tax-free fixed deposit in South Africa.

This product guarantees you your invested capital and the quoted returns.

Launch rates are offered to this account for a limited period with Absa.

We will first show you the requirements to apply for this product.

Requirements For Absa Tax-free Fixed Deposit

Below are the basic requirements to apply for this product:

  • A valid South African ID
  • Proof of residence not more than three months old
  • You need a transfer request form when transferring funds

These are the basic requirements to apply for a tax-free fixed deposit in South Africa.

Absa Tax-free Fixed Deposit

You are guaranteed your capital and interest.

You can invest in a fixed deposit without paying tax.

You can transfer funds without losing your tax-free benefit.

There is no maximum investment limit when transferring from one institution to Absa’s tax-free savings.

The maximum investment per tax year is R30 000 and the maximum lifetime investment is R500 000.

If you contribute above the set limit, SARS will levy you a penalty fee of up to 40%.

The interest rate for any amount above R30 000 is 5.79%.

Account balance below R30 000 will not attract any interest.

This is how the tax-free fixed deposit works in South Africa.

How To Contact Absa

You can visit the Absa tax-free fixed deposit account page.

You can call Absa bank through 0860 111 515 or email them at savings@absa.co.za; for more information, you can alternatively visit the nearest Absa branch for assistance or any information on this product.

This is all you need to know about Absa’s tax-free fixed deposit in South Africa.

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