Are you searching to understand FNB Islamic Investment account review in South Africa?
My guess is same as yours, and you have come to the right place.
This article will share with you all about the FNB Islamic Investment account review, its features, and what is required to open the account.
The FNB Islamic investment account conforms to Islamic Shariah percepts.
It is an account where you can invest your money and get interested and principal with the agreed time.
First National Bank is a reputable bank, and it grantees 100 % payment of the interest rate agreed and the principal deposit after the investment time comes to an end.
The bank offers a 6.30% interest rate on your deposit and the investment time maximum is 60 months.
The longer you keep the investment, the more interest you get.
The bank deposits the accrued profit per month.
An important aspect of this account is that you get into a fixed term.
Hence your investment gets to attract higher profit compared to investment due overnight.
FNB Islamic Investment Account Features
The following are the features of the FNB Islamic South Africa Investment account:
1. The account is free
There is no monthly fee to use the account.
Hence, you get your profit by 100% without any deduction from the bank.
2. You choose the investment duration.
It is up to you to choose how long you would like to invest.
The bank cannot choose for you, thus offering the freedom to choose how long to invest.
However, the time is limited to a minimum period of 30 days and a maximum of 60 days.
3. Access profit
Even if your investment time is not due, you can access the profit deposited into the account.
But you cannot access the principal amount until the investment is due.
4. Increase investment
You can add the money to your initial deposit and will count at the maturity of the investment.
5. Reinvest or redirect
The bank allows you to transfer the profit in the account to another account or can reinvest it.
6. Monthly profit share
FNB makes the profit available for you every month, and you can access it whenever you wish.
7. Rewards
You gate additional benefits of using this account by getting rewarded with eBucks points, which can make you get to a higher level.
First National Bank Islamic Account Qualifying Criteria
The essential qualification to this account is to have an opening balance of R10 000.
Documents needed
The following are the basic documents required when opening the account.
The bank may ask you for more documents if the need arises.
- Proof of residence (not older than three months)
- South African ID book or ID card
IF you would like to open the FNB Islamic Investment account, visit the nearest FNB branch with the essential documents and opening balance.
That was the FNB South Africa Islamic investment account review.
