If you are a group, chances are you would like to know how to open a Stokvel savings account and what it takes to open the account.
More so, you will find this article useful as I have details on how to open an account.
The FNB stokvel account is meant for groups who would like to start saving together towards achieving a common goal.
The idea of Stokvel in South Africa is dated back to the 19th century, and up to date, people embrace the spirit of coming together and growing together.
First Nation Bank is among the oldest banks in South Africa and supports the idea of people coming together by offering the stokvel account.
Each member can make the deposit directly to the account through the account and view the balance and transactions.
However, not every member can withdraw the money except the three signatories assigned the role during account opening.
There are no monthly charges to use the Stokvel savings account, and also it is free when depositing to the account.
These features help groups avoid charges hence save more money.
Before knowing how to open an account, here are the essential documents you need to have when opening the account.
Documents needed to open a stokvel account.
The following are must-haves when applying to open an FNB stokvel account.
If your group doesn’t have any of these documents, the bank will not accept opening the account.
1. Three signatories
When opening the FNB stokvel account, the bank will require you to have three signatories.
These signatories are the ones who can withdraw the money in the account after three of them sign.
2. Identification document
The other essential documents are ones that prove member identification.
These documents include a South African ID card or green card.
Foreigners can use their study or work permit.
3. Proof of residence
The bank will also request proof of address for the members and, more important, for each signatory on the account.
The documents that can be used include utility bills like electricity or telephone bills.
4. Group’s Constitution
The other important document to get your request to open a Stokvel account approved is a group constitution.
The constitution has to be detailing the nature of group operations.
How to open a stokvel savings Account
If you have all the above documents and meet the qualification criteria, you can visit the nearest FNB branch to open the account.
You have to go along with the group, three signatories.
Another way to apply is by clicking the Contact us button on the FNB website.
The FNB customer care will contact you and guide how to open the account.
That is how to open FNB Stokvel savings account in South Africa.