How To Qualify For FNB Stokvel Savings Account In South Africa, 2023

Are you seeking how to qualify for FNB Stokvel Savings Account? Chances are you would like to open an FNB stokvel account, but you wonder if you will qualify.

I have this article for you to enlighten what you need to qualify to open the account.

FNB stokvel account is one type of savings account meant for groups who have come together and would like to start saving for a common goal.

The account is not meant for individuals rather a group of people. The bank doesn’t give a limit on the number of people.

The account makes it easy to manage and monitor your savings as a group.

In opening the account, it is at that moment where the bank determines if the group qualifies for the account.

It is not easy to open an account if you, the group, don’t have all the required documents and adhered to the bank’s terms and conditions.

The bank is strict when opening the Stokvel account compared to other types of accounts it offers.

However, there is no discrimination on the group’s financial status, but you need to meet the qualifications.

The following are the essential documents the groups need to have to qualify for a stokvel savings account.

Table of Contents

Here Is How To Qualify For An FNB Stokvel Savings Account

These documents are mandated to have when visiting the bank to open the account.

1. Three signatories

After forming the group and deciding to open a Stokvel savings account, the next thing is to select three people who will trust the account as signatories.

It is a requirement to open an FNB Stokvel account in South Africa.

The three have to be agreed upon by all group members and be the account signatories.

The three are the ones who will withdraw from the account.

The three have to sign whenever withdrawal is made from the account.

Failure of one to sign while withdrawing the money from the bank will not accept the withdrawal.

2. Identification documents

The next essential document to qualify for the FNB stokvel account is the identification documents of each member.

These documents can be South African ID or green book.

For foreigners, you need to have a study or work permit as proof you are allowed to be in South Africa and a passport as proof of identity.

3. Proof of Residence To Qualify For FNB Stokvel Savings Account

The next document is proof of address for each member.

The documents can use to prove the address can be utility bills such as electricity or telephone bills.

You can also use a bank account statement with your address not more than three months old.

4. Group’s Constitution

The bank will also require you to present the group constitution detailing how the group operates.

The constitution has to be of standard as required during the group registration.

If, as a group, you have all the above documents, you’ll qualify for the FNB stokvel account and start saving towards achieving the group goals.

That is all about how to qualify for FNB Stokvel Savings Account.

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How To Qualify For FNB Stokvel Savings Account In South Africa, 2023