Nedbank Tax Free Savings Account

Nedbank Tax-Free Savings Account:

Nedbank is one of the major banks in South Africa. The origin of Nedbank dates back to 1831 with the establishment of the Cape of Good Hope Bank. Over the years the bank evolved into Nedbank, the bank that is one of the most trusted financial institutions.

Nedbank caters to all South African consumers. They also support and encourage South African consumers to have a saving account to save for that special item or occasion. Nedbank offers various savings accounts, one of the accounts Nedbank has is the Nedbank Tax-Free Savings account that can save you money while you save money.

The Nedbank Tax-Free Saving account is the perfect account to open for your children and teach them about saving money.

Start Saving From Only R50 PM:

Now anyone can afford to open a saving account with the Nedbank Tax-Free Savings Account. For a minimum opening deposit of R50. Nedbank offers a competitive Interest Rates. You will get a free monthly stop order to deposit into your saving the account. Monthly minimum deposits of R50 on a stop order amount. Interest can be paid out or capitalized you do save more if you choose the capitalized option.

You allowed to partially withdrawal from your account after giving 24hr notice. Can withdraw a minimum of R50. Withdrawn amounts may not be replaced as it will be added to the contributions for the financial year. Nedbank does not commissions or monthly fees. Interest rates offered are confirmed once the funds are received.

Documentation that you will need To Apply:

  1. Proof of residence. Utility bill, rental invoice, or phone account not older than three months.
  2. A South African ID
  3. Under the age of 16 applicants need a parent or guardians valid ID document.

More Information:

  • Current South African legislation indicate that the annual contribution limit is R33 000 and the lifetime contribution limit is R500 000 per person. If you contribute R33 000 per financial year, your interest earned on your savings will be tax-free.
  • The annual and lifetime limits in place per individual are applied across all financial service providers.
  • Should the contribution be in excess of the stipulated limit, you will be penalized by SARS when submitting your tax returns.

To Apply:

Visit your nearest Nedbank branch or call +278612388873 for more information.

Read: Nedbank Debt Consolidation Loan