A Guide to the African Bank Fixed Deposit Investment Account
As one of the biggest banks in South Africa, African Bank specialises in providing quality transactional, savings, investment and credit solutions for clients all over the country. The bank offers a range of services, tailored to meet your unique needs.
As a registered credit provider, African Bank is also registered with the National Credit Regulator. Its services are fully compliant with the National Credit Act.
The bank offers a number of investment tools.
The African Bank Fixed Deposit Investment Account is one such offer.
What is a fixed deposit?
These savings accounts tie up the investor’s money for a term specified in advance.
Tell me more about the African Bank Fixed Deposit Investment Account?
Investing doesn’t have to be expensive. This account requires a minimum opening account amount of R500. Investment terms range from 3 months to 60 months. You can invest a lump sum for a fixed period.
The interest rate does not change for the duration of your investment, giving you the assurance of a fixed amount that you’ll earn in interest returns every month.
Interest is paid out monthly, every 6 months, every 12 months or upon maturity.
Additional deposits are allowed for the first 7 days after initial funding. After this, you’ll only earn interest on the amount that you have invested.
Interest amounts range from 7% to 10.25%. These rates are highly competitive and some of the best in the market.
If you do need to withdraw your funds, you can contact African Bank and fill in the necessary withdrawal form. In exceptional cases the customer can apply to the bank for early withdrawal of the funds- this is at the bank’s discretion and a penalty fee will apply.
To contact African Bank, call: 011 256-9000 or send an email to email@example.com