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Nedbank Tax Free Fixed Deposit Account

Nedbank Tax Free Fixed Deposit Account
Tax-Free Fixed Deposit Account, image: pxhere.com

Get a tax-free investment account with Nedbank; you can invest your lump sum capital which guarantees returns with the Nedbank Tax-Free Fixed Deposit Account. Invest the money that you won’t need for a fixed period, and enjoy your tax-free proceeds.

The account allows a minimum investment amount of just R1 000.00 for a period of 12 months. The interest rates are fixed and market-related. Your interests can be paid on a monthly basis, if not quarterly, half-yearly or on maturity date as the investment period takes only a year.

During the investment period, there are no additional deposits that will be allowed, ensure you deposit the lump sum amount that you want to invest.

There are no monthly fees and commissions, and it is when the funds have been received by Nedbank when interest rates are offered.

Since the legislation limits annual contributions to R33 000.00, this means for this Nedbank account, you can only invest up to that amount for 12 months. The interest rate earned from the annual contribution will be tax-free. In a lifetime per individual, you can contribute up to R500 000.00. This legislation applies in every financial institution and service provider – there’s no dodging it.

If you contribute more than the legislation stipulates, you will be penalized by SARS when you submit your tax returns.

Documents required to apply

  • Valid ID Document, Smart ID Card or Passport if you are not a South African Citizen.
  • If you are not a Nedbank Client, in addition to your Identity document, you will need to provide Proof of Residence which is not older than 3 months.

Furthermore, you can link your Tax-Free Fixed Deposit Account to your online banking channels, where you can manage and access your account through Nedbank MoneyWeb (Internet Banking) or Nedbank MoneyApp (Nedbank Mobile Banking App).

Support a cause through the Nedbank Affinities programme by opening an affinity-linked investment account at no cost to you.

You can contact Nedbank on 0860 555 111, or visit the Nedbank Tax-Free Fixed Deposit Account Page for more information, alternatively, you can visit the nearest Nedbank Branch around South Africa. Nedbank is an Authorized financial services and registered credit provider (NCRCP16)

Other Tax-Free Accounts

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Isaac More

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Founder and Business Writer of iBusiness.co.za, (born June 28), a South African Business Reviewer and Blogger. A native of Ventersdorp, Mogopa Village (SA), often referred to as Zack. Let's talk iBusiness.
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    Updated on November 25, 2019

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