This is a great way of investment with an Absa Tax-Free Savings Account. Saving your money is a great step to reaching your financial goals. Whether you want to save up for education, to renovate your home, to buy gadgets, a car, whatever your desire may be. Absa offers you a launch rate of 7.75% per annum and this is paid on the maturity date in a period of a year (12 months) fixed period.
With the Absa Tax-Free Fixed Deposit Account, your invested capital and quoted returns are guaranteed, however, launch rate interests are only offered for a limited period with Absa.
You can move your Tax-Free Deposit account from another financial institution to Absa and still get full tax-free benefits.
You will not pay any tax, you only get a limit of saving up to R33 000 per tax year, this can be R2750 per month for a year. All your proceeds are tax-free. In a lifetime you can save up to R500 000, excess to stipulated amounts can result in tax penalties of up to 40% from SARS.
Required documents
When you first open a tax-free deposit account with Absa will need the following:
- Your Valid South African Identity Document
- Proof of residence not older than 3 months
When transferring your account to Absa, in addition to the above-mentioned documents, you will also need to fill in a Transfer Request Form.
For more information visit the Absa Tax-Free Fixed Deposit Account Page or call 0860 111 515 or email saving@absa.co.za, alternatively, you can visit the nearest branch for further assistance. Absa is an Authorized Financial Services Provider and a registered credit provider (NCRCP7).
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