Tax-Free Savings Account

FNB offers proceeds that are tax-free. Not only is it tax-free, your capital and quoted returns are guaranteed, but FNB Tax-Free Cash Deposit is also a tax-free savings account and gives you access to your money in 32 days.

Tax Free Accounts
Tax-Free Accounts, image: ban.co.za

…and because there are no monthly fees, your savings are guaranteed to grow. You can make flexible contributions on a monthly basis or pay a once-off lump sum to invest. The Tax-Free Savings Account with FNB has no age restriction, thus you can put your child’s name to the account.

 

You can only save up to R33 000.00 in a year as an individual according to the current legislation, and in a lifetime, you can save up to R500 000.00. There are no risks involves, your capital and quoted returns are guaranteed.

You can start your investment from R1 000.00, and for your convenience, you can manage your account online or using the FNB App at the comfort of your own home.

How to Open the Tax Free Account with FNB

  • You must have a transactional account with FNB (You can apply for one if you don’t have one)
  • You can apply online
  • You may also visit the nearest FNB branch
  • You can contact FNB on tfitransfers@fnb.co.za if you want to transfer from another financial institution or call 087 320 4321

Documents needed

If you have FNB internet banking, you can apply online without the need to very your identity. New customers have to undergo a procedure known as “KYC – Know Your Customer” at any FNB branch before opening the Tax Free Savings Account, and the following documents are needed.

  • Your Valid South African Identity Document or Smart ID Card
  • Proof of Residence that’s not older than 3 months (You can make use of electric bills, invoices, taxes account, etc.)
  • If you have your Income Tax number issued, it will be needed.

For more information visit the FNB Tax-Free Cash Deposit Account Page. First National Bank is a division of FirstRand Bank Limited and it is an Authorized Financial Services and Credit Provider (NCRCP20)

Other Tax-Free Accounts

 

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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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