South Africa goes back a long way when it comes to a Stokvel. It is the best way to get burial covers as a group, where each member can be covered for the same amount in one Stokvel plan. Depending on the nature of your Stokvel, members can buy groceries with the money saved. Nedbank Stokvel Account is the best option when you want to open an account that caters to your members’ needs.
The Stokvel Account with Nedbank offers R10 000 burial cover for each member of the account for only R20 per member, each month. Nedbank will even arrange transport for the deceased to anywhere in South Africa, very different from repatriation (as this is the act of returning of the body to the country of origin).
You get will also get discounted purchases on groceries when you shop with Nedbank partner stores in South Africa. You can save up to 10% on groceries and/or school supplies.
If you are a member of the Stokvel, you have an option to open a pay-as-you-use account for free using the Nedbank Money app. The pay-as-you-use account has no monthly fees.
How to open a Stokvel account
- Opening a Stokvel account with Nedbank has been made easy. All you have to do is use the USSD code *120*001*7865835# on your phone
- R100 minimum deposit to open an account
Documents needed
- Every signing member must provide a valid South African Identity Document or Smart Card ID, for non-SA citizens you’ll have to provide a permanent resident permit
- A Stokvel’s constitution copy
- Copy of the meeting’s minutes where a decision was made to open a Stokvel Account with Nedbank
- In order for members to qualify for burial benefit, they must be older than 17 and younger than 66.
When opening the Stokvel Account, you can dial *120*001*7865835# or visit the nearest branch
You can contact Nedbank on 0860 555 111, or visit the Nedbank Stokvel 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)
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Ubank Save Together Account (uSave)
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