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Nedbank Tax-Free Savings Account

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

There’s nothing that can ever sound greater than ‘Tax-Free’. You have the power to open a Nedbank Savings Account that’s 100% tax-free. Yes, all the proceeds are tax-free, and not only that, your interests are guaranteed.

For one to open the Nedbank Tax Free Saving Account need a minimum opening deposit of R500. The account’s interest rates are tiered meaning, your interest rate is based on your account balance. Stop orders start at R50 and higher.

Your interests are paid out every month, and you can make partial withdrawals from R50, and requires a minimum of 24 hours’ notice. Even when you withdraw cash, it doesn’t get replaced as it’s still added to the contributions for the financial year.

There are no monthly fees, no commissions. After confirmation of your funds to Nedbank, that’s when the interest rates will be offered. The legislation allows an individual to save up to R33 000.00 in a year, 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 providers – If you contribute more than the legislation stipulates, you will be penalized by SARS when you submit your tax returns.

Documents required

  • For anyone over the age of 16: You will have to produce a Valid ID Document, Smart ID Card or Passport if you are not a South African Citizen.
  • For anyone under the age of 16: You will have to produce a parent’s or guardian’s Valid ID Document, Smart ID Card or Passport if you are not a South African Citizen.
  • 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 Nedbank Tax-Free Savings 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 Savings 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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