Nedbank Tax Free Savings
When you’re saving, you need all the help you can get. A Nedbank Tax-Free Fixed Deposit lets you invest a lump sum from as little as R1 000 and you enjoy a guaranteed interest rate. You’re guaranteed to get more out than what you put in, while your money works hard to achieve your money goals – that’s a win-win.
Features and benefits
For a minimum opening deposit of just R500, you get the following:
- Competitive tiered interest rates.
- Free monthly or weekly stop orders provide convenience and assist client to grow capital. The minimum stop order amount is R50.
- Interest can be paid out or capitalised on a monthly basis.
- Partial withdrawals (minimum R50) can be made by providing a minimum of 24hours’ notice.
- Amounts that are withdrawn may not be replaced as they will be added to the contributions for the financial year.
- No monthly fees or commissions.
* Interest rates offered are subject to confirmation when the funds are received by Nedbank.
What you need to apply?
Bring the following documents with you when you apply:
- Aged over 16: Your valid barcoded South African identity document (or valid passport if you’re a foreign national).
- Aged under 16: Parent or guardian’s valid barcoded South African identity document (or valid passport if you’re a foreign national) and
child’s birth certificate.
- Proof of residence, such as a utility bill, rental invoice or a phone account that has your name and physical address on it.
Current legislation stipulates that the annual contribution limit is R33 000.00 and the lifetime contribution limit is R 500 000.00 per individual. So, if you contribute R33 000.00 per financial year, the interest earned on the deposit
will be tax free.
- Remember, the annual and lifetime limits are in place for you as an individual and are applied across all financial institutions and service providers.
- Should you contribute in excess of the stipulated limit, you will be penalised by SARS when submitting your tax returns.
- By linking the account to an electronic banking profile all applicable maintenance can be done with ease.
- Nedbank Affinity programme – support a cause through our Affinities Programme at no cost to you.