African Bank Fixed Deposit
Posted : admin On 4/15/2022- African Bank Fixed Deposit Rates 2020
- Fixed Deposit Investing
- Which Bank Is Best For Fixed Deposit South Africa
- Bank Fixed Deposit Rates
With a rich history in the South African financial services industry, African Bank has gained a reputation as a trusted institution. Since being re-launched in 2007, the bank has continued to grow. It has gained more clients and has provided some much-needed services in the form of credit facilities.
African Bank Fixed Deposit Account (5.5% to 10.01%) African Bank fixed deposit account tops the list! Their interest rates start out at 5.5% interest for the first 3 months and can be increased to as much as 10.1% interest the longer you hold your money, which is outstanding. African Bank offers Term Deposits ranging from 3 months up to a maximum of 60 months. Clients get a fixed interest rate for the duration of their investment. Interest can be paid out monthly, every 6 months, 12 months, or upon maturity.
- Or you might want to ask, what is the interest rate for FNB fixed deposit. If yes, in this post you will learn more about the FNB Fixed Deposit and Interest Rates. FNB offers you the opportunity to have a fixed deposit account where you can earn monthly deposit interest based on the amount fixed, term duration as well as interest rates.
- African Bank offers Term Deposits ranging from 3 months up to a maximum of 60 months. Clients get a fixed interest rate for the duration of their investment. Interest can be paid out monthly, every 6 months, 12 months, or upon maturity. Additional deposits are allowed for the first 7 days after the initial funding.
- Fixed-Term Savings plan (single deposit option) Invest for 6 – 60 months, R20 million maximum investment with a minimum deposit of R10 000. You choose how long you want to invest (6 – 60 months) Deposit a single amount up to a maximum of R20 million to invest over the term you choose; Minimum deposit amount of R10 000.
With a value system aligned with enhancing the customer experience, African Bank believes that credit should work to improve lives and help individuals move forward. African Bank ensures that clients are given all necessary information to make informed decisions.
The Bank also offers a range of saving and investment tools. One such tool is the African Bank 5 Year Term Deposit.
More about the African Bank 5 Year Term Deposit
According to an article in Fin24:
“Many people like to keep a certain percentage of their savings in a bank account where it earns some interest; but they can get access to it, in case of emergencies.”
One of the reasons that people often choose high interest savings accounts is that they can earn interest, while also giving them the option of being able to withdraw the funds very easily. This is one of the advantages of having a term deposit.
African Bank offers Term Deposits ranging from 3 months up to a maximum of 60 months. Clients get a fixed interest rate for the duration of their investment.
Interest can be paid out monthly, every 6 months, 12 months, or upon maturity. Additional deposits are allowed for the first 7 days after the initial funding.
The amount of interest you will be earning will depend on the amount of cash you put into this fixed period plan, with the top end being 13+ % (that is a very decent interest rate!)
A R500 minimum deposit is required, along with proof of residence and a valid ID.
Enter your details online and an African Bank consultant will assist you.
African Bank Fixed Deposit Rates 2020
If the African Bank 5 Year Term Deposit seems like too much of a long term commitment, check out the African Bank 7 Day Notice Account.
As one of the biggest banks in South Africa, African Bank specialises in providing quality transactional, savings, investment and credit solutions for clients all over the country. The bank offers a range of services, tailored to meet your unique needs.
As a registered credit provider, African Bank is also registered with the National Credit Regulator. Its services are fully compliant with the National Credit Act.
The bank offers a number of investment tools.
The African Bank Fixed Deposit Investment Account is one such offer.
What is a fixed deposit?
These savings accounts tie up the investor’s money for a term specified in advance.
Tell me more about the African Bank Fixed Deposit Investment Account?
Investing doesn’t have to be expensive. This account requires a minimum opening account amount of R500. Investment terms range from 3 months to 60 months. You can invest a lump sum for a fixed period.
The interest rate does not change for the duration of your investment, giving you the assurance of a fixed amount that you’ll earn in interest returns every month.
Interest is paid out monthly, every 6 months, every 12 months or upon maturity.
Additional deposits are allowed for the first 7 days after initial funding. After this, you’ll only earn interest on the amount that you have invested.
Fixed Deposit Investing
Interest amounts range from 7% to 10.25%. These rates are highly competitive and some of the best in the market.
Which Bank Is Best For Fixed Deposit South Africa
If you do need to withdraw your funds, you can contact African Bank and fill in the necessary withdrawal form. In exceptional cases the customer can apply to the bank for early withdrawal of the funds- this is at the bank’s discretion and a penalty fee will apply.
To contact African Bank, call: 011 256-9000 or send an email to insuranceclaims@africanbank.co.za
Visit www.africanbank.co.za