Read about the Grocery Stokvel account
If you’re part of a savings group, Stokvel, or just want to save with friends or family, the Absa Grocery Stokvel Account makes it easy to manage your collective funds. With tiered interest rates, no monthly fees, and digital tools that let you track member contributions and make payouts easily, this account removes the hassle of group savings.
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Interest Rate
Earn up to 4.50% rate.
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Access to funds
Pay out members anywhere, anytime.
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Opening Deposit
Opening deposit of R50.
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Monthly Fees
No monthly management fee.
Tax Implications
Interest earned in the Grocery Stokvel Account may be subject to income tax depending on each individual’s total earnings for the year. As per SARS regulations, the first R23,800 (for individuals under 65) or R34,500 (for those 65 and older) in interest earned annually is exempt from tax.
Read More
Read about the Grocery Stokvel account
If you’re part of a savings group, Stokvel, or just want to save with friends or family, the Absa Grocery Stokvel Account makes it easy to manage your collective funds. With tiered interest rates, no monthly fees, and digital tools that let you track member contributions and make payouts easily, this account removes the hassle of group savings.
Read More
What you need to apply
- Opening deposit of R50
- You need two or more members to open the account with these documents: The IDs of elected group members who will act as signatories.
- Proof of residence for elected group members
(not older than three months)
You can apply now on Buti.co.za, or alternatively, visit the bank’s website to apply through their platforms.
