Read about the Tax-Free Fixed Deposit account
Are you looking for a way to grow your savings without giving SARS a cut? The Absa Tax-Free Fixed Deposit might be the savings vehicle you’ve been waiting for. It offers a fixed return of 8.76% per annum, paid out at maturity, and best of all—no tax on the interest if you stay within your TFSA limits.
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Interest rate
Fixed rate of 8.76%, paid at maturity.
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Access to funds
Funds locked for 12 months.
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Opening Deposit
Minimum deposit: R30,000.
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Monthly Fees
No monthly management fees.
Tax Implications
This account qualifies as a Tax-Free Savings Account (TFSA). Interest earned does not count toward your taxable income, provided your contributions stay within the SARS limits of R36,000 annually and R500,000 over your lifetime. Any contributions above these limits are taxed at 40%, so it’s important to monitor your deposits.
Read More
Read about the Tax-Free Fixed Deposit account
Are you looking for a way to grow your savings without giving SARS a cut? The Absa Tax-Free Fixed Deposit might be the savings vehicle you’ve been waiting for. It offers a fixed return of 8.76% per annum, paid out at maturity, and best of all—no tax on the interest if you stay within your TFSA limits.
Read More
What you need to apply
- Opening deposit of R30,000
- Your South African ID
- Proof of residence
(not older than three months)
- If transferring from another bank
- Valid Passport
- Proof of residence
(not older than three months)
- Transfer Request form
You can apply now on Buti.co.za, or alternatively, visit the bank’s website to apply through their platforms.
