African Bank Tax Free Investment Account

In order to incentivize South Africans to save for their future, the National Treasury has introduced tax-free saving structures which allow you to enjoy good rates with the assurance that all the returns are for your benefit. The African Bank Tax Free Investment Account assists you with the opportunity while enjoying returns without any incurring tax costs on the interest you earn. It is recommended that you consult the services of a licensed financial planner or tax consultant in order to understand the tax implications on your investment.

African Bank Tax Free Investment Account Features:

• A minimum opening amount of R500 is required. This is a once-off deposit and no additional deposits are allowed.
• The maximum investment is R30 000.00 per annum and a lifetime maximum of R500000.
• The term is 12 Months.
• The interest on this account is fixed. This means that once the capital is invested at the start, the rate will not change for the duration of the investment.
• Only one tax-free investment per year can be opened.
• Early withdrawal of up to 10% of the value of the initial investment is possible.