Do you wish to learn how to open a fixed deposit account with Absa? If yes, we will show you how to do it in this article. Absa is one of the biggest banks in South Africa. They offer a wide range of products, including fixed deposit accounts. A fixed deposit account is an investment account that offers higher interest rates than what you would get with a normal savings account. However, you need to keep money in the account for the agreed to term to get the maximum in terms of returns. So, how do you apply for an Absa fixed deposit account?
Steps to apply for an Absa fixed deposit account
The following is how to open a fixed deposit account with Absa;
- You can apply for a fixed deposit account at your nearest Absa branch. You need to have the required documentation that is outlined below.
- It’s also possible to open an Absa fixed deposit account online. Go to the fixed deposit accounts page and click on Apply now.
- How you apply depends on whether you are an existing Absa customer or a new customer. If you are an existing customer, opening your account also depends on whether or not you use online banking.
- Follow all the steps to complete the application process.
Requirements for opening an Absa fixed deposit account
That’s how to open a fixed deposit account with Absa. Whether you are doing it online or at your nearest branch, there are some documents that you are going to need before you can proceed.
First off, you need to have a valid South African ID. If you are a foreigner who is legally in the country, you need to present your passport.
Next, you need to have proof of residence. This can come in a wide range of forms. It can be a utility bill or a lease from your landlord. It can also be a letter from your councilor for those that live in places where there are not addresses.
Also needed is the minimum initial depost of R1000. With these items, you should be able to quickly open your Absa fixed deposit account.
Why open a fixed deposit account?
In this article, we showed you how to open a fixed deposit account with Absa. The process is not very difficult. But why would you open a fixed deposit account?
Fixed deposit accounts are a great vehicle for investing if you have extra money that you are not using at the moment. They are also good for those looking to save money for a capital investment.
You can just deposit it into the fixed deposit account and it will earn interest while accumulating in there. Once you have reached the amount that you are looking for, you can then withdraw the money to make your purchase.
In this post we showed you how to open a fixed deposit account with Absa. It was noted that Absa is one of the biggest banks in the country, and the offer fixed deposit accounts to their customers. These are great for those looking to invest their money over a fixed time period. This time frame can range between 8 and 60 days, with the investment automatically renewing at the end of this term.
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