What are the requirements for opening a Stokvel account with Standard Bank in South Africa? We have been getting requests to provide that information. Stokvels are popular in South Africa. They bring together a number of people under a common goal; usually that of saving money towards a common goal, such as buying groceries or household goods. Working together in this way is a good way through which to achieve your aims. In this article, we are going to show you what you need in order to open a Stokvel account with Standard Bank.
What do I need to open a Standard Bank Stokvel Account?
The following are the Standard Bank Stokvel account requirements;
- At least 5 members need to bring a copy of their South African IDs. If there are members who are not South African citizens, they can present their passports.
- Members need to bring proof of residence. This should be no more than 3 months old.
- Each Stokvel has to have at least 3 and a maximum of 5 signatories. So, that’s something that you need to agree among yourselves before approaching Standard Bank.
- All signatories to the account need to be over 18.
Stokvel account benefits
Those are Standard Bank Stokvel account requirements. These requirements are more or less similar to what you will find with any of the other banks that are in South Africa. But what do you get when you open a Stokvel account with Standard Bank;
- Access to your funds at any time.
- Unlimited deposits.
- First 5 deposits are free.
- Up to 4.8% interest.
- A low initial deposit amount of R100.
- You can win regular prices.
- No monthly fees if the balance in your account is kept over R5000.
In this article, we showed you the Standard Bank Stokvel account requirements. Those are the requirements for opening a group account with Standard Bank in South Africa. It was noted that you only need R100 in order to open this account. Your account also gets R4.8% in interest. Additionally, you won’t get charged anything as monthly maintenance fee as long as your account balance remains above a certain threshold.
Here is the Standard Bank black card minimum salary