Name of the Organization : Postbank
Type of Facility : Bakgotsi Account Opening Procedure
Location : Bloemfontein
Postbank Bakgotsi Account Opening Procedure
** South Africa has a colourful spirit. Wherever you go you will come across people working together for a better future.
** This is the spirit of the Postbank Bakgotsi account.
Related : Postbank Register For Online Banking : www.southafricain.com/3668.html
** The Bakgotsi account is a special book-based account developed for groups such as clubs, stokvels and societies.
** The Bakgotsi account helps these groups reach their saving potential and keeps their money safe while it accumulates interest.
** To open a Bakgotsi account a group must have a constitution or written declaration of goals.
** Three authorised signatories are required on the account, and two signatories must always be present when making withdrawals.
** This makes the Bakgotsi account safe especially when money is withdrawn from the account.
Benefits of a Bakgotsi account
** Record all transactions with a Savings book
** There is no minimum or maximum balance
** Choose how long you want to save for
** No monthly management or service fees
** Unlimited online withdrawals
How to Apply
** You can apply at your nearest Post Office.
** Do not forget to submit your constitution or set of rules upon application.
** In order to comply with the Financial Intelligence Centre Act (Fica) regulations, the identity of all the authorised signatories must be verified – so additional documents you need to have with you include identity documents and proof of residential address of all signatories.
Make it work for you :
** Bakgotsi is specially designed for groups who have a constitution or written declaration of goals.
** Three authorised signatories are required on the account, and two signatories must always be present when making withdrawals – making this account especially safe when money is withdrawn from the account.
** As a group, make sure you carefully choose the authorised signatories as they ultimately control what money leaves the account.
Bakgotsi Fees and Interest
|Account opening fee||Free|
|Minimum opening deposit||R 50.00|
|Minimum account balance||R 0.00|
|Deposits (Cash)||R 3.24 up to R199.99, thereafter an additional R1.74 per R100.00 or part thereof above R199.99|
|Dishonoured Cheque||R 69.23|
|Special clearance of cheque deposits||R 77.11|
|Withdrawals (Cash) Branch||R 16.20|
|Withdrawals (Cheque) Branch||R 38.02|
|Monthly Account Maintenance||Free|
|Replacement: Lost Bakgotsi Book||R 85.86|
|Account Dormancy Fee||Free|
|Repayment from unclaimed funds||R 78.30|
|Full Statement (Counter)||R 8.75|
|Full Statement (Mailed on request)||R 10.80|
|Mini statements and balance enquiries (Branch)||Free|
|On balance (Rand)||Interest Rate (% pa)|
|0 – 5 000||3.25%|
|5 000.01 – 10 000||3.55%|
|10 000.01 – 20 000||3.60%|
|20 000.01 – 30 000||3.80%|
|30 000.01 – plus||4.95%|
** Interest is calculated on a daily balance and credited to the account on the last day of every month.
What is the interest?
A balance of R 5000 in the Bakgotsi account for example earns3.25% interest per year which equals R162.50 per year (about .45 cents a day and about R13.36 a month). You must remember that the higher the balance in this account, the better interest you earn. Balances of R30 000.01 and above earn 4.95% interest per year.
Contact Address :
Private Bag X20609