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Bakgotsi Account Opening Procedure : postbank.co.za

Name of the Organization : Postbank
Type of Facility : Bakgotsi Account Opening Procedure
Location : Bloemfontein

Website : https://www.postbank.co.za/Products/Savings/bakgotsi.html

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** This makes the Bakgotsi account safe especially when money is withdrawn from the account.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and two signatories must always be present when making withdrawals – making this account especially safe when money is withdrawn from the account.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

Fees :

Account opening feeFree
Minimum opening depositR 50.00
Minimum account balanceR 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
Deposits (Cheque)Free
Dishonoured ChequeR 69.23
Special clearance of cheque depositsR 77.11
Withdrawals (Cash) BranchR 16.20
Withdrawals (Cheque) BranchR 38.02
Monthly Account MaintenanceFree
Replacement: Lost Bakgotsi BookR 85.86
Account Dormancy FeeFree
Repayment from unclaimed fundsR 78.30
Full Statement (Counter)R 8.75
Full Statement (Mailed on request)R 10.80
Mini statements and balance enquiries (Branch)Free

Interest :

On balance (Rand)Interest Rate (% pa)
0 – 5 0003.25%
5 000.01 – 10 0003.55%
10 000.01 – 20 0003.60%
20 000.01 – 30 0003.80%
30 000.01 – plus4.95%

Note :
** 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

1 Comment
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  1. What if one member what to leave the Bakgotsi? What is the procedure to be followed?

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