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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

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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.

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** This makes the Bakgotsi account safe especially when money is withdrawn from the account.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and two signatories must always be present when making withdrawals – making this account especially safe when money is withdrawn from the account.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

Interest :

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%

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. Felicity

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

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