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** This makes the Bakgotsi account safe especially when money is withdrawn from the account.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and two signatories must always be present when making withdrawals – making this account especially safe when money is withdrawn from the account.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 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
Bloemfontein
9300
View Comments (1)
What if one member what to leave the Bakgotsi? What is the procedure to be followed?