Tax in South Africa has become a heavier burden for citizens over the past few years, despite claims of tax relief.This has resulted in a situation where your income has to increase to keep up with the rising cost of living, but while that is happening, the receiver takes more and more of your money. One intervention measure providing many with an escape route is the Nedbank tax free savings account.The Nedbank tax free savings account provides you with an opportunity to save your money and enjoy the proceeds tax free.
Features and benefits associated with this account include competitive tiered interest rates, free monthly or weekly stop orders which provide convenience and assist clients to grow capital, interest can be paid out or capitalised on a monthly basis, partial withdraws can be made by providing a minimum of 24hours notice, amounts that are withdrawn may not be replaced as they will be added to the contributions of the financial year, you can link the account to a Nedbank electronic banking profile,there are no fees or commissions, all cheques deposited are subject to a clearance period of 7 business days, you can receive a free monthly statement provided that the balance is R5,000 or more.
In order to apply, if you are over the age of 16, you need to be in possession of a valid barcoded South African identity document or valid passport if you are a foreigner, if you are under 16 years, you need your parent or guardians valid barcoded South African identity document, proof of residence and a minimum deposit of R50 to open the account.
Nedbank can be contacted on 0860555111.