ABSA Bank South Africa offers competitive interest rates on your fixed deposit account opened either in person at the bank, online, or through the banking app. Furthermore, you can earn an additional Digital Bonus Rate on your fixed deposit account if you open the account online or on your banking app.
When you select the amount to save and the period you want to hold your funds, your interest rate will be fixed for the entire term of your investment.
You can choose to have your interest paid out on maturity, monthly, quarterly, or annually, depending on your chosen term length.
READ: ABSA Instant Loan: How to Apply in South Africa.
What do you need to apply?
You will be required to submit the following documents:
- Your South African ID.
- Proof of residence (not older than three months).
Features of ABSA Bank Fixed Deposit Account
- The minimum amount you can invest in an ABSA Bank fixed deposit account is R1000.
- You can select your own investment term, from eight days to five years.
- Receive interest on maturity, monthly, quarterly, annually or bi-annually.
- If you are 55 years or older, you may receive an additional Senior bonus interest rate which may be automatically included for qualifying deposits.
- As a Prosperity Cheque Account holder who is at least 55 old you can receive rebates on your account fees when you maintain a cheque account balance of R15 000 or a savings or investment account balance of R15 000.
- If you are an Absa Rewards member and maintain a minimum combined balance of R5 000 in your Savings or Investment accounts, you will get a Rewards score of 55.
ABSA Bank Fixed Deposit Interest Rates
The fixed deposit interest rates vary depending on the amount fixed, the investment term, and whether you want to cash out your interest on maturity or before.
For a list of available standard interest rates with digital and senior bonuses, please visit the ABSA Bank fixed deposit interest rates page.
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