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| SIYAKHULA SAVINGS ACCOUNT | |
|---|---|
| Target Market | Children ranging from the age of 6 years to 21 years |
| Minimum Balance | E10.00 |
| Monthly Maintenance Fees | None |
| Deposit Fees | NIL |
| Withdrawal Fees | 1/2 prevailing rates |
| Debit Card | Available with unlimited transactions |
| Account Opening Requirements | Requirements 1. Parent / Guardian's ID (National ID, Passport) and child's ID / Birth Certificate and Passport Size Photo. |
| Overdraft | Not allowed (penalty charges apply if account is overdrawn) |
| UMLOLONGI STUDENTS ACCOUNT | |
|---|---|
| Target Market | Students aged between 17 and 25 years (if above 25 there should be proof that student is still registered with tertiary institution). |
| Minimum Balance | E10.00 |
| Maintenance Fees | E50.00 annually (bullet charge) |
| ATM Deposit Fee | Free |
| ATM Withdrawal Fees | Free |
| Debit Card | Available with unlimited transactions |
| Account Opening Requirements |
1. National ID |
| Overdraft | Not allowed (penalty charges apply if account is overdrawn) |
| UMLAMULI SAVINGS ACCOUNT | |
|---|---|
| Target Market | Low income earners E2,500.00 or less per month |
| Minimum Balance | E30.00 |
| Deposit Fees | Free |
| Withdrawal Fees | Prevailing commercial rates |
| Debit Card | Available with unlimited transactions |
| Acc. Opening Requirements | 1. National ID or Passport |
| Standing Orders and Debit Orders | Allowed |
| Overdraft | Not allowed (penalty charges apply if account is overdrawn) |
| ORDINARY SAVINGS ACCOUNT | |
|---|---|
| Target Market | Medium to High income earners E2,500.00 or more per month |
| Minimum Balance | E100.00 |
| Deposit Fees | Free |
| Withdrawal Fees | Prevailing commercial rates |
| Debit Card | Available with unlimited transactions |
| Acc.Opening Requirements | 1. National ID or Passport 2. Residential address verification document (KYC) 3. Account activation amount which is E130.00 or more. |
| Standing Orders and Debit Orders | Allowed |
| Overdraft | Not allowed (penalty charges apply if account is overdrawn) |
| CURRENT ACCOUNT | |
|---|---|
| Target Market | Medium to High income earners E4,000.00 or more per month |
| Minimum Balance | E0.00 |
| Deposit Fees | Free |
| Withdrawal Fees | Prevailing Commercial Rates |
| Debit Card | Available with unlimited transactions |
| Acc. Opening Requirements | 1. National ID or Passport |
| Standing Orders and Debit Orders | Allowed |
| Overdraft | Allowed after application approval (minimum gross salary must be E10,000.00) |
| Credit Reference | Clean ITC Report |
| INSIKA SAVINGS ACCOUNTS | |
|---|---|
| Target Market | Medium Term Investors (Groups and Individuals) |
| Term of Saving | 12 Months (Automatically renewable) |
| Minimum Balance (Activation) | E200.00 |
| Monthly Maintenance Fees | NIL |
| Transaction Fees | 1. Free deposits 2. 1 free annual withdrawal 3. Other withdrawals charged commercial prevailing rates minimum E100.00 |
| Limit on Deposits | Minimum E50.00 per month |
| Limit on Withdrawals | One free per year |
| Debit Card | N/A |
| Account Opening Requirements | 1. National ID or Passport 2. Residential address verification document (KYC) 3. Account activation amount which is E200.00 or more. |
| Passbook | Available |
| Loan Eligibility | Account cannot be pledged as collateral |
| INSIKA PRIME SAVINGS ACCOUNT | |
|---|---|
| Target Market | Medium Term Investors (Groups and Individuals) |
| Term of Saving | 24 Months (Automatically renewable) |
| Minimum Balance (Activation) | E500.00 |
| Monthly Maintenance Fees | NIL |
| Transaction Fees | 1. Free deposits 2. 1 free annual withdrawal 3. Other withdrawals charged commercial prevailing rates minimum E100.00 |
| Limit on Deposits | Minimum E100.00 per month |
| Limit on Withdrawals | One free per year |
| Debit Card | N/A |
| Account Opening Requirements | 1. National ID or Passport 2. Residential address verification document (KYC) 3. Account activation amount which is E200.00 or more. |
| Passbook | Available |
| Loan Eligibility | Up to 80% of account balance can be pledged as collateral |
| SIPHEPHELO SAVINGS ACCOUNT | |
|---|---|
| Target Market | Long Term Investors (Groups and Individuals) |
| Term of Saving | 36 Months (Automatically renewable) |
| Minimum Balance (Activation) | E1,000.00 |
| Monthly Maintenance Fees | NIL |
| Transaction Fees | 1. Free deposits 2. 1 free annual withdrawal 3. Other withdrawals charged commercial prevailing rates minimum E100.00 |
| Limit on Deposits | Minimum E200.00 per month |
| Limit on Withdrawals | One free per year |
| Debit Card | N/A |
| Account Opening Requirements | 1. National ID or Passport 2. Residential address verification document (KYC) 3. Account activation amount which is E200.00 or more. |
| Passbook | Available |
| Interest Rate | E1000-E10 000 : Prime less 6% E10001-E100 000: Prime less 5.5% Above E100 000: Prime less 4.5% |
| Loan Eligibility | 1. Up to 75% for clients who do not get paid salaries through the Bank 2. Up to 90% for those who get salaries through the Bank. |
| LITSALA NOTICE ACCOUNT | |
|---|---|
| Target Market | Long Term Investors |
| Minimum Balance (Activation) | E2,000.00 |
| Notice Period | 30, 60, 90, and 120 days |
| Monthly Maintenance Fees | NIL |
| Transaction Fees | 1. Deposits free 2. Commercial rates for withdrawals |
| Limit on Deposits | Minimum E100.00 per month |
| Limit on Withdrawals | Notice to be given in writing before withdrawal |
| Debit Card | N/A |
| Account Opening Requirements | 1. National ID or Passport 2. Residential address verification document (KYC) 3. Account activation amount which is E2,000.00 or more. |
| Passbook | Available |
| Interest Rate | 1. Interest rates will vary according to contracted period. 2. Interest rates will also vary with principal sums deposited. |
| Loan Eligibility | Up to 80% of account balance can be pledged as collateral |
| FIXED DEPOSIT | |
|---|---|
| Target Market | Companies and individuals with excess funds that will not be required for utilization for a specific period. |
| Minimum Balance (Activation) | E10,000.00 |
| Notice Period | 3 months, 6 months , 12 months, 24 months |
| Monthly Maintenance Fees | NIL |
| Transaction Fees | NIL |
| Limit on Deposits | Once off deposit of E10,000.00 or more. No additional deposits can be made into the account. |
| Limit on Withdrawals | 1. No withdrawals can be made until lapse of fixed term 2. A penalty fee of prevailing pricing manual will be charged for withdrawals before maturity. 3. Un-renewed balances will be automatically paid to Liquidation account on maturity date (Ordinary Savings Account). |
| Debit Card | N/A |
| Account Opening Requirements | 1. National ID or Passport 2. Residential address verification document (KYC) 3. Depositors must run a parallel Ordinary Savings Account 4. The depositor at inception will contract funds for the fixed term period. 5.Fixed deposits are classified as long term 6.The fixed term period ranges are 6, 12 and 24months. |
| FDR Certificate | Fixed Deposit Receipt (FDR) will be issued to customer |
| Interest Rate | 1. Paid on maturity depending on account balance and term of deposit. 2. Interest rate may not be altered in line with the market when other rates are reviewed. |
| Loan Eligibility | Up to 80% of account balance can be pledged as collateral and debits are stopped from account |
