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.
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 This makes the Bakgotsi account safe especially when money is withdrawn from the account.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 at the Post Office branch
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and two signatories must always be present when making withdrawals – making this account especially safe when money is withdrawn from the account.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.