Bakgotsi Fees and Interest
Fees with effect from 02 April 2024:
Account opening fee |
Free |
Minimum opening deposit |
R 50.00 |
Minimum account balance |
R 0.00 |
Deposits (Cash) |
R 3.00 up to R100.00, thereafter an additional R 3.00 per R100.00 or part thereof above R100.01 |
Withdrawals (Cash) Branch |
R 10.00 up to R100.00, thereafter an additional R 2.10 per R100.00 or part thereof above R100.01 |
Close-out Withdrawal |
R 19.00 |
Monthly service/ledger fee |
Free |
Replacement: Bakgotsi Book |
R 92.00 |
Account Dormancy fee |
Free |
Repayment from unclaimed funds |
R 76.00 |
Full Statement up to 3 months (Branch or mailed on request) |
R 21.00 |
Full Statement 4 months and older(Ad-hoc mailed on request) |
R 42.00 |
Mini statements and balance enquiries (Branch) |
Free |
Interest with effect from 26 May 2023: |
|
On balance (Rand) |
Interest Rate (% pa) |
0 - 5 000 |
5.20% |
5 000.01 - 10 000 |
5.50% |
10 000.01 - 20 000 |
5.80% |
20 000.01 - 30 000 |
6.00% |
30 000.01 - plus |
7.15% |
NB: Interest is calculated on a daily balance and credited to the account on the last day of every month.
How is interest calculated?
A balance of R 5,000 in the Bakgotsi account for example earns 5.20% interest per year which equals R260.00 per year (about 0.72 cents a day and about R21.67 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 7.15% interest per year.
