Sasfin Bank has fixed deposit investment opportunities that you can take advantage of. The returns on fixed deposit investments are moderate and can yield beyond favourable results if you invest wisely.
Fixed deposit accounts from Sasfin bank are for short, medium, and long-term investment. Clients can invest from 3 months up to 36 months. Clients can choose to invest for 3, 6, 12,18, 24, or 36 months depending on their investment plan.
Those who invest for a longer period and invest high amounts get to enjoy high-interest rates. This is due to the fact that the bank has more time to leverage the money that is invested.
The interest rate offering from Sasfin Bank for its fixed deposit account is without doubt generous. Nominal interest rates are well above the current inflation rate of 3.3%. Therefore, your money is protected from inflation and you get to earn a premium on your investment.
For savings purposes, you can also lock your money down into notice or a call deposit account. These are for shorter periods and ensure that you have cash whenever you need it. Interest on a call deposit account is 3.25% while interest on a notice deposit account can go as high as 4.55% at Sasfin Bank.
A Sasfin Fixed Deposit Account can be opened by anyone. When opening a fixed deposit account from Sasfin Bank, you will be required to choose the investment period that you want to lock up your principal investment. Then, you will be allocated a fixed interest rate that will not change for the term of the investment.
You will then have to nominate an account where your funds can be withdrawn to at, or before maturity. With the nominated account you can also receive your interest earnings from your Sasfin Fixed Deposit Account. Investments can be for a minimum term of 1 month.
After opening your fixed deposit account you have up to 7 days to make a deposit to your fixed deposit account. Should you fail to deposit money into your fixed deposit account within 7 days, your account will be closed. Note that your initial investment amount may only be transferred from another Sasfin Bank account that is either a transactional or call deposit account.
The minimum deposit that you can make on a Sasfin Fixed Deposit Account is R20,000.00. There cannot be any additional deposits that can be made into your fixed deposit account during the investment period. You can reclaim your principal at any time, however, a penalty fee of not more than R350.00 is charged for premature withdrawals.
The Safin Fixed Deposit Accounts calculates interest daily on your balance. With the option to capitalise on your interest earnings, your interest rate rapidly grows from time to time. This will yield higher returns than the initial nominal interest rate that was first quoted.
|Fixed deposit term||Fixed deposit nominal interest rate||Fixed deposit effective interest rate|
To invest in any Sasfin Fixed Deposit Account, you need to invest a minimum of R20,000.00. Interest on the fixed deposit accounts is calculated on a day-to-day basis. Holding your fixed deposit account for a longer period can upscale your interest earnings.
Since the interest on investment is calculated daily, the effective interest rate applicable to the account will be higher as compared to accounts that calculate interest every month or year.
Sasfin Bank fixed deposit accounts offer some of the best interest rates in their bracket categories. The bank not only offers great interest rates, but the bank also brings in a lot of experience when it comes to handling investments with over 6 decades of experience.
When locking down your money in any of the Sasfin Fixed Deposit Accounts, try to hold your investment for the whole period without making any interest withdrawals. This will maximize your interest-earning which is attributable to the compounding factor.
Furthermore, you can also choose the maximum investment period to take advantage of high-interest rates. To a certain degree with a sizable investment, you can negotiate for even better interest rates.