Absa Islamic Gold Graduate Account Review 2023

Absa Islamic Gold Graduate Account

The Absa Islamic Gold Graduate Account provides Shari’ah compliant banking for newly graduates and graduates to be. The account has low fees and offers benefits that are unique to graduates. 

This account offers similar services and benefits to that of the Absa Gold Graduate Account. The slight difference is between lending and access to loans. The Absa Gold Graduate Account issues loans to account holders before their first pay whereas the Absa Islamic Gold Graduate Account doesn’t. 

Services on the account come in two ways, that is, there are free unlimited services and out of bundle services. Unlimited services include electronic balance enquiry, funds transfers, debit card purchases, cash withdrawals at point of sale, and access to Absa digital platforms. 

Absa Islamic Gold Graduate Account Summary 

The Absa Islamic Gold Graduate Account is a Shari’ah compliant cheque account for graduates under the age of 30. The account has a monthly service fee of R54.50. Account-holders get a 50% discount on their monthly service fee if they maintain a balance of R30,000.00 throughout the month. As a result, the monthly service fee due will be R27.25.

You can make free cash deposits of up to R4,500.00 per month and cash withdrawals of up to R4,500.00 per month at any Absa ATM. Unused allocated transactions are rolled over to the next month. The account also comes with MasterPass access to make transacting more earlier and convenient. 

Absa Islamic Gold Graduate Account Benefits 

  1. Access to the Absa MasterPass App. 
  2. Has low banking fees
  3. You can make withdrawals for free at any point of sale in South Africa. 
  4. The account comes with unlimited swipes at the point of sale. 
  5. Your account number stays the same even if you change to any other Absa account in the future. 
  6. The account comes with security for online purchases, point of sale purchases. 
  7. You can make deposits up to R4,500.00 per month for free at Absa ATMs. 
  8. You can make withdrawals up to R4,500.00 per month for free at Absa ATMs. 
  9. Access to Absa digital platforms where you can set debit card limits, reset passwords, retrieve pins, schedule payments and more. 
  10. Your unused free transactions allocated to your Islamic Gold Graduate Account will roll over for one month if not used in the current month. 
  11. There are unlimited electronic balance and statement enquiries at Absa ATM, and Absa digital platforms. 
  12. You get unlimited funds transfers and internal payments. 

Absa Islamic Gold Graduate Account Fees 2022

#Fee descriptionAmount
1Monthly service feeR54.50
2Waiver if you maintain a balance of R30,000.00 in your account50%
3Absa ATM withdrawal Free up to R4500.00 thereafter R2.00 per R100.00
4Absa branch withdrawalR75.00 plus R2.10 per R100.00
5Cash deposit at an Absa ATMFree up to R4500.00 thereafter R2.00 per R100.00
6Cash deposit at Absa branchR60.00 + R2.00 per R100.00
7Cheque deposit at Absa branchR60.00
8Overseas ATM or Point of sale cash withdrawalR75.00
9Accounts payments at Absa branchR75.00
10Accounts payments at Absa ATM, Online, Mobile or Telephone R10.00
11Immediate interbank payments: online, mobileR65.00
12Immediate interbank payments: Telephone AdviserR72.00
13Electronic balance and statement enquiry Free
14Funds transfer and internal paymentsFree
15Debit or cheque card purchases Free
16Cash withdrawals at point of saleFree
17Electronic account and beneficiary paymentsFree
18SMS and email notificationsFree
19Account verification onlineR6.50
20Cheque issued feeR200.00
21Stop payments at an Absa branchR75.00
22Stop payments onlineR32.00
23Special clearance feeR200.00
24Debit card replacement feeR140.00
25Debit card face to face delivery Free
Absa Islamic Gold Graduate Account Fees or Rates

Competitive Advantages of the Absa Islamic Gold Graduate Account 

  • You get access to Absa MasterPass wallet to make shopping faster and more convenient. 
  • The account comes with unlimited services that are mostly for everyday banking such as funds transfers and internal payments. 
  • The account is secure for online and in-store purchases. 
  • You get a 50% discount on your monthly service fee if you keep a certain amount of money in your account throughout the month. 
  • The account comes with a low maintenance fee of R54.50. 
  • The account is Shari’ah compliant and it is acceptable to those that want Islamic banking

Competitive Disadvantages of the Absa Islamic Gold Graduate Account 

  • To join the Absa rewards program you need to pay a monthly fee. 
  • There are no free food vouchers that you get on the Islamic Gold Graduate Account whereas with the Gold Graduate Account you get food vouchers. 

How to qualify for the Account 

  1. You need to be under the age of 30.
  2. Be in your final year of studies at an accredited educational institution or have a qualification certificate. 
  3. Have a valid South African ID book or Smart card or a valid passport if you are not a South African citizen. 
  4. Have proof of residence that is not older than 3 months at the time of application. 
  5. Proof of qualification or proof of final year studies. 


The Islamic Gold Graduate Account is an account that a graduate can use to climb the banking ladder at Absa. The account fees are affordable and relatively low when compared to other Absa account fees. 

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