Posted on Jan 1, 2021 by Staff Writer
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 like that of the Absa Gold Graduate Account. The slight difference is with 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
- Access to the Absa MasterPass App.
- Has low banking fees.
- You can make withdrawals for free at any point of sale in South Africa.
- The account comes with unlimited swipes at point of sale.
- Your account number stays the same even if you change to any other Absa account in the future.
- The account comes with security for online purchases, point of sale purchases.
- You can make deposits up to R4,500.00 per month for free at Absa ATMs.
- You can make withdrawals up to R4,500.00 per month for free at Absa ATMs.
- Access to Absa digital platforms where you can set debit card limits, reset passwords, retrieve pins, schedule payments and more.
- Your unused free transactions allocated to your Islamic Gold Graduate Account will roll over for one month if not used in the current month.
- There are unlimited electronic balance and statement enquiries at Absa ATM, and Absa digital platforms.
- You get unlimited funds transfers and internal payments.
Absa Islamic Gold Graduate Account Fees 2021
|1||Monthly service fee||R54.50|
|2||Waiver if you maintain a balance of R30,000.00 in your account||50%|
|3||Absa ATM withdrawal||Free up to R4500.00 thereafter R2.00 per R100.00|
|4||Absa branch withdrawal||R75.00 plus R2.10 per R100.00|
|5||Cash deposit at an Absa ATM||Free up to R4500.00 thereafter R2.00 per R100.00|
|6||Cash deposit at Absa branch||R60.00 + R2.00 per R100.00|
|7||Cheque deposit at Absa branch||R60.00|
|8||Overseas ATM or Point of sale cash withdrawal||R75.00|
|9||Accounts payments at Absa branch||R75.00|
|10||Accounts payments at Absa ATM, Online, Mobile or Telephone||R10.00|
|11||Immediate interbank payments: online, mobile||R65.00|
|12||Immediate interbank payments: Telephone Adviser||R72.00|
|13||Electronic balance and statement enquiry||Free|
|14||Funds transfer and internal payments||Free|
|15||Debit or cheque card purchases||Free|
|16||Cash withdrawals at point of sale||Free|
|17||Electronic account and beneficiary payments||Free|
|18||SMS and email notifications||Free|
|19||Account verification online||R6.50|
|20||Cheque issued fee||R200.00|
|21||Stop payments at an Absa branch||R75.00|
|22||Stop payments online||R32.00|
|23||Special clearance fee||R200.00|
|24||Debit card replacement fee||R140.00|
|25||Debit card face to face delivery||Free|
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
- You need to be under the age of 30.
- Be in your final year of studies at an accredited educational institution or have a qualification certificate.
- Have a valid South African ID book or Smart card or a valid passport if you are not a South African citizen.
- Have a proof of residence that is not older than 3 months at the time of application.
- 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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