Absa Islamic Gold Value Bundle Account Review 2021

Posted on Dec 30, 2020 by Staff Writer

Rateweb | South Africa

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The Absa Islamic Gold Value Bundle account is available to all members of the public including non-Muslims. This account is an alternative to conventional banking and is available to anyone that seeks a different approach to financial services. 

The account is similar to the Absa Gold Value Bundle account, however, the Absa Islamic Gold Value Bundle Account is Shari’ah compliant. The Islamic Gold Value Bundle Account comes with retrenchment and disability benefits, and Islamic death benefit. 

Absa Islamic Gold Value Bundle Account Summary

The Absa Islamic Gold Value Bundle Account is a Shari’ah compliant cheque account based on a Qardh structure. The account has a monthly service fee of R109.00. If you maintain a balance of R30,000.00 you get a 50% discount on your monthly service fee, paying only R54.50. Your spouse receives a 50% discount on their monthly service fee on the condition that they qualify for an Islamic Gold Value Bundle Account. 

The account comes with R20,000.00 Islamic death benefit. The Islamic Gold Value Bundle account also comes with a retrenchment cover of R5000.00 which is payable in two instalments and a disability cover of R5000.00 payable in two instalments of R2,500.00. 

You can use your cheque and debit card worldwide and as an Islamic Gold Value Bundle account, you get to benefit from the Absa Rewards program which you get cash back every time you swipe your debit card. 

Absa Islamic Gold Value Bundle Account Benefits

  1. 24-hour self-service access to Absa digital platforms at no additional cost. 
  2. Your account number stays the same even if you want to downgrade or upgrade your account. 
  3. Comes with security features such as the One Time PIN (OTP), debit card chip, and a unique pin. 
  4. You get to be a member of the Absa rewards program which will allow you to start earning cash back when you swipe your card. 
  5. Comes with many unlimited services such as stop orders, internal debit orders, electronic transfers between linked accounts and internal accounts, swipes at point of sale, electronic payments, and notifications. 
  6. Free Absa ATM cash withdrawals of up to R4,500.00 per month. 
  7. Free Absa ATM cash deposits of up to R4,500.00 per month. 
  8. Comes with an Islamic death benefit of R20,000.00. 
  9. Comes with a retrenchment cover of R5000.00 which is payable in two equal instalments over a period of two months when retrenched. 
  10. You get a disability cover of R5000.00 which is payable in two equal instalments over a period of two months. 

Absa Islamic Gold Value Bundle Account Fees 2021

#Fee description Amount
1Monthly service feeR109.00
2Discounted monthly service fee: for maintaining a R30,000.00 balance R54.50
3Absa ATM cash deposit feeUp to R4,500.00, R2.00 per R100.00 thereafter. 
4Absa ATM cash withdrawal feeUp to R4,500.00, thereafter, R2.00 per R100.00
5Debit card purchase feeFree
6Point of sale cash withdrawal feeFree
7Account payments via Absa ATM, online or mobileFree
8External debit ordersFree
9Spouse discount on a monthly fee50%
10Internal debit order feeFree
11Stop Order feeFree
12Fund transfer via Absa ATM, online, mobile or telephone Free
13Cash deposit at Absa branchR60.00 + R2.00 per R100.00
14Cash withdrawals at Absa branchR75.00 + R2.10 per R100.00
15Point of sale purchases overseas R4.00
16Lotto purchases via an Absa channelN/A
17Account verification fee onlineR6.50
18Account verification fee at an Absa branchR25.00
19External debit order feeR19.00
20Funds transfer at an Absa branchR75.00
21Funds transfer via a telephoneR7.00
22Cashsend through Absa ATMs, online or mobileR2.00 per R100.00
23Stop payments at a branchR75.00
24Stop payments onlineR32.00
25Special clearance feeR200.00
Absa Islamic Gold Value Bundle Account fees and rates 2021

Competitive Advantages of the Absa Islamic Gold Value Bundle Account 

  • The account comes with access to Absa rewards program whereby you get rewarded with cash instead of points. 
  • Comes with multiple unlimited services such as access to Absa digital platforms, Transaction notifications, internal debit orders, stop orders, point of sale purchases, debit card purchases, etc. 
  • Comes with security features such as 3D security verification for online shopping, and pin code for card purchases and withdrawals. 
  • Unused transactions are included in the next month’s bundle. 
  • Comes with convenient 24-hour self-service access through Absa online, mobile banking App and telephone banking. 
  • The account is available to anyone that wants to bank with Absa regardless of their faith. 

Competitive Disadvantages of the Absa Islamic Gold Value Bundle Account 

  • Doesn’t come with a revolving loan facility. 
  • The account doesn’t offer an overdraft facility and instant loan like the Absa Gold Value Bundle Account

How to qualify for the Account 

  1. Have a valid South African ID book or Smart card or have a valid passport if you are not a South African citizen. 
  2. You need to earn a gross income of R4000.00 or more per month. 
  3. Have your latest proof of income or your latest three months bank statement showing proof of income. 
  4. Proof of residence that is not older than 3 months at the time of application. 

Conclusion 

This account is a good option to start banking with a Shari’ah-compliant cheque account. It is also is suitable for those that want high-value banking services with many benefits. 

As much as the account charges a monthly fee of over R100.00 for a gold account which is relatively high, the complementary benefits that come with the account are worth the monthly service fee.

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