The FNB Islamic Gold Business Account is a first-tier business cheque account for Islamic banking. The account is Shari’ah compliant and offers similar features, pricing, rewards, and benefits as that of the FNB Gold Business Account.
To make sure that the account is strategically structured to meet acceptable standards based on Islamic banking, FNB has set up the Shari’ah Advisory Committee to supervise, monitor, review, and approve activities of Islamic banking from FNB.
You can expect better business banking from FNB with the FNB Islamic Gold Business Account. This account comes with a set of benefits that ensures that you get the best of Islamic banking. However, since this is a first-tier business cheque account, there aren’t any top of the range benefits.
The Islamic Gold Business Account comes with business solutions that enable businesses to receive and spend money in different ways. By having the FNB Islamic Gold Business Account, you get access to the FNB’s eWallet Pro, Business Forex services, PayPal and FNB merchant services.
Furthermore, the account enables account holders to earn and spend rewards with FNB eBucks rewards program for business. Rewards are only for qualifying FNB Islamic Business card holders. The rewards can be spent online on the eBucks store or at any participating store.
FNB Islamic Gold Business Account is a Shari’ah compliant business cheque account available to any business operating in South Africa. Qualifying businesses need to earn an annual turnover of R0.00 – R5,000,000.00. The account charges R8.00 for ewallet transactions and has an international transaction fee of 2.75% per transaction.
Transacting at an FNB branch costs more for the FNB Islamic Gold Business Account as transfers cost R15.00, third party payments costing R80.00 and stop payments cost R80.00 per transaction. Consultant assisted transactions costs even more and these should be avoided.
|#||Fee description||Single Fee||Pay As You Use|
|1||Electronic Debit transactions||Free for the 1st 30 transactions and R19.00 per transaction thereafter||Free for the 1st 50 transactions and R19.00 per transaction thereafter||R19.00 per transaction|
|2||FNB ATM Cash Withdrawals fee||Free for the 1st 5 transactions and R2.00 per transaction thereafter||Free for the 1st 10 transactions and R2.00 per transaction thereafter||R2.00 per transaction|
|3||Cash deposits at an FNB ATM||Free for up to R50,000.00 and R4.50 + R0.80 per R1,000.00 or part thereof||Free for up to R100,000.00 and R4.50 + R0.80 per R1,000.00 or part thereof||R4.50 + R0.80 per R1,000.00 or part thereof|
|4||Pay and Clear now transaction fee||Free for the 1st transaction and R35.00 per transaction thereafter||Free for the 1st transaction and R35.00 per transaction thereafter||R35.00|
|6||Transfers at an FNB branch||R15.00||R15.00||R15.00|
|7||Consultant assisted Transfers||R80.00||R80.00||R80.00|
|8||International currency commission and conversion fee||2.75% of the transaction value||2.75% of the transaction value||2.75% of the transaction value|
|9||Other bank’s ATMs prepaid purchases||R15.00||R15.00||R15.00|
|10||FNB Connect prepaid purchases||Free||Free||Free|
|11||External debit order fee||R19.00||R19.00||R19.00|
|12||Third-party payments at an FNB branch||R80.00||R80.00||R80.00|
|13||Stop payment using digital channels||Free||Free||Free|
|14||Stop payment at an FNB branch||R80.00||R80.00||R80.00|
|15||Debit order dispute using digital channels||R5.00||R5.00||R80.00|
|16||Debit order dispute at an FNB branch or telephone banking||R40.00||R40.00||R5.00|
|17||eWallet payments per transaction||R2.00 + R8.00 per R1,000.00 or part thereof||R2.00 + R8.00 per R1,000.00 or part thereof||R2.00 + R8.00 per R1,000.00 or part thereof|
|18||Reversal of incorrect eWallet transaction||R55.00||R55.00||R55.00|
The FNB Islamic Gold Business Account is a great account for a small businesses that prefer Islamic banking. The account is versatile and offers much needed support for small businesses to prosper.