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FNB Islamic Platinum Business Account review 2021

The FNB Islamic Platinum Business Account provides the necessary banking needs for all businesses that want an Islamic bank account. The account offers some of the best benefits in banking and has value-added services that go beyond banking. 

Complimentary services include the FNB‘s instant accounting solutions that help businesses record transactions as and when they happen, free AA roadside for clients with a linked petrol card, access to the domestic and international SLOW lounges. 

Clients can earn eBucks of up to 40% on qualifying purchases. Furthermore, the account comes with business solutions that are designed to help your business with transacting. The business solution services include eWallet Pro, PayPal, Business Forex, and Merchant services. 

Account-holders can now plan for their cash flow effectively with the Islamic Business Savings Pocket that is linked to their FNB Islamic Platinum Business Account. The savings account allows account holders to access their cash at any given point so that they can meet their short-term obligations. 

By opening the FNB Islamic Platinum Business Account you get a chance to start lending from FNB. Lending from FNB can be for the acquisition of property, vehicle assets, and for other types of assets that your business may need. 

FNB Islamic Platinum Business Account Summary

FNB Islamic Platinum Business Account is a mid-tier business account that is Shari’ah compliant. The account is for businesses with an annual turnover of R5,000,000.00 to R60,000,000.00. For international transactions, the account charges a transaction commission of 2.75% and for local transactions, the account charges a transaction commission of 0%.

The account offers an opportunity for account holders to open a term deposit account that is flexible. The term deposit accounts are for 30 days, 90 days, 180 days, 270 days, 12 months, 24 months, and 60 months. 

Purchases are charged a fee depending on the type of purchase made. Card purchases charge a transaction fee of R3.68 and if you have a Petrol card, you get charged R5.50 per transaction. Prepaid purchases range from free to R15.00 per transaction. 

FNB Islamic Platinum Business Account Benefits

  1. FNB has put in place a ‘Shari’ah Advisory Committee’ that is made up of scholars who are recognized both locally and internationally. The Shari’ah Advisory Committee is there to review, supervise, monitor, and approve the activities of Islamic banking at FNB and FirstRand Group to ensure compliance with Islamic banking.
  2. There is free access to the FNB instant solutions that can help your business to:
    1. Manage cash flow in real-time.
    2. Record transactions as they happen.
    3. Compile Annual Financial Statements and reports.
    4. Access charts and reports at any time.
  3. Free access to the FNB digital platforms that have the capacity to:
    1. Help transact online,
    2. Register a company online with CIPC through FNB,
    3. BEE registration, and
    4. Getting notified every time an activity takes place on the account.
  4. Clients get an opportunity to borrow money to grow their business or buy assets.
  5. Clients can open an FNB Islamic Business Savings Pocket that provides competitive interest rates.
  6. A business can now apply for a virtual card for online transacting purposes. The card makes it convenient to transact online as it can be accessed on the FNB Mobile App. CVV  number of a virtual card changes every house and the card can be canceled, blocked, or deleted at any time.
  7. Clients can earn eBucks through the FNB mmmm’s eBucks Rewards for business. Businesses earn up to 40% cashback in eBucks on qualifying transactions.
  8. The account comes with business solutions that are there to enable your businesses to access Forex whenever needed before traveling, spending, or receiving cash globally.
    1. PayPal – this solution allows businesses to pay and get paid with PayPal.
    2. Merchant Services.

FNB Islamic Platinum Business Account Fees 2021

#Fee description Amount
1Electronic transfers using FNB digital platforms Free
2Scheduled Transfers feeFree
3Consultant assistance transaction feeR80.00
4Transfers at an FNB branch R15.00
5Local and international card purchase feeR3.68
6International conversion rate2.75%
7Prepaid purchases using FNB channelsR2.70
8Prepaid purchases at other bank’s ATMR15.00
9Prepaid purchases at an FNB branch or telephone R15.00
10Electronic third party paymentsUp to R9.80
11Internal debit order feeR4.20
12External debit order feeR19.00
13Electronic third-party payment at an FNB branchR80.00
14Electronic pay and clear now transaction feeR45.00
15Reversal of processed EFTR326.00
16Electronic scheduled payment feeFree
17Branch scheduled payment feeR18.00
18Stop payment using FNB digital platforms Free
19Stop payment at an FNB branch R80.00
20Send money (eWallet) feeR2.00 + R8.00
21Cash withdrawals at tills Free
22Withdrawal at an FNB ATMR2.00 per R1,000.00 or part thereof
23Withdrawal at other bank ATM R10.00 + R2.00 per R1000.00 or part thereof
24International ATM withdrawalR80.00 + R2.00 or part thereof
25International branch withdrawal R80.00 + R2.50 or part thereof
26Deposit at an FNB branch R60.00 R11.00 per cheque

Competitive Advantages of the FNB Islamic Platinum Business Account

  • There are a number of payment plans that one can choose from.
  • Comes with free access to the FNB digital platforms.
  • Clients get automatic entry to the FNB eBucks rewards program.
  • The account gives companies free access to the FNB instant accounting software.
  • Comes with SLOW lounges access.
  • The account can be tailored to suit your industry needs.

Competitive Disadvantages of the FNB Islamic Platinum Business Account

  • Qualifying turnover is high.

How to qualify for the Account

  1. Must earn an annual turnover of R5,000,000.00 to R60,000,000.00.
  2. Be a South African registered company.
  3. Have a company registration certificate.
  4. Have a South African ID book or Smart card or alternatively have a passport if not a South African.
  5. Provide proof of residence for the company.

Conclusion

The FNB Islamic Platinum Business Account offers a way to first-class business banking. Unlike the Islamic Gold Business Account, with the Islamic Platinum Business Account, you get access to SLOW lounges and get to receive help from the FNB private business banking suite.

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Lethabo Ntsoane

Lethabo Ntsoane is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in reviews and financial tips.

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