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If you are part of an informal group that wants to save together then a Society Scheme is ideal for you. It is the classic group savings account for diverse groups from stokvels and burial societies through social clubs to investment clubs.
Funds can be withdrawn on demand and deposits can be made at any time. Society Scheme is a book-based account so all transactions have to be done over the counter at a Standard Bank branch.
Interest is paid on a tiered basis meaning that the interest rate steps up as the account balance increases. Interest calculated daily and paid monthly.
For more information on interest rates click here.
Your group must have at least five members and three or four members must be selected to act as account signatories on behalf of the group. All signatories must be present when opening the account at a Standard Bank branch and they must
- be South African citizens aged 18 or older
- present valid South African identity documents
- make a minimum account opening deposit of R500
No credit reference checks are performed and no proof of employment or salary are are required when opening a Society Scheme account. However,
- Signatories have to consent to identity and fraud prevention checks and the sharing of information relating to their application through the South African Fraud Prevention Service.
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