Do you want to know how to get a FNB Stokvel Savings Account? You probably want to open a FNB stokvel account, but you’re not sure if you’ll be eligible.
I’ve written this article to help you understand what you’ll need to qualify for the account.
The FNB stokvel account is a type of savings account designed for groups of people who have come together to start saving for a common goal.
The account is for a group of people, not for individuals. The bank does not set a limit on the number of people who can use the service.
The account makes it simple to manage and track your group’s savings.
The bank determines whether the group qualifies for the account at the time of account opening.
It is difficult to open a bank account if you, the group, do not have all of the necessary documents and have not followed the bank’s terms and conditions.
When it comes to opening the Stokvel account, the bank is more stringent than it is with other types of accounts.
There is no discrimination based on the financial status of the group, but you must meet the qualifications.
The following are the documents that groups must have in order to be eligible for a stokvel savings account.
How To Be Eligible For An FNB Stokvel Savings Account
When visiting the bank to open an account, these documents are required.
1. Three signatories.
Following the formation of the group and the decision to open a Stokvel savings account, the next step is to choose three signatories to the account.
It is a requirement in South Africa to open a FNB Stokvel account.
All group members must agree on the three, and they must be the account signatories.
The three will be the ones to take money out of the account.
Every time money is taken out of the account, the three must sign.
The withdrawal will not be accepted if one does not sign while withdrawing money from the bank.
2. Identification Documents
The identification documents of each member are the next required document to qualify for the FNB stokvel account.
These documents could be a South African identity card or a green card.
Foreigners must have a study or work permit to prove their right to be in South Africa, as well as a passport to prove their identity.
3. To be eligible for a FNB Stokvel Savings Account, you must provide proof of residency.
The next document is each member’s proof of address.
Utility bills, such as electricity or telephone bills, can be used to prove the address.
You can also use a bank statement from the last three months that shows your address.
4. The Constitution of the Group
You’ll also have to show the bank the group constitution, which explains how the group operates.
The constitution must meet the minimum requirements for group registration.
If you have all of the above documents as a group, you’ll be eligible for a FNB stokvel account and can begin saving toward your group’s goals.
That’s all there is to it when it comes to qualifying for a FNB Stokvel Savings Account.