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What you should know about interest

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What is a SWIFT code?

The Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) is an electronic communication method used by banks all over the world to correspond with each other in a secure and standardised way. SWIFT transfers are secure, standardised, relatively inexpensive and extremely quick.

If you are unsure of the SWIFT code, simply select Foreign Bank Search while capturing your Global Payment application.

FNB's SWIFT code is FIRNZAJJ

When entering the SWIFT code, please make sure that all the letters are in uppercase.

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South African Exchange Control Requirements

All foreign exchange transactions in South Africa are subject to exchange control regulations, governed by the South African Reserve Bank. In accordance with compliance and as an authorised dealer, we provide you with the rules applicable to South African residents travelling abroad . Full details can be found on the South African Reserve Bank's website.

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Rules for South African residents travelling abroad

  • Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
  • Travel allowance covers a calendar year (1 January - 31 December)
  • Any unutilised portion of a travel allowance must be resold to an authorised dealer within 30 days of your return. You may however, reapply for the unused portion of your discretionary allowance at any time during the calendar year.
  • A South African resident over the age of 18 is entitled to a single discretionary allowance of up to R1 million per calendar year. The single discretionary allowance may be used for any legal purpose abroad (including for investment purposes). This dispensation may be utilised solely at the discretion of the resident without any documentary evidence having to be produced to the authorised dealer except for travel purposes outside the Common Monetary Area where a passenger ticket needs to be produced.
  • Children under the age of 18 years qualify for a travel allowance of R200 000 per calendar year. For travel purposes, a valid travel document must be presented, indicating that the journey commences from South Africa. Allowance may not be issued more than 60 days prior to departure.
  • The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in rands.
  • In addition, each traveller may take R25 000 in South African Reserve Bank bank notes when visiting abroad.
  • Where the insurance value of your personal belongings not for sale, exceeds R50 000, you will need a NEP form attested by a bank or by Customs and Excise. Please enquire at your nearest FNB branch should you need this form.

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What you should know about interest

  • Interest is calculated on a daily balance and paid monthly
  • Interest can be capitalised onto the account or redirected to another non-resident account
  • If the interest rate increases or decreases, it becomes effective immediately

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Qualifying criteria

  1. FNB qualifying account

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Documents needed

  • A certified copy of your passport
  • 3 months' latest bank statements from your overseas bank
  • Latest proof of income (overseas)

What you should know about interest

The South African Reserve Bank (SARB) Exchange Control Rules and Regulations Apply.

Non-resident Seniors Fixed Deposit

Maximum effective interest rate over 60 months

9.05%

Miniumum opening balance of R10 000

Ideal for investors 55 years and older to invest for a fixed period of time at a fixed interest rate.

What's hot

Peace of mind

Knowledge that the full capital value is paid at maturity



Unlimited investing

Invest all you like with no maximum balance



Set your own terms

Choose your plan and deposit from 1 month to 60 months



Higher interest rates

The benefit of higher interest rates as a result of having a fixed term



Preferential interest rate

A preferential interest rate for Fixed Deposits of 12 months and longer and up to a maximum balance of R250 000



What you get

Save for retirement

The ability to earn some extra money for your retirement



Plan ahead

The chance to plan ahead for the unforeseen



Add, withdraw or redirect funds

Add funds on maturity, withdraw funds or re-invest the account



Statements on demand

Request statements at any time



Getting it made easy

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Qualifying criteria

Documents needed

Terms, conditions and rules apply

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).