Sibekelo account

It is a bank deposit, so there is practically no capital risk, no complicated contracts to be signed and no obscure fees or commissions to be paid.    

What does it offer me?

  • You select the monthly debit order amount to fund your Sibekelo account and choose whether we automatically increase your savings amount each year.
  • You decide the period that you wish to save for, starting from 12 to 24 months.
  • You earn competitive interest rates, calculated on a daily basis and capitalised monthly.
  • Additional bonus interest is paid each year for up to three years.
  • Bonus interest increases each year, so the longer you save the higher the bonus interest you can earn.
  • You can make additional deposits whenever you want.
  • No transaction and management fees are charged on your account.
  • You will not be charged a debit order fee if your monthly payment is from a Standard Bank account.
  • There are no penalties if you are forced to stop deposits for any period but you may forfeit the bonus interest rate. However after the first year of investment, there is no withdrawal allowed lest the term deposit is broken wherein penalties would then apply.
  • Compulsory monthly stop order of at least E100.00.
  • You must have a transactional account with us and you don’t have to withdraw the funds from the Sibekelo account as we will transfer the funds straight to your transactional account.
  • You are allowed more than one Sibekelo account – ideal if you want to save separately for different goals – or open an account for your children.

Who may apply?

If you’re over the age of 18 and serious about saving for the future, the Sibekelo account will help you get there. You can also open a Sibekelo account for your children and get them on the road to successful saving too.

What do I need to apply?

Opening a Sibekelo account is easy! Just visit your nearest Standard Bank branch with the following documents:

  • A valid Swazi identity document
  • Valid passport and work permit if you are an expatriate
  • Proof of residence (such as an utility bill)
  • Your latest payslip or a letter of introduction from your employer.

 
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