South Africa Interest Rates

The South African economy with a population of 49.99 Million (Est 2010) ranks 25th in the world with a GDP PPP of 492 billion and GDP PPP per capita of 10,229 vs 45,934 (United States) according to the IMF in 2009. Its currency is the South Africa Rand (ZAR). Bank deposits held for a fixed term in South Africa are called fixed deposits. According to CIA.gov its inflation was 11.3% in 2008 and 7.1% in 2009.

Read More
South Africa Bank Photos

South Africa Bank interest Rates

Showing rates for 25 Bank deposit providers in South Africa.
Bank Branch Founded Ownership
ABSA Bank ABSA Bank 800 1991 Foreign
FNB FNB 775 1838 Local
Standard Bank ZA Standard Bank ZA 700 1862 Local
African Bank African Bank 637 1993 Local
Capitec Bank Capitec Bank 589 2001 Local
Nedbank Nedbank 536 1988 Local
Old Mutual South Africa Old Mutual South Africa 258 1845 Foreign
PSG Konsult PSG Konsult 181 1996 Local
Bidvest Bank Bidvest Bank 100 2000 Local
Mercantile Bank South Africa Mercantile Bank South Africa 13 1987 Foreign
The retail banking landscape in South Africa is dominated by large national banks. 

Largest banks in South Africa 
With both large number of both ATMs and branches as well as being historically established, the Barclays Africa Group (ABSA), FirstRand (FNB), Nedbank and Standard Bank were considered the big 4 banks in the country, with more recently Capitec now included due to its gain in market share.

Local and Specialist banks
Postbank began in recent times to provide banking services to the 6m underbanked South Africans, leveraging on its Post Office network across the country. Investec is specialist niche bank that provides banking/financial products and services to its niche client base.

Foreign Banks
While Citibank and HSBC are located in South Africa, they do not offer retail banking products, the State Bank of India for example provides retail deposit and loan products in the country.

Regulations
In South Africa, the Reserve Bank of South Africa (resbank.co.za) supervises and regulates for banks that take deposits through its 'Bank Supervision Department (BSD)'. For suspicious transactions and anti Money Laundering,  the  Financial Intelligence Centre (fic.gov.au) has a regulatory regime from the FIC Act to 'know your client', record-keeping, reporting and compliance of these obligations on financial institutions. 

South Africa Discussion Activity