Getting a bank account from Capitec is recommended when you receive your SRD R350 grant. It will make it easier to receive other Sassa grants as well.
The question that you might have, is why should you apply for a Capitec bank account, and not get a bank account from other South African banks. There are actually many reasons why you should rather get your bank account at Capitec. We are telling you why, and how you can get your new bank account without visiting any branch.
Reasons why you should get a bank account to receive your SRD R350 grant
You don’t need to have a bank account in order to qualify for the SRD R350 grant. There are many other payment methods that you can use as well.
However, it is so much easier to get your R350 grant paid into your bank account. You will not have any worries that your grant is stolen by someone else when you collect it at the nearest pay point. When you need to collect your money, you need to stand in long queues that can take the whole day. And, you might not have all day to stand in a queue. Even if you pay banking fees for deposits into your bank account, this is still worth it. Especially if you are making use of Capitec bank where the banking fees are relatively low.
Why get a Capitec Account?
Yes, you can receive your SRD R350 grant, no matter what type of bank account you have. You don’t need to open a Capitec bank account to get your grant paid into your account. However, there are many reasons why you should consider Capitec over other bank accounts. These are some of the reasons why you need to consider Capitec as your bank.
• You can receive up to 2,5% interest per year on your savings.
• Banking fees are lower than with other banks, and you only pay fees for the services you use.
• Easy to use the Capitec app for managing your money.
• You can open a bank account by making use of the Capitec app. You don’t need to visit the nearest branch.
What you need to apply for a bank account online
The good news is that when you apply for a bank account with the Capitec app, you don’t need to have many documents. You just need to have the following in order to open your bank account online, or by using the Capitec app.
- You need to have a valid South African Id document and need to have your ID number at hand.
- A working email address. It can be created free on many different places online if you don’t have one already.
- You need to have a South African phone number. To apply for your SRD R350 grant, you already needed to have your cellphone.
- You will need to have a smartphone where you can take selfies and where you can scan your ID document so that it can be uploaded to the app.
Steps to apply for your online Capitec bank account
When you have all the documents ready that we already discussed, you just need to do a couple of things in order to get your SRD R350 grant paid into your new Capitec bank account.
- You need to download the Capitec banking app from any of the various app stores. You can download it from Google Play Store, Apple apps store, or Huawei app gallery. It is free to download, you just need to have data to download and to access the app.
- After you have downloaded the app, you just need to follow the on-screen prompts. You also need to upload your ID document and other documents before you can have a new bank account.
- If you are struggling with the process, you can still visit your nearest Capitec branch for assistance.
When should you go to the Capitec branch to get your SRD R350 paid into a bank account?
A question that we are getting a lot, is when should you go to the Capitec branch for opening your new bank account. If you don’t want to open a bank account online, you are always welcome to visit the branch directly. They will assist you with the process.
You can also go to the branch if you don’t have a smartphone that can upload your ID, and that can’t take a selfie as well. When you have opened an account online, you still need to visit the branch to collect your new bank card. Without the bank card, you can’t really do anything with your SRD R350 grant that is paid into your bank account.
Getting a Capitec bank account when you are looking for easier payment options for your SRD R350 grant payments, is recommended. This is because Capitec doesn’t ask high fees and they have some great benefits that you will not get at any other bank. Especially, to open a bank account online, or from your smartphone. Now, you will understand much better why you should consider getting a bank account from Capitec when you are receiving the SRD R350 grant.