Savings Account New Rules 2025 With the aim of providing monetary access and facilitating everyday banking, the Reserve Bank of South Africa (RBSA) and other regulators amended the rules pertaining to savings accounts in 2025. These amendments are in the interest of account holders by reducing fees, ensuring simpler compliance, and encouraging financial inclusion for the working class.
Major changes to savings account rules in 2025
The new rules will bring several positive changes to the banking lives of millions of customers in South Africa:
1. No minimum balance requirement
From July 2025, most banks have removed or greatly reduced the minimum balance requirement on basic savings accounts. This means a big change for people on very low incomes, who were unable to hold such accounts for fear of a monthly penalty if the balance was below a certain threshold.
2. Zero monthly maintenance charges for basic accounts
Under the new rule, banks will have to provide zero-fee basic accounts with limited services (for deposits, withdrawals and balance checking) to students, pensioners and other part-time workers who want a cheaper and safer banking option.
3. More free transactions
Most banks now offer savings account holders free ATM withdrawals and free debit card transactions per month. This gives account holders more freedom to manage their money without worrying about excessive service charges.
4. KYC (Know Your Customer) – Faster Verification
The rule also includes a digital KYC process, whereby customers can open or verify savings accounts remotely via a mobile app or online portal. This will make the account opening process faster and more acceptable in rural or underbanked areas.
Why these rules are important Savings Account New Rules 2025
The new rules aim to build a bridge between the formal banking sector and millions of unbanked or underbanked South Africans. By making savings accounts more affordable and user-friendly, the government aims to:
- Instill savings habitsEncourage
- digital bankingReduce cash transactions
- Increase financial literacy
- What should you do?
If you already have a savings account, contact your bank to find out how the new guidelines will affect the type of account and applicable charges. On the other hand, if you want to open a savings account, look for simpler and easier savings options than ever before.