The National Treasury, through its RSA Retail Bonds unit, has created a new bond savings product in a bid to encourage South Africans to save.
The RSA Retail Savings Top Up Bond product was also created in response to high demand by the public for a more affordable Bonds product, Treasury points out in a statement.
The product will be launched to the public on April 1. Any individual with a valid South African identity number and a bank account within the country can start investing.
Informal groups, such as social clubs and stokvels, which operate on monthly pooled savings, will be eligible to invest in the Top-Up Bond by providing their constitution and proof of banking details in the name of the informal group.
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