Tax-Free Call investment account

Invest up to R 33 000 per tax year and a maximum of R 500 000 in your lifetime – and get tax-free returns on your contributions.

Opening deposit
R 250
Access your money
Anytime
Interest rate
Up to 6.40%

About Tax-Free Call investment account

How to qualify

  • You can invest R 250 or more
    AND
  • You are a South African citizen
    OR
  • You have a valid passport or permit

Minors may open the investment account with a parent's or guardian's consent.

Product terms and conditions

General terms and conditions

Features and benefits

  • Earn tax-free interest on your investment
  • Gain higher interest for a higher balance
  • Re-invest your gains, or have your interest paid out monthly
  • Access your deposited funds at any time
  • Add funds when and how you like, such as by once-off deposit and stop order
  • Tax Free Call Interest rates

What it costs

How to apply

What you'll need

  • Your ID book
  • Proof of home address
  • Valid passport and work / study permit (for non-SA citizens)

Apply for a Tax-Free Call investment account

Apply online in under ten minutes

You'll have the option of signing in with your online banking credentials or registering a new profile, so you can apply in a secure environment even if you're not a Standard Bank customer.

Apply online

Let's talk

Send us your details and we'll phone you within five business hours to discuss your options.

Who qualifies to open a tax-free account?

Only individuals may apply for the account. Companies do not qualify. A tax-free account can also be opened in the name of a minor.

How much money can I save, in order to enjoy tax-free returns?

You can save R33 000 per tax year and the interest earned will be tax-free. Please note that the annual limit of R33 000 applies to the total amount of all your tax-free investment accounts with Standard bank or other institutions. If you contribute more than the annual limit, SARS will levy a penalty of 40% on the amount that is over the limit.

If I make a deposit and reach the R33 000 limit, withdraw some of the funds and then re-deposit funds to reach the R33 000 cap, again will I receive the benefit?

You will receive the benefit on any amounts available in your account, but total contributions will be limited to R33 000, for every tax year.

For example, if you deposit R33 000 and withdraw R10 000, you should not add R10 000 again, as the total contributions (R33 000 + 10 000) will exceed R33 000.

If you deposit R20 000 and withdraw R10 000, you can contribute another R13 000, as the total contributions (20 000 + 13 000) will not exceed R33 000.

Additional deposits above R33 000 limit will attract a penalty of 40% by SARS. Please note that it is the customers’ responsibility to ensure that these limits are not breached across all his/her tax-free investments.

Do Foreign Nationals and Non-Residents qualify?

Yes, provided you have a valid passport or permit and the necessary supporting information, you may apply.

Can I deposit the full R500 000 at once, and receive the benefit in one year?

No. The limited amount is R33 000 each tax year. So, you can deposit up to R33 000 each tax year for 15 years, and receive a tax-free benefit each year.

When is a tax year?

A tax year is an assessment period of 12 months. It starts on 1 March each year and ends on the last day of February the next year.

Where can I view the rates offered on a tax-free account?

Our rates are published in our Standard Bank Pricing brochure or visit our website at www.standardbank.co.za

Where can I open a Tax-free Call Account?

You can open the account on our SBG Mobile App, Online Banking and your nearest Branch.

Tax Free Call Account Brochure

What is a tax-free transfer?

A tax-free transfer is the process of transferring tax-free funds between tax-free accounts, which allows you to keep the tax-free status on the funds. From the 1st of March 2018, customers are allowed to transfer funds between tax-free accounts (either within Standard Bank or to/from another financial institution or authorised party).

Which tax-free investment products can be transferred to/from?

Customers will be allowed to transfer tax-free funds into and out of their Tax-Free Call account. Only transfers out of a Tax-Free Fixed deposit will be allowed, no transfers into a Tax-Free Fixed deposit will be allowed as this product has been discontinued.

Please note that Standard Bank no longer offers a Tax-Free Fixed deposit account.

I would like to transfer funds from my tax-free account at another financial institution/other authorised party to my Tax-Free Call account at Standard Bank.-What do I do?

Obtain a Request for Transfer form from a Standard Bank branch. Complete this form and hand it in at the financial institution who needs to transfer the funds to your Standard Bank tax-free account.

I want to transfer funds between two tax-free accounts within Standard Bank, do I still need to complete the Request for Transfer form?

Yes, you still need to complete the Request for Transfer form, even if you transfer funds between tax-free accounts within Standard Bank.                                                                                                     

I would like to transfer funds from my Standard Bank Tax-Free account to my tax-free account at another financial institution/authorised party. What do I do?

  • Obtain a Request for Transfer formfrom the financial institution/other authorised party where you would like us to transfer your funds to.
  • Complete this form and hand it in at a Standard Bank branch.
  • Once we have all of the necessary information, will we process the request to transfer the funds.

Why do I need to complete the Request for Transfer form, to transfer funds between tax-free accounts?

You need to complete the Request for Transfer form to ensure that that the funds will be seen as a transfer between tax-free accounts, which allows you then to keep the tax-free status on the funds. If you do not follow the prescribed process and complete a Request for Transfer form, the transfer will be seen as a withdrawal from your one tax-free account and another contribution to your second tax-free account, which may cause you to breach the annual contribution limit of R33 000 and you may be liable for a penalty by SARS.

Please note that you should not use SBSA online channels to transfer funds between tax-free accounts yourself. If you do not follow the prescribed process and complete a Request for Transfer form, the transfer will be seen as a withdrawal from your one tax-free account and another contribution to your second tax-free account, which may cause you to breach the annual contribution limit of R33 000 and you may be liable for a penalty by SARS.


If I transfer funds from my tax-free account to a normal investment account, will the interest still be tax-free?

No, if you transfer funds from a tax-free account to a normal investment account, the interest earned on the normal investment account may not be tax-free. Please contact 0860 123 000 for any further information or visit our website at www.standardbank.co.za for more information.

How to guide to transfer funds into or out of Standard Bank