With an RMB Private Bank Tax-Free Savings Account, you don't pay tax on your savings or investment. This includes interest earned, dividends received and capital gains.
You can contribute up to R30 000 per tax year, and up to R500 000 during your lifetime, tax free. These limits are governed by legislation and may change. Should you exceed these limits you will be penalised 40% on contributions above the limits by the South African Revenue Service (SARS). It is your responsibility to monitor your account and ensure that you do not contribute more than the prescribed limits.
You can withdraw funds from your account, but these funds may not be replaced. Any direct transfers between financial institutions or individuals (or estates) are not allowed until further notice. Funds withdrawn from a Tax-Free Savings Account and transferred into another Tax-Free Savings Account will be deemed as a contribution.
A qualifying RMB Private Bank transactional account is needed to open the RMB Private Bank Tax-Free Savings Account.