IS THERE A RESTRICTION ON THE NUMBER OF ACCOUNTS I CAN HOLD?
Tax-Free Savings Accounts can be held at one or more qualifying institutions. At RMB Private Bank you are allowed to hold all Tax-Free Savings Account product choices.
You can choose the Tax-Free Cash Deposit, Tax-Free Unit Trusts and the Tax-Free Shares Account.
However, contribution limits will not be monitored at a customer level if more than one product choice is selected. It is your responsibility to monitor your annual tax year contribution limit as well as the lifetime limit.
WHO WILL MONITOR WHETHER I AM CONTRIBUTING MORE OR LESS THAN THE PRESCRIBED LIMITS?
It is your own responsibility to monitor how much you have contributed per tax year and in your lifetime into your Tax-Free Savings Account(s).
FNB will not accept contributions into the Tax- Free Cash Deposit, Tax-Free Unit Trusts and Tax-Free Shares Account if they exceed the annual tax year or lifetime limits per account.
WILL MY CONTRIBUTIONS INTO THE ACCOUNT BE MONITORED?
Contribution limits into the Tax-Free Savings Account will be capped as per annual tax year and lifetime limits.
You may contribute into the Tax-Free Cash Deposit, Tax-Free Unit Trusts and Tax-Free Shares Account.
It is your responsibility to ensure that you stay within the limits if you hold more than one tax-free product across institutions.
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