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The RSA Retail Savings Bonds have currently two products on offer:

See below


The RSA Retail Savings Bonds have currently two products on offer:

  • • RSA Fixed Rate Retail Savings Bonds
  • • Inflation Linked Retail Savings Bonds


The investment period will commence on the settlement date, being the date that the money is received in the RSA Retail Savings Bond account.

The minimum amount that can be invested in any of the RSA Retail Savings Bonds is R1 000 (one thousand Rand) per investment. Investors can increase their investment in any of the Retail Savings Bonds by buying further RSA Retail Savings Bonds, subject to their portfolio not exceeding R5 000 000 (five million Rand) at any time, and each amount invested being a minimum of R1 000.

The interest rates for RSA Retail Savings Bonds are priced off the RSA Government Bond yield curve. New interest rates are determined by interpolating the equivalent yields of the 2-year, 3-year and 5-year government bonds for the Fixed Rate Retail Savings Bonds on the last business day of each month, and the equivalent yields of 3-year, 5-year and 10-year government inflation linked bonds for the Inflation Linked Retail Savings Bonds on the first date of issue and thereafter on Interest Payment Dates.

Interest rates will be rounded upwards to the nearest ¼ of per cent. The National Treasury will change the prevailing interest rate if the yield (rate) of the RSA Government Bonds moves (negatively or positively) by more than 50 basis points (0.5%) from the last business day of one month to the next. The interest rate determined on the last day of each month shall be the fixed rate for new investments in the following month of the term of the investment, even if the prevailing rate fluctuates from time to time.

As the prevailing interest rate may change from month to month, those wanting to invest in any Fixed Rate Retail Savings Bonds should request from the National Treasury the prevailing rate in relation to the bond they wish to purchase. The prevailing interest rate may change between the date on which a person enquires and the settlement date, if the time lapse between these dates is over the last day of a calendar month. If there are any changes in the prevailing interest rate, the revised rate will be effective from the first day of each month and will be published on the RSA Retail Savings Bonds website (

Note that as the South African Post Office only operate as a point of sale for RSA Retail Savings Bonds, any rates given by or on display at these locations should first be verified with the National Treasury

The provisions of the Income Tax Act, 1962 (Act 58 of 1962) regarding interest apply to all interest earned on RSA Retail Savings Bonds. As a general rule, investors treat interest received as ordinary revenue for purposes of income tax. Depending on the personal circumstances and age group of an investor, investors may be entitled to the tax exemption of a portion of or all of the interest. Investors are therefore advised to consult their own tax consultants for advice on the manner in which the interest payments received on RSA Retail Savings Bonds may be treated in terms of the Income Tax Act for the purposes of tax returns.

RSA Retail Savings Bonds are not transferable to a third party and may therefore not be used as collateral for a loan, or security for performance of an obligation. The bonds can therefore also not be purchased from any other person, and can only be issued by the National Treasury.

The National Treasury shall maintain a register of all registered holders. No certificates shall be issued as proof of ownership. An official letter will be forwarded to you confirming that your name has been entered into the register.

Investors will receive a statement of account on a regular basis, setting out the unique investor number, personal particulars, the amount invested in each of the RSA Retail Savings Bonds, interest rates payable and maturity dates of respective investments, the bank details into which the interest and/or capital balance on maturity will be paid, and a confirmation of nomination of beneficiary and particulars of nominated beneficiaries.

Investors will be notified by the National Treasury of any RSA Retail Savings Bonds that are due for maturity at least six weeks prior to the maturity date. The notification will only be forwarded to the investors’ correspondence address as stipulated in the application form, or to the latest change of correspondence address received by the National Treasury at the date of sending the said notification.

Investors in Inflation Linked Retail Savings bonds have the option to reinvest the amount due to them on maturity in any of the Fixed Rate Retail Savings Bonds, and vice versa.

Investors in Fixed Rate Retail Savings Bonds also have the option of reinvesting the amount due to them on maturity in any of the 2-year, 3-year or 5-year Fixed Rate Retail Savings Bonds at the prevailing interest rate, subject to the RSA Retail Savings Bonds still being in issue. Should investors wish to do so, they must return a completed “Option to Reinvest Form” to the National Treasury within 15 days of the maturity date. The prevailing interest rate on the first business day following the maturity date will apply to the reinvestment, and such date shall be the settlement date in respect of the reinvestment. The reinvestment will be subject to the terms and conditions of issue.

For Fixed Rate Retail Savings Bonds, should investors elect not to have the amount due to them reinvested for a further period, or should the National Treasury not receive the “Option to Reinvest Form” within the period stipulated above, the capital balance together with any interest payable at the maturity date will be paid to the investor via a direct deposit into the designated bank account. The capital balance will only be paid to the registered holder; investors may not give instructions to have the capital balance deposited into a third party’s bank account.

On maturity, should investors require that the amount due to them be paid into an account other than their designated bank account, they must complete the applicable section on the “Redemption Option Response Form”. Investors must include certified copies of their latest bank statements for security purposes. Note that these banking details will only apply to the relevant redemption payment, and will not apply to any other investments an investor may have. Failure to notify the National Treasury of any amended details or particulars shall result in the amount due to an investor being deposited into the designated bank account reflected in the application form, or the investors’ last instruction received by the National Treasury regarding a change in the designated bank account.

An investor may make a withdrawal of his/her capital balance after 12 months from the settlement date, by submitting an application to the National Treasury on the prescribed application form. Copies of the prescribed application form can be obtained from the National Treasury or can be downloaded from the RSA Retail Savings Bonds website at Should you wish to withdraw a portion of the capital amount invested, the capital balance MUST NOT be less than R1 000.00 (one thousand Rand) after the withdrawal. Investors will have to decide whether to withdraw the entire capital balance or not to effect the early withdrawal.

Interest on the withdrawal amount since the previous interest payment date will be calculated and paid on the withdrawal date. However, a penalty is imposed on the withdrawal amount. The penalty is equal to approximately one interest payment on the early withdrawal amount and will be deducted from the withdrawal amount before being repaid to an investor. Where an investor has elected to reinvest their interest, the penalty on partial withdrawals will be deducted from the capitalised interest.

Payment of the withdrawal amount, less the penalty, shall be made into the designated bank account within 20 business days of the date of receipt of the application. No cheques will be issued by the National Treasury for any reason whatsoever, and investors may not instruct the National Treasury to credit any third party account.

Investors may be allowed to withdraw a portion of (provided that the capital balance does not fall below R1 000.00), or the entire investment, within the first 12 months of the settlement date, only on the grounds of extraordinary changes in personal circumstances. In such an event, investors must submit a formal application to the National Treasury, setting out the particulars of such extraordinary changes in circumstances that compel the investor to effect such withdrawal. The National Treasury reserves the right, within its sole and absolute discretion, to grant or refuse the request. Should the request be granted, the penalty for withdrawal prior to the expiry of 12 months from the settlement date shall be a total forfeiture of all interest received on such withdrawal, which amount shall be set-off against that portion of the amount being withdrawn.

In the event of the death of a registered holder prior to the maturity date, the maturity date shall fall on the date on which the National Treasury receives all required documentation, as set out below:

  • • Certified Death Certificate;
  • • Certified ID copy of the deceased;
  • • Bank statement of the estate account (with bank stamp on it);
  • • Certified copy of the Letter of Executorship; and
  • • Certified ID copy of the executor.
  • • Executor Proof of Address