Are you a student who needs to apply for NSFAS funding and looking for NSFAS Banking Details? If so, you will need to know how to bank your money. In this blog post, we will provide you with all the information you need to know about banking your NSFAS funds.
We will discuss the different ways that you can bank your money, as well as the benefits and drawbacks of each method. We will also provide you with a list of the banking institutions that offer services to NSFAS students.
So, whether you are just starting out on the application process or you have already been approved for funding, be sure to read this blog post!
NSFAS Supporting Banks
There are two main ways to bank your NSFAS funds: through a South African bank or through an international bank. Each option has its own set of benefits and drawbacks, so it is important to weigh your options before deciding which method is right for you.
Also Read: NSFAS Wallet
South African Bank
South African banks offer a variety of services that can be tailored to the needs of NSFAS students. These banks typically have branches located on or near university campuses, which makes it easy to access your money when you need it.
In addition, South African banks offer a variety of banking products specifically for students, such as student credit cards and student accounts. However, one downside of using a South African bank is that you may be charged fees for withdrawing money from an ATM outside of South Africa.
International banks, on the other hand, do not typically have branches near university campuses. This means that you may have to travel further to access your money. In addition, international banks often charge higher fees for services such as withdrawals and transfers.
However, one benefit of using an international bank is that you will likely have access to a wider range of banking products and services.
The following Banks Offer services for NSFAS:
- Standard Bank
- Absa Bank
- FNB Bank
How To Open NSFAS Bank Account
Opening an NSFAS bank account is easy – all you need is your ID document and proof of residence. You can open an account at any of the four banks that NSFAS has partnered with: Absa, FNB, Nedbank, or Standard Bank.
Once your account is open, you’ll be given an NSFAS card, which you can use to access your money.
If you need to withdraw cash from your NSFAS account, you can do so at any ATM that accepts Mastercard. You can also use your NSFAS card to make payments at retailers that accept Mastercard – just look out for the logo.
Restrictions On NSFAS Bank Account
Your NSFAS bank account is not like a normal bank account – there are some restrictions on what you can use it for. For example, you can only use your account to pay for approved expenses, like tuition fees, accommodation, or textbooks. You can’t use your NSFAS money to buy things like clothes or food.
NSFAS Account number, Branch Code, and Reference Number
If you’re an NSFAS recipient, you’ll need to know your account number, branch code, and reference number. Here’s everything you need to know about them:
Your NSFAS account number is your South African ID number followed by three zeros. For example, if your ID number is 12345678, your NSFAS account number will be 12345678000.
Your branch code is the first six digits of your account number. So, using the same example as above, your branch code would be 123456.
Your reference number is a unique 11-digit number that’s specific to you. You can find this number on your NSFAS statement.
Keep these numbers handy so that you can make sure your money goes into the right place!
Services Accessible By NSFAS Account
Did you know that you can also use your NSFAS account number to access other important services? You can use it to:
- Apply for a student loan from the National Student Financial Aid Scheme (NSFAS)
- Check your application status
- Update your contact details
- View your account balance and transactions
- Apply for a bursary or scholarship
NSFAS Bank Account Details
Account Title: NSFAS
Branch Code: 210554
Bank Name: First National Bank
Account Number: 500 600 28203
Also Read: About NSFAS