NSFAS Banking Details: Everything You Need to Know

Are you a student who needs to apply for NSFAS funding? 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.

Related Post: NSFAS Bursaries

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 Bank

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.

Following Banks Offer services for NSFAS:

  • Standard Bank
  • Absa Bank
  • Nedbank
  • FNB Bank

How To Open NSFAS Bank Account


Opening a 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 a 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 a 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

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