FNB reported a 21% year-on-year increase in tax-free savings account balances and an 18% rise in customer volumes, reflecting the growing adoption of tax-free savings benefits amidst high interest. FNB retail cash investments CEO Himal Parbhoo said that 11% of customers fully funded their accounts, with 20% using scheduled transfers and 66% opting for bulk deposits to maximize compound growth. Despite a slight decrease in withdrawals, 32% of FNB customers still withdrew funds, limiting their tax-free benefits.
