Best Bank for SASSA SRD Grant Payment Receiving 2025
I have received messages and comments about the best bank to receive the SASSA SRD R370 grant payment. Today, I will share my personally tested experience about which bank is the best for getting your SASSA grant payment.
These banks offer lower or no fees, taxes, and provide convenience to withdraw money from anywhere and anytime. So let’s have a look at what bank you should choose when you have to receive the SRD payment via bank transfer.
Best Banks for SASSA SRD R370 Grant Payment Receiving in 2025
I have used many banks to get the SRD grant payment and only found the following banks best in terms of fee deduction, cash withdrawal convenience, and free mobile banking facilities.
TymeBank (Best for No Monthly Fee)
I can not recommend other banks when we have TymeBank. I have been personally using this bank for 3 years and have found no issues at all. The bank provides the following facilities:
No Monthly Charges:
One of the worst nightmares is when you visit an ATM, insert your SASSA card, and find out that your SASSA balance is zero. And it happened because the bank has charged the monthly fee from your grant payment. However, TymeBank has no hidden charges for using the banking services.
Free Mobile Banking:
Mobile banking is also free, so you can use the mobile app to send funds, check your SASSA grant balance, and pay for utility bills online.
Withdraw Your Funds Anytime:
The AMTs of TymeBank are working 24/7 in all the states of South Africa. You can visit any nearest ATM and withdraw your cash anytime.
Get GrantAdvance Facility:
One of the best facilities of TymeBank is the GrantAdvance. It is a new feature where an account holder who is receiving the SRD grant using TymBank can take a loan of R1000. Yes, you can take an advance payment from TymeBank if you are out of funds. The bank will deduct this payment from your next SRD grant payment deposit.
How to Receive SASSA SRD Payment Using a TymBank Account?
If you want to use TymBank to get your grant payments, then you have to open an account with TymBank. Don’t worry if you are not aware of the method; just follow these steps.
- Visit a TymeBank Kiosk: Head to your nearest TymeBank kiosk located inside Boxer, Pick n Pay, or TFG (The Foschini Group) stores.
- Open a TymeBank Account: Use the kiosk to open a new bank account. The process is quick and paperless, and you’ll receive your account details immediately.
- Save Your Banking Information: Once your account is active, take note of the following details:
- Account Number
- IBAN (International Bank Account Number)
- BIC (Bank Identifier Code)
- Branch Code
You’ll need these to update your payment method.
- Update Your Banking Details on the SRD Portal: Visit the official SRD website: srd.sassa.gov.za.
- Click on “Change Banking Details”, then enter your new TymeBank information and submit the form.
- Receive Your SRD Payment: Once your details are verified, your R370 SRD grant will be deposited into your new TymeBank account from the following payment cycle.
Capitec Bank (Best for ATM Access)
Here are the reasons you should opt for Capitec Bank:
- Only R5 Monthly Fee: Capitec offers one of the most affordable banking solutions in South Africa, charging just R5 per month for account maintenance, perfect for grant beneficiaries.
- Large ATM Network: With access to a wide range of ATMs across the country, including Capitec, Saswitch, and retail store ATMs, withdrawing your money is easy and convenient.
- User-Friendly Mobile App: The Capitec app is simple to navigate, allowing you to manage your funds, check balances, and transfer money anytime, anywhere.
- Instant, Paperless Account Opening: Opening a Capitec account is fast and fully digital. Just visit a Capitec branch or use their app to open an account with minimal paperwork.
How to Change Your Payment Method to Capitec Bank?
If you want to use Capitec Bank to receive the SASSA payments, then here is your guide.
Step 1: Open a Capitec Bank Account (If You Don’t Have One)
If you already have a Capitec account, you can skip this step. Otherwise, visit the nearest Capitec Bank branch or open an account using the Capitec mobile app.
Step 2: Visit the Official SRD SASSA Website
Go to the SASSA SRD website: https://srd.sassa.gov.za
Step 3: Click on “Change Banking Details”
Scroll down until you find the option that says “Change Banking Details” and click on it.
Step 4: Enter Your Phone Number
Type in the cell phone number you used when applying for the SRD grant. You will receive a unique PIN via SMS.
Step 5: Verify with the PIN
Enter the PIN you received to access your application.
Step 6: Enter Your Capitec Bank Details
Fill in the required fields with your Capitec account number, account type, IBAN (if required), and account holder name (must match your SASSA registration details).
Step 7: Submit
After entering all the details correctly, click Submit.
Postbank (Best for Prepaid Card Convenience)
Postbank is another solid option for SASSA beneficiaries, especially for those who prefer using a prepaid SASSA Gold Card instead of opening a regular bank account. It’s directly linked with SASSA, making it one of the most reliable channels for receiving the SRD grant.
SASSA Gold Card Comes Pre-Linked
When you receive your SASSA Gold Card from Postbank, it’s already connected to your grant profile. This means there’s no need to update banking details unless you decide to switch banks.
Zero Monthly Account Fees
There are no monthly charges on the SASSA Gold Card. You receive your full grant payment every month without deductions for bank fees.
Widespread Access
The SASSA Gold Card can be used to withdraw funds at Post Offices, retail stores like Shoprite, Boxer, Pick n Pay, Checkers, and even ATMs nationwide.
Safe and Secure
As an official government-backed service, Postbank provides added security and stability. It’s an ideal choice for beneficiaries in rural or underbanked areas.
How to Use the Postbank to Receive Your SASSA Grant?
If you’re already using a SASSA/Postbank Gold Card, your grant will automatically be paid to it, no further steps needed.
But if you want to switch from another bank to Postbank, you’ll need to:
- Visit the Nearest SASSA Office or Post Office
- Request a new SASSA Gold Card (if you don’t already have one).
- Provide your ID and complete the card activation process.
- Activate Your Gold Card
- Once you receive your card, activate it at the Post Office counter or an approved activation point.
- Update Your Payment Method (If Switching)
- Visit https://srd.sassa.gov.za
- Click on “Change Banking Details”
- Enter your phone number to get the verification PIN.
- Enter your Postbank account/card details and submit.
- Wait for Confirmation
- Once SASSA verifies your details, future payments will be sent to your SASSA Gold Card.
Why Choose Bank Transfer for SRD R370 Payment?
1. Instant and Direct Access to Your Funds
With a bank account, your SRD payment goes straight into your account, no need to stand in long queues or worry about cash running out at retail payout points.
2. Full Control with Mobile Banking
Bank accounts come with free mobile banking apps that allow you to:
- Check your balance instantly
- Receive payment notifications
- Send money to family and friends
- Pay for services like electricity, airtime, and DStv
- Avoid physical travel just to check your status or withdrawal
3. Early Access to Grant Deposits
Banks often reflect SASSA deposits faster than retailers. You could get your funds a few hours to a full day earlier, depending on your bank.
4. Avoid Retail Queue Hassles
Retailers like Shoprite and Pick n Pay can have long queues, slow systems, or payment limits during peak times. With bank transfers, you skip the lines and access your funds anytime, especially with 24/7 ATM access.
5. Better Security
Carrying cash from retail stores puts you at risk of theft or scams. With a bank account, your money stays safe until you decide to withdraw it, and you can choose when and how much to withdraw.
6. Access to Extra Services (Like GrantAdvance & Loans)
Some banks like TymeBank and Capitec offer features like:
- GrantAdvance: Get a small loan if you’re low on funds before payday
- Budgeting tools: Track your spending and manage your finances
7. National Access, Even in Remote Areas
Banks have ATM networks nationwide, even in rural areas. You don’t need to rely on one specific store to be open or have cash available.
8. No Forced Spending
At retailers, you might feel pressured to spend some of your grant on groceries or airtime while withdrawing. With a bank, you get your full grant and can decide how and when to spend it.
