Absa Islamic Depositor Plus is an instant-access Islamic savings account paying a monthly profit share on tiered indicative rates: 5.75% a year under R10,000, rising through nine bands to 7.60% on R25 million and above, plus a 0.25% Digital Bonus Rate if opened and maintained on the Absa app or Absa Online, per Absa's rates page dated 25 September 2026. It opens with R100 and needs no notice to withdraw. It is the account Absa Islamic Banking advertises hardest, and the real trade-off is internal: Absa's own Islamic TargetSave pays 0.2% to 0.5% more at most bands for a six-month lock and 32 days' notice. Our bank accounts hub sets it against every other Islamic savings account.
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Every published tier and rate, dated
Absa publishes the Depositor Plus table on its rates and fees page under Islamic, with the note that all rates are per annum and indicative and may change without notice. The table below reproduces the standard profit rate and the total including the 0.25% Digital Bonus for the first eight bands; the two highest bands, R10 million to R24,999,999.99 at 7.45% (7.70% total) and R25 million and above at 7.60% (7.85% total), are omitted only for space. The structure is a whole-balance tier, so a R30,000 balance earns the R25,000 to R74,999.99 rate on the entire balance, not a blended rate across bands.
| Balance band | Standard profit rate | Digital Bonus | Total rate (digital) |
|---|---|---|---|
| R0.01 to R9,999.99 | 5.75% | 0.25% | 6.00% |
| R10,000 to R14,999.99 | 5.85% | 0.25% | 6.10% |
| R15,000 to R24,999.99 | 5.95% | 0.25% | 6.20% |
| R25,000 to R74,999.99 | 6.70% | 0.25% | 6.95% |
| R75,000 to R99,999.99 | 6.80% | 0.25% | 7.05% |
| R100,000 to R249,999.99 | 6.85% | 0.25% | 7.10% |
| R250,000 to R999,999.99 | 7.00% | 0.25% | 7.25% |
| R1,000,000 to R9,999,999.99 | 7.05% | 0.25% | 7.30% |
One caution on Absa's own marketing. The Islamic savings overview page advertises Depositor Plus as profit share up to 7.85%, which is the top band with the digital bonus and applies only to balances of R25 million or more. The same overview page shows Islamic TargetSave at up to 8.20% and Islamic Dynamic Deposit at up to 10.70%, while the product pages for Depositor Plus and TargetSave show Dynamic Deposit at 8.15% and 7.95% and the Term Deposit at 8.74%. The dated rate table is the only figure a saver should rely on, and the tiered table there tops out at 7.95% for TargetSave and shows Dynamic Deposit rates in the 5.50% to 8.00% range depending on term and access. Treat the tile figures as stale or promotional until the rate table matches them.
Minimum balance, fees and access rules
The opening deposit is R100, and profit share is earned from a balance of R100. Additional deposits can be made at any time, and a recurring monthly payment of R250 or more can be set up. Access is immediate: there is no notice period, no withdrawal count and no lock-in, which is the whole point of the product relative to TargetSave and the deposit accounts. Absa's product page describes it as a fully Shari'ah-compliant investment account and lists the application channels as the Absa Banking App, Absa Online, the call centre on 0860 111 515 or any branch. Applicants need a South African ID and proof of residence not older than three months; non-citizens need a passport, proof of residence and a work or resident permit.
The product page does not state a monthly fee, and the rates page lists profit rates rather than a fee line for the account, so we cannot quote one. Absa's savings overview describes its Islamic range as growing your money with no hidden fees, and its Islamic TargetSave page states explicitly that there is no monthly management fee, but Depositor Plus carries no such line on the page we fetched. Before opening, ask the branch or call centre for the account's entry in the current pricing guide and confirm whether cash withdrawals, transfers or statements attract a charge. The Digital Bonus is the one fee-like rule to remember: the extra 0.25% depends on both opening and maintaining the account through digital channels, so a branch-opened account earns the standard rate.
How profit is declared and paid, and why indicative is not realised
Absa pays Depositor Plus profit monthly as a profit share, and every rate it publishes is labelled indicative. The product page does not name the underlying contract, whether the account is a mudarabah (profit-sharing investment where the bank manages your capital for a share of returns) or a wakalah (agency where the bank invests for a fee and targets a return). That omission matters because the two contracts treat a shortfall differently, and our mudarabah deposit splits explainer sets out what to ask for. Absa does publish something useful that most competitors do not: historical Islamic profit share rates by year for Islamic TargetSave, showing 6.40% for 2024, 6.50% for 2023, 5.50% for 2022, 4.05% for 2021, 4.00% for 2020 and 5.50% for 2019, with the warning that historical rates provide no indication of future rates.
The practical reading is that an indicative rate is a target set from the bank's expected returns on the Islamic asset pool, and the rate actually credited is what the pool earned, which is why the published number can move month to month and why Absa reviews the table (the current one is dated 25 September 2026). A saver who wants to see the realised figure should ask for the monthly profit statements rather than the rate sheet, and our realised versus indicative profit rates guide shows how to read them. For comparison, Al Baraka publishes the actual profit earned for the month on its Participation Account, which is the more transparent disclosure even where the rate is lower.
Depositor Plus versus Absa Islamic Savings Account and Islamic TargetSave
Absa sells three products a saver might confuse. The Islamic Savings Account is a transactional entry-level account with a R7.50 monthly fee and R50 opening deposit, opened at a branch, which Absa markets as South Africa's most affordable entry-level bank account according to the 2025 Solidarity Bank Charges Report; the rates page lists no profit rate for it, so it is a cheap place to transact, not a place to earn. Islamic TargetSave is the disciplined saver: R100 opening deposit, a minimum monthly contribution of R100, no withdrawals in the first six months, then four withdrawals a year on 32 days' notice, a constructive liquidation fee on early withdrawals, no monthly management fee, and tiered rates that start at 4.25% under R1,000 but reach 6.25% from R1,000, 6.93% from R25,000, 7.03% from R50,000, 7.26% from R250,000 and 7.45% from R1 million, each plus the 0.25% digital bonus.
Set side by side, TargetSave out-pays Depositor Plus at every band from R1,000 upward, and Depositor Plus only leads below R1,000, where its 5.75% faces TargetSave's 4.25%. The gap is widest on small balances, 6.25% against 5.75% to 5.95% between R1,000 and R24,999.99, and narrows above R25,000 to between 0.18% and 0.33%: 6.93% against 6.70% from R25,000, 7.03% against 6.70% from R50,000, 7.03% against 6.85% from R100,000, 7.26% against 7.00% from R250,000 and 7.45% against 7.05% from R1 million, each before the identical 0.25% digital bonus. What Depositor Plus buys for that difference is access: no six-month lock, no 32-day notice, no withdrawal count and no R100 monthly commitment. Islamic Dynamic Deposit and Islamic Term Deposit, both from R1,000, are for money that can be locked for a term; the rate table shows a 12-month Dynamic Deposit with no access at 7.10% on R1,000 to R99,999.99, with lower rates for 10% and 50% access.
- Choose Islamic Savings Account for everyday transacting at R7.50 a month; it does not publish a profit rate.
- Choose Depositor Plus for an emergency fund or any balance you may need at a day's notice; it pays from 6.00% digital on small balances to 7.30% on R1 million.
- Choose Islamic TargetSave if you can leave money untouched for six months and give 32 days' notice; it pays roughly 0.2% to 0.3% more at most bands above R25,000.
- Choose Islamic Dynamic Deposit or Term Deposit for money you will not touch for a fixed term; both need R1,000 and lock in a rate.
- Open any of them digitally where the product allows, because the 0.25% Digital Bonus applies to Depositor Plus and TargetSave only on digitally opened and maintained accounts.
Depositor Plus against FNB Islamic Money Maximiser and Al Baraka
The two obvious rivals are FNB's Islamic savings and Al Baraka's investment accounts. FNB's website blocked our automated fetch on 17 September 2026, so we do not quote FNB Islamic Money Maximiser rates here; our FNB Islamic Banking profile carries the last verified figures, and FNB's app shows current rates to customers. Al Baraka Bank does publish, and publishes realised rather than indicative numbers: its Participation Account reports the actual profit earned for August 2026 as 2.012% on the 7-day account (minimum R250,000), 4.359% on 35 days (minimum R50,000), 4.695% on 91 days, 4.862% on 182 days and 5.198% on 365 days (each minimum R1,000), and 5.533% on 720 days (minimum R10,000), with July 2026 figures a few basis points higher. The bank states that it earns profit from Murabaha, Musharaka and Ijarah financing and shares it with depositors through its profit distribution model, with the actual monthly profit setting the depositor return.
| Account | Access | Minimum | Published rate (date) | Rate type | Fee position |
|---|---|---|---|---|---|
| Absa Islamic Depositor Plus | Immediate | R100 | 5.75% to 7.60% by tier, plus 0.25% digital (25 September 2026) | Indicative, paid monthly | No monthly fee stated on product page; confirm in pricing guide |
| Absa Islamic TargetSave | 32 days' notice, four withdrawals a year, none in first six months | R100 plus R100 a month | 4.25% to 7.70% by tier, plus 0.25% digital (25 September 2026) | Indicative, paid monthly | No monthly management fee; liquidation fee on early withdrawal |
| Al Baraka Participation Account 35 day | At maturity, 35 days | R50,000 | 4.359% (August 2026) | Realised, varies monthly | Subject to Al Baraka banking fees |
| Al Baraka Participation Account 365 day | At maturity, 365 days | R1,000 | 5.198% (August 2026) | Realised, varies monthly | Subject to Al Baraka banking fees |
| FNB Islamic Money Maximiser | Per FNB terms | Per FNB terms | Not verifiable on 17 September 2026 (site blocked our fetch) | Indicative per FNB | See FNB profile |
On the numbers Absa's indicative rate is well above Al Baraka's realised rate at every comparable tenor, and the gap is large: 6.95% digital on R25,000 at Absa against 4.359% on a 35-day Al Baraka account needing R50,000. Two things narrow it. Absa's figure is a target and Al Baraka's is a result, so the fair comparison is Absa's realised monthly statement, which a prospective customer cannot see before opening. And Al Baraka's account is an investment in a wholly Islamic bank's financing book, which some savers value in itself; our Islamic banking windows versus Al Baraka article weighs that preference. Our Absa versus Standard Bank Islamic savings comparison covers the other big-bank window.
The verdict by balance size
With R25,000, open Depositor Plus on the app. The balance lands in the R25,000 to R74,999.99 band at 6.70% plus the digital bonus, 6.95% total, with instant access, and the only Absa product that pays more is TargetSave at 6.93% plus bonus, which costs you six months of no withdrawals and 32 days' notice thereafter for an extra 0.23%. Al Baraka's 35-day account is out of reach below R50,000 and its 91-day account pays 4.695%. With R100,000, Depositor Plus pays 6.85% plus bonus, 7.10%, against TargetSave's 7.03% plus bonus, 7.28%; split the money if you have a known six-month horizon for part of it, otherwise keep it all in Depositor Plus for access. With R500,000, the balance earns 7.00% plus bonus, 7.25%, in Depositor Plus against 7.26% plus bonus, 7.51%, in TargetSave and 7.10% in a 12-month Dynamic Deposit with no access on the under-R100,000 table; at this size the extra 0.26% from TargetSave is about R1,300 a year, which is worth the notice period for money you are not going to touch, so put the emergency portion in Depositor Plus and the rest in TargetSave or a Term Deposit.
Whatever the size, open digitally for the 0.25%, confirm the fee line in writing, and ask Absa for the account's Shari'ah certificate and contract name. The provider directory lists every Islamic savings account on the edition with our verdict. Facts checked against absa.co.za, albaraka.co.za on 17 September 2026.
Frequently asked questions
What is the Absa Islamic Depositor Plus profit rate?
The rates page dated 25 September 2026 lists tiered indicative rates from 5.75% a year on balances under R10,000 to 7.60% on R25 million and above, plus a 0.25% Digital Bonus Rate on accounts opened and maintained through the Absa app or Absa Online. A R25,000 balance earns 6.70%, or 6.95% with the bonus; R100,000 earns 6.85%, or 7.10%. All rates are indicative and can change.
Does Absa Islamic Depositor Plus have a monthly fee?
Absa's product page does not state a monthly fee for Depositor Plus, and its Islamic rates table lists profit rates rather than fees, so we cannot confirm one either way. Islamic TargetSave explicitly has no monthly management fee. Ask the branch or 0860 111 515 for the account's line in the current pricing guide, including any withdrawal or statement charges, before you open.
What is the minimum deposit for Islamic Depositor Plus?
R100. Profit share is earned from a balance of R100, you can add money whenever you like, and a recurring payment of R250 or more can be set up. Applicants need a South African ID and proof of residence not older than three months; non-citizens need a passport, proof of residence and a work or resident permit.
Can I withdraw from Islamic Depositor Plus at any time?
Yes. The account gives immediate access to your funds with no notice period and no limit on the number of withdrawals, which is what separates it from Islamic TargetSave, where no withdrawals are allowed in the first six months and four are allowed a year on 32 days' notice, and from the Dynamic and Term Deposits, which lock money for a term.
Is Depositor Plus better than Islamic TargetSave?
For access, yes; for rate, usually not. TargetSave pays about 0.2% to 0.3% more at most bands above R25,000, for example 7.03% against 6.85% at R100,000 before the digital bonus, but only if you accept six months without withdrawals, then four a year on 32 days' notice, and a R100 monthly contribution. Keep emergency money in Depositor Plus and longer-term savings in TargetSave.
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Is Absa Islamic Depositor Plus halal?
Absa describes it as a fully Shari'ah-compliant investment account paying a monthly profit share from indicative rates rather than interest, and Absa's Islamic window has operated for 20 years. The product page does not name the contract or the Shari'ah board, so ask for the account's Shari'ah certificate and whether it is a mudarabah or wakalah before relying on it.
