PRETORIA - The South African Reserve Bank (SARB) governor Lesetja Kganyago on Monday announced that retail depositers who were using VBS Mutual Bank will be repaid amounts of up to R100,000 using Nedbank starting from Friday.
This follows a decision last week to secure guarantees from National Treasury of up to R100,000 per depositor for VBS Bank retailer depositors.
The guarantee doesn't cover municipal or corporate deposits.
Retail depositors will have three years to claim their deposits.
VBS Branches will not be able to provide cash withdrawal services as from Tuesday.