There is an annual interest exemption of R23,800 (under age 65) and R34,500 (over age 65). This means your interest will only be taxed above these amounts. However, if you are not earning any other income your taxable income will be below the tax threshhold and therefore you won't need to pay tax.
Get SARS Tax Dates and Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.