Investment of Surplus Funds - Procedure for Opening Accounts at the Corporation for Public Deposits

Sep 11, 2026

Official guidance from the National Treasury Republic of South Africa dated 22 April 2003 explains how public entities listed under Schedule 3(a) and 3(c) should invest surplus funds with the Corporation for Public Deposits (CPD) in line with Treasury Regulation 31.3.3, including an exemption extension until revised Treasury Regulations are published. It recommends using the CPD, outlines risk-limitation points, and provides a detailed procedure for opening CPD accounts, required documents, upload steps, and SARB banking service support contact details.

LanguageEnglish

CategoryLetters

FormatPDF

Pages14

Reading Time5 min

AccessFree to download

Investment of Surplus Funds

Procedure to be followed for the opening of accounts at the Corporation for Public Deposits

1. Introduction

2. Opening of accounts

3. Documents required

4. Contact Details

Appendix A: Example of an application letter to open a CPD account

NATIONAL TREASURYREPUBLIC OF SOUTH AFRICA22 April 2003Private Bag ×115,Pretoria,0001.Tel:+2712315511,Fax:+27123155234 TO CHIEF FINANCIAL OFFICERS OF SCHEDULE 3(A)AND 3(C)PUBLICENTITIES INVESTMENT OF SURPLUS FUNDS In terms of Treasury Regulation 31.3.3,Public Entities that are listed in Schedule 3(a)and 3(c)of the Public Finance Management Act must,unless exempted,investsurplus funds with the Corporation for Public Deposits(CPD). During June/July 2002 Schedule 3(a)and 3(c)Public Entities were informed that theyare exempted from investing their surplus funds with the CPD up to 31 March 2003.This exemption is hereby extended until the publication of the revised TreasuryRegulations,repealing regulations 31.3.3 to 31.3.5,soon to be published. Although not obliged,it is suggested that public entities should consider using theCPD to invest surplus funds due to the following: All money invested with the CPD is fully backed by the South African ReserveBank and therefore entities'counterparty or credit risk is limited to the liquiditybuffer the entities will keep at commercial banks;and Entities do not have to build the capacity to invest their surplus cash optimally,asthe CPD will be doing investments on their behalf A summary of the procedures to be followed by entities to invest their surplus cashwith the CPD is attached. Yous sincerely Lual JOHAN REDELINGHUYSDIRECTQR:CASH MANAGEMENT # South African Reserve Bank Procedure to be followed for the opening of accounts at the Corporation forPublic Deposits ## 1. Introduction 1.1 In terms of Treasury Regulation 31.3.3 Public Entities that are listed in Schedule3(a)and 3(c)of the Public Finance Management Act(Act 1 of 1999)must,unlessexempted by the National Treasury,invest surplus funds with the Corporation forPublic Deposits. 1.2 In accordance with Section 4(1)of the Corporation for Public Deposit Act,No 46 of1984,the Minister of Finance,with the concurrence of the Corporation mayapprove that the Corporation may accept amounts of money other than PublicMoney. ## 2.Opening of accounts 2.1 To open an account with the Corporation the following procedure needs to befollowed: 2.1.1 Download the applicable forms from the South African Reserve Bank'sinternet banking website as listed below under Documents Required: http://www.resbank.co.za/AboutUs/Departments/FinanceServices/iBanking/Documents 2.1.2 Each entity should submit a written application on an official companyletterhead to the Corporation to open an account,duly signed inaccordance with each entity's delegation of authority.(Refer to AnnexureA-Example of application letter). ## 3.Documents required 3.1 The letter of application should be accompanied by fully completed forms andother supporting documents as listed below. 3.1.1 Proof of the entity's physical address which must not be older than 3months.The account statement must be for services rendered at thephysical address such as municipal rates,landline and rental account. 3.1.2 Form F277 -Signed authority form with contact details and all theauthorised signatories with their physical addresses. 3.1.4 Terms and Conditions duly initiated in accordance with each entity'sdelegation of authority. 3.1.5 Form 280-Specimen signature form with ten specimen signatures ofeach authorised signatory as per Fom 277 in 3.1.2 above. 3.1.6 ID copies of all authorised signatories to the account. 3.1.7 Internet banking access request form with all the users who requireaccess to transact on behalf of the institution. 3.1.8 Bank stamped confirmation letter with bank details of the institution'sbank account number,account name,as well as the branch where theaccount is held.The same procedure is applicable for when the publicentity's bank details change. 3.2 Registration and approval is required prior to gaining access to uploadfunctionality. 3.3 Once completed,the information as detailed in section 3.1 above should beup

FAQs

What is the purpose of the notice regarding investment of surplus funds?

It explains the requirement under Treasury Regulation 31.3.3 for certain public entities to invest surplus funds with the CPD and provides updated guidance on exemptions until revised regulations are published.

How does a public entity open an account with the Corporation for Public Deposits (CPD)?

The entity must download the applicable forms from the SARB internet banking website and submit a signed written application on official company letterhead to the CPD.

What documents are required to apply for a CPD account?

The application must be accompanied by fully completed forms and supporting documents, including proof of physical address, signed authority forms (F277 and F280), terms and conditions, specimen signatures, ID copies of authorised signatories, and an internet banking access request form.

Sep 11, 2026

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