SASSA SRD R370 Payment Methods Explained

SASSA pays the SRD R370 grant by two main methods: bank transfer to an account in your own name, or cash send collected at an ATM with an SMS code. Each method has different fees, speeds, and trade-offs. This guide explains both, helps you pick the right one, and walks through how to change methods if your current setup is not working for you.

The Post Office collection method that many people used in the past has been phased out. The old Postbank Gold Card is also being retired - the deadline to switch to a Postbank Black Card was 31 August 2026, and Gold Cards have been deactivated.

Available SRD R370 payment methods

For new SRD applications, you can choose between these payment methods on the SASSA portal:

• Bank account - any South African bank, account must be in your own name
• Cash send (Send Money) - SMS code to collect cash at major bank ATMs without a card
• Postbank Black Card - chip-and-PIN card that works at all banks and major retailers (the replacement for the old Gold Card)

Post Office collection - the third option many people used historically - has been phased out. Postbank infrastructure now handles what the Post Office used to do.

Bank account - pros and cons

For most SRD recipients, paying into your own bank account is the simplest and cheapest option.

Pros

• Fast: 1 to 3 working days from when SASSA releases the payment.
• No queues: withdraw at any ATM whenever you want.
• Wider access: use the money for online payments, debit orders, and EFTs without withdrawing cash.
• Low fees if you use a SASSA-friendly bank (TymeBank, Capitec).

Cons

• Account must be in your name - joint and family accounts are rejected.
• Banking fees apply for withdrawals at most traditional banks.
• Requires FICA documents to open the account (ID and proof of address).

Banks SASSA accepts

All major South African banks are accepted:

• FNB
• Standard Bank
• ABSA
• Nedbank
• Capitec
• TymeBank
• African Bank
• Discovery Bank
• Postbank

Other cooperative banks, mutual banks and credit unions are usually also accepted, as long as the account is registered against your ID. What SASSA will NOT accept: someone else's account (parent, partner, friend), a closed account, or a savings club / stokvel account.

For step-by-step instructions on adding or changing your banking details, see our SRD banking details guide.

Cash send (Send Money) - pros and cons

Cash send is the right option if you do not have a bank account and cannot open one. SASSA sends you an SMS with a code, and you withdraw cash at the ATM without needing a card.

Pros

• No bank account needed. Works with any phone that can receive SMS.
• Collect at multiple banks: FNB, Capitec and Nedbank ATMs all support cash send withdrawals.
• Anonymous to retailers: nobody sees a card, just cash out.

Cons

• Higher fees than a bank account withdrawal in most cases.
• Code expires if you do not collect in time (usually 14 to 30 days).
• Requires a working phone with the registered SASSA number and SMS reception.
• Lose the SMS, lose access until you contact SASSA for a re-issue.

How cash send works step by step

1. SASSA approves your monthly payment.
2. SASSA sends an SMS to your registered phone with a unique withdrawal code.
3. You go to an FNB, Capitec or Nedbank ATM.
4. Choose Cardless / Send Money / Withdraw without card on the ATM menu.
5. Enter the code from the SMS, your ID number and the amount.
6. Cash comes out.

If you lose the SMS before collecting, call 0800 60 10 11 or visit a SASSA office with your ID to request a re-issue. Do not share the code with anyone - it works for whoever enters it at the ATM.

Old Postbank Gold Card - being phased out

The old Postbank Gold Card (the green and yellow card that many SASSA beneficiaries have used for years) is being retired. The final deadline to collect your replacement Postbank Black Card was 31 August 2026. Gold Cards have now been deactivated - your grant money is safe, but you cannot draw it until you have collected your Black Card.

What you need to do

• Visit any Post Office or Postbank branch.
• Bring your ID document and your current Gold Card.
• You will receive a new Postbank Black Card and a new PIN.
• Your existing SASSA grant payments transfer automatically to the new card - no separate SASSA application needed.

Why the Black Card is better

• Works at all major banks (Gold Card was Postbank-only at most points).
• Works at retailers like Pick n Pay, Shoprite, Boxer, Spar for purchases and cash back.
• Chip and PIN security instead of magnetic stripe.
• Same SASSA account - no change to your grant details.

Full guide to the Gold-to-Black card change: SASSA Gold Card replacement. If your Black Card is lost or stolen, see SASSA card lost or stolen.

How to change your payment method

You can change your SRD payment method at any time through the SASSA portal. The change takes 1 to 2 payment cycles to take effect.

1. Open srd.sassa.gov.za/sc19/banking in any browser.
2. Enter your South African ID number. The page will ask for your phone number and send a one-time PIN (OTP) by SMS.
3. Enter the OTP from the SMS to verify your identity.
4. Select your new payment method: bank account or cash send.
5. Enter the new banking details - bank name, account number, account type. Double-check every digit.
6. Submit. SASSA will validate the details against your ID.
7. Wait 1 to 2 payment cycles for the change to take effect. The current month's payment may still go to the old method if the change happens after the cut-off date.

Full step-by-step guide with screenshots: SRD banking details guide.

Comparing payment methods

Here is a quick comparison of the main SRD R370 payment methods so you can pick the right one for your situation.

Banking fees - what to expect

Bank fees can eat into your R370 if you pick the wrong account. Here is what to expect at the most common SASSA-friendly banks.

• Capitec: Low monthly fees, free or low-cost withdrawals at Capitec ATMs and retailer cash back at Shoprite, Pick n Pay and Boxer.
• TymeBank: No monthly fees. Free withdrawals at Pick n Pay and Boxer tills (cash back). No physical branches but a strong SASSA grant ecosystem.
• Postbank (Black Card): Free withdrawals at SAPO (Post Office) branches. Reasonable fees at other ATMs.
• FNB, Standard Bank, ABSA, Nedbank: Higher withdrawal fees, especially at out-of-network ATMs. Their basic accounts are still SASSA-eligible but cost more to use.

If you are choosing a new bank account specifically for receiving SASSA, TymeBank and Capitec are the two most commonly recommended for low fees and grant-friendly account types.

What if your payment method fails

Things can go wrong with any payment method. Here is what to do for the most common failures.

Banking details rejected

• The account is not in your name (joint accounts, family member accounts fail).
• A typo in the account number.
• You picked the wrong bank from the dropdown.
• The account is closed or frozen.

Fix: log in to srd.sassa.gov.za/sc19/banking, re-enter the correct details, and wait for re-validation. See SRD banking details guide.

Cash send code expired

If your cash send code expires before you collect (typically 14 to 30 days), call 0800 60 10 11 and ask for a re-issue. You will need your ID number and the original payment month. SASSA can re-send the code to your registered phone.

Postbank card blocked or stolen

Block the card immediately on 0800 53 54 55. Visit a Post Office or Postbank branch with your ID to apply for a replacement. Your SASSA payments stay in your account - blocking the card does not stop deposits. See SASSA card lost or stolen.

Payment shows as Paid but never arrives

This is usually a bank-side issue if the SASSA system says Paid. Wait 1 to 3 working days for clearing, check your bank statement (not just the balance), then contact your bank with the payment date. If unresolved, call SASSA on 0800 60 10 11. Full troubleshooting: SASSA payment not received.

Frequently Asked Questions

What is the best payment method for SASSA SRD?

A bank account in your own name is the best option for most people - fast, reliable, withdrawal at any ATM. TymeBank and Capitec have the lowest fees for SASSA recipients. Use cash send only if you genuinely cannot open a bank account.

Can I change my SRD payment method anytime?

Yes. Log in to srd.sassa.gov.za/sc19/banking, enter your ID and OTP, choose the new method, and submit. Allow 1 to 2 payment cycles for the change to take effect.

Why must my bank account be in my name?

SASSA only pays SRD into accounts where the account holder name matches the ID number. This prevents fraud and makes sure the money reaches the person who qualified. Joint, family, and stokvel accounts are rejected.

Do I pay tax on SASSA grant deposits?

No. SASSA grant payments including SRD R370 are not taxable income. You do not declare them on your SARS return and they do not count toward your taxable threshold.

Can I collect my SRD at any retailer?

Only if you receive your SRD via a Postbank Black Card - then you can withdraw or pay at any major retailer that accepts card payments (Pick n Pay, Shoprite, Boxer, Spar). With cash send, you collect at FNB, Capitec or Nedbank ATMs using the SMS code. With a regular bank account, you withdraw at your bank's ATMs or get cash back at supported retailers.

Related SASSA pages

• Update SRD banking details
• SRD status check
• SRD status decoder
• SRD Approved but no pay date
• SASSA payment not received
• SASSA payment delays
• November 2026 payment dates
• SRD payment dates
• SASSA Gold Card replacement
• SASSA card lost or stolen
• SRD declined - reasons and fixes
• SRD R370 hub

Sources

• South African Social Security Agency (SASSA) - sassa.gov.za
• SASSA SRD Portal - srd.sassa.gov.za
• Postbank - postbank.co.za
• Department of Social Development - dsd.gov.za

Maintained by OurPower and updated regularly to reflect current SASSA payment methods, fee structures, and the Postbank Gold-to-Black card transition.