The short answer
Yes, interest that is automatically reinvested would be considered as income.
The long answer
Below is what SASSA says are considered assets or income:
Money in your bank account. If married, money is in your or your spouse’s bank account.
The value of the property or any land that you and/or your spouse possess, except the land or house in which you live. (Properties or land with an outstanding bond are considered to have no value).
The value of all investments owned by you or your spouse, such as shares or any other type of investments, will be counted. (my emphasis)
If you have not yet retired from a retirement fund, your annuity will not be considered an asset for the means test.
If you are retired from a retirement fund, your annuity will be included as an asset for the means test.
Outstanding debt, such as bonds and loans.
A single person should not earn more than R96,840 per year (i.e. R8,070 per month). A married person's joint income with their spouse should not be more than R193,680 per year (i.e. R16,140 per month).
You must not have assets worth more than R1,379,400 if you are single or R2,758, 800 if you are married.
You could also ask SASSA directly on this toll-free helpline number: 0800 601 011.
Wishing you the best,
Answered on Oct. 2, 2023, 10:51 a.m.
Please note. We are not lawyers or financial advisors. We do our best to make the answers accurate, but we cannot accept any legal liability if there are errors.