Notes to the consolidated annual financial statements | Note 23   Rm 2017   2016    23. Cash and cash equivalents           Bank and cash balances1 8 873   7 934      Bank overdrafts2 –   (183)       8 873   7 751      The carrying amount of cash and cash equivalents normally approximates its fair value due to short-term maturity. Notes: Included in the bank and cash balances is an amount of R164 million (2016: R149 million) which represents the call deposits of Vodacom Insurance Company (RF) Limited and Vodacom Life Assurance Company (RF) Limited. The call deposits are invested based on the asset spread requirement in terms of the Long-Term and Short-Term Insurance Act of 1998. Bank overdrafts, excluding those classified as financing activities in the statement of cash flows, are regarded as part of the Group’s integral cash management system.