Lawmakers from Zuma's African National Congress (ANC) rallied to his defence, defeating the motion by 233 votes to 143 despite growing pressure for him to resign over the scandal.
During the debate, Zuma was likened by the leader of the main opposition party to a "large and malignant tumour" on the ANC, which came to power in 1994 with the election of Nelson Mandela and the end of white-minority rule.
"When the highest court in the land ruled that the man occupying the highest office violated the constitution, it should have been the end of President Zuma," Mmusi Maimane, leader of the Democratic Alliance, told the assembly.
Acknowledging that the ANC would use its overwhelming majority to defeat the impeachment motion, Maimane said that "when ANC MPs defend President Zuma and his corrupt acts, they will show that they are complicit in the spread of the disease".
He vowed the ANC, which convincingly won the 2014 general elections, would pay the price when voters return to the polls.
The Constitutional Court last week issued a damaging ruling against Zuma over spending of public funds on his private residence.
As lawmakers on both sides shouted insults at each other, the firebrand leader of the radical Economic Freedom Fighters, Julius Malema, said that "Zuma and the ANC want to convert South Africa into a banana republic".
While "the Constitutional Court judgement stated that the president failed to uphold, defend and respect the Constitution", it did not find a "serious" contravention, he said.
The opening of the debate was suspended for more than an hour after opposition parties called on Speaker Baleke Mbete -- who is chairwoman of the ruling party -- to recuse herself. She refused.
Zuma was not seriously threatened by the vote, which requires a two-thirds majority to succeed.
But he has been wounded by a series of scandals and has endured a torrent of criticism that could see him fail to serve out the last three years of his final term.
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