Junior Flexi Deposit

Saving for your children's future

Enjoy interest up to 2.75% p.a above the savings rate.

Who can join?

The scheme is open to parents/close relatives (including members of the Association and the general public) whose child/ward has not yet reached his/her 18th birthday.

What is the Mutual Aid Junior Flexi Deposit Scheme?

The Mutual Aid Junior Flexi Deposit Scheme is a scheme open to any person who wishes to save money for their children monthly for a determined period of at least 5 years but not exceeding 20 years for the realisation of projects like educational expenses, house construction, purchase of land, wedding expenses, overseas travel, health care, purchase of car etc.

What amount can be deposited?

The initial deposit shall not be less than Rs 100 and further deposits shall be in multiples of Rs 100. The contributor to the scheme is given the flexibility to make deposits of a fixed amount monthly, to vary the deposit, or to deposit any amount at any time depending on his financial situation.

How long can I keep the deposit with Mutual Aid?

After every 5 years, based on the date that the account has been opened.

How can I contribute?

Contribution can be made on a monthly basis or in a lump sum through:

Check off from salary for members of the Association or other employees in the public sector.
Standing order for the general public.
Cash/ Office cheque payment (Personal cheques will not be accepted).
Bank transfer to the following bank account No. of the Association:
1. Mauritius Commercial Bank 010 704 647
2. State Bank of Mauritius 610 301 0000 2233

What are the advantages of the scheme?

A minimum interest rate of 1.25 % p.a above the average savings rate is guaranteed for a period of at least 5 years, the applicable interest rate shall be adjusted in case of any change in the bank savings rate. A higher rate of interest is applicable for deposits exceeding 5 years.

Benefits payable on maturity and early withdrawal are as follows:

SN.	PLAN OPTED	BENEFITS ON MATURITY	BENEFITS ON EARLY WITHDRAWAL
1	5 years contribution	100% capital contribution + accrued interest at 1.25% p.a above average savings rate of prior financial year.	1) Withdrawal before Maturity: 100% capital contribution + accrued interest at average savings rate of prior financial year.
2	10 years contribution	100% capital contribution + accrued interest at 1.75% p.a above average savings rate of prior financial year.	1) Withdrawal < 5 years: 100% capital contribution + accrued interest at average savings rate of prior financial year. 2) 5 years <= Withdrawal < 10 years: 100% capital + accrued interest at 1.25% p.a above average savings rate of prior financial year.
3	15 years contribution	100% capital contribution + accrued interest at 2.25% p.a above average savings rate of prior financial year.	1) Withdrawal < 5 years: 100% capital contribution + accrued interest at average savings rate of prior financial year. 2) 5 years <= Withdrawal < 10 years: 100% capital + accrued interest at 1.25% p.a above average savings rate of prior financial year. 3) 10 years <= Withdrawal < 15 years: 100% capital + accrued interest at 1.75% p.a above average savings rate of prior financial year.
4	20 years contribution	100% capital contribution + accrued interest at 2.75% p.a above average savings rate of prior financial year.	1) Withdrawal < 5 years: 100% capital contribution + accrued interest at average savings rate of prior financial year. 2) 5 years <= Withdrawal < 10 years: 100% capital + accrued interest at 1.25% p.a above average savings rate of prior financial year. 3) 10 years <= Withdrawal < 15 years: 100% capital + accrued interest at 1.75% p.a above average savings rate of prior financial year. 4) 15 years <= Withdrawal < 20 years: 100% capital + accrued interest at 2.25% p.a above average savings rate of prior financial year.

The scheme can be used to the realization of any project.
It encourages a savings culture.
Withdrawals are allowed at any time.
The scheme allows for withdrawal of accrued interest only on maturity and re-investment of capital for further period up to 20 years.
The rate of return is guaranteed.

Can I withdraw my deposit at any time?

Yes, subject to the following:

For accounts held for specific period of 5 years or more or in case of death, full benefits are payable.
For accounts held for a period of less than 5, 10, 15 & 20 years, the applicable interest rate will be adjusted and will not be in any case less than the average savings rate.