The future of your child is already on the way. Raising a family is never easy, whether you have a toddler, teenager, or both. We are here to help you and your child make sense of money and enrichment!
Our Genius Saver Plan is a savings product that will accompany your child from at birth until he or she becomes 21 years of age. The plan includes an initial savings period of a minimum of 6 years with the view to obtaining a student loan at a preferential rate for education financing purposes or for higher studies.
Benefits
- Flexible savings plan in the following currencies: MUR, AUD, EUR, USD or GBP
- Attractive remuneration of 5.0%* per annum or Euro- Euribor + 1 month, AUD, USD and GBP: Libor + 1 month
- Rs 500 gift voucher directly credited to account opened for a child aged less than 5 years.
- Secured savings: the remuneration rate of a Genius Saver Plan is guaranteed for the whole duration of the subscription term.
- Regular affordable savings, not bearing down heavily on your budget.
- Flexible deposits allow regular minimum savings, with the possibility of increased deposits as and when you can.
- All you need to start is a minimum opening deposit of Rs 5,000 or equivalent in foreign currencies, then a minimum average monthly deposit of Rs 500 or Rs1000 for plans in foreign currencies.
- You can also deposit exceptional amounts, without exceeding the threshold set of
Rs 2,000,000 or equivalent in foreign currencies (including capitalization of interests).
* Rates standing as from April 10, 2023 i.e. Base Savings Rate + 2% (conditions apply).
A loan at preferential terms
- Student Loan lending rate is guaranteed right from the date of subscription.
- 50% off processing fees when studying locally.
- Purpose of loan is to finance studies expenses either in Mauritius or overseas (schooling fees, housing costs and other subsistence expenses too).
Features
| Subscription |
Any physical person aged less than 15 years at the moment of opening the account and not already holding a Genius Saver Plan in his/her name. |
| Minimum opening amount |
MUR 5,000 up to MUR 150,000 or equivalent in FCY |
| Initial and subsequent deposits |
A compulsory minimum of MUR 6,000 / year or equivalent in FCY Subsequent deposits must be executed on a regular periodic term (monthly, quarterly or half-yearly). |
| Free deposits |
Allowed, provided deposit amounts are maintained within the authorised threshold. |
| Threshold |
MUR 2,000,000 or equivalent in FCY This threshold includes capitalization of interests. |
| Interest Payment |
Yearly |
| Availability |
Any time, subject however to an incidence on remuneration in case of withdrawal before term undertaken. |
| Term |
6 to 21 years |
Here you go!
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Application checklist**
Ready to apply? Here’s what you need to get started:
- Valid identity document (national identity card, passport, child's birth certificate, etc.) ;
- Proof of residential address showing name of applicant(s), dated less than 3 months;
- Proof of income (latest salary slip, employment certificate from current employer, latest income tax return).
**This list is not exhaustive.
