Mutual Aid Fixed Deposit
 

Mutual Aid Fixed Deposit

 

We offer the most competitive interest rates as illustrated below:

 

RATE OF INTEREST

EFFECTIVE DATE – December 01, 2018

RATE OF INTEREST (FLOATING) - PUBLIC

PENSIONER
(Note 5)

Period

(months)

Monthly

(% p.a)

Quarterly

(% p.a)

Half Yearly

(% p.a)

Yearly

(% p.a)

Maturity

(% p.a)

Monthly

(% p.a)

12

1.85

1.90

2.00

N.A

2.25

2.10

24

2.50

2.55

2.60

2.80

3.05

2.75

36

3.00

3.05

3.15

3.35

3.60

3.25

48

3.45

3.55

3.65

3.85

4.10

3.70

60

3.65

3.75

3.85

4.10

4.35

3.90

72

3.80

3.90

4.00

4.25

4.50

4.05

84

3.95

4.05

4.15

4.40

4.65

4.20

96

4.10

4.20

4.35

4.60

4.85

4.35

108

4.15

4.25

4.40

4.65

4.90

4.40

120

4.20

4.30

4.45

4.70

4.95

4.45

 
 
  • The above rates must not be construed in any case as a commitment from our part and may change according to prevailing market condition.
  • The above rates will also be used to make any adjustment in interest in case of encashment of a deposit before maturity.
  • Above rates are applicable to individuals.  For Corporate Fixed Deposits (FD), the Association must be contacted by email on m.c.s.mutualaid@intnet.muIndividual FD from non-Mauritian citizens are not acceptable. Corporate FD from non-residents are not acceptable.
  • Current Key Repo rate is 3.50 % p.a.
  • Rate for pensioners - aged 60 and above, except disable persons. Higher rate applicable on monthly interest frequency only
  • For any other information on deposits please phone on:
    1. 213-0300 (for queries on existing fixed deposits) or
    2. 212-4000 (for conditions and benefits of fixed deposits) or email on deposit@mcsmutuaid.mu

FAQ

  • How safe is the Mutual Aid as an institution?
    • The Association is in existence since November 07, 1893, i.e has been offering a relentless service over more than 100 years and has a solid financial background.
  • Why the interests have been decreasing?
    • It depends on the market situation, local and international factors affect the interest rate. Our deposits are at floating rate (individuals), therefore customers can benefit in times of rising interest rates.
  • Why source of fund is compulsory?
    • This a requirement of the Bank Of Mauritius to help us to combat money laundering and other related illegal activities.
  • How much is the penalty at refund before maturity?
    • One month interest will be charged as penalty if 30 days notice is not given.
  • Why there is no internet banking facilities?
    • This is a project we are working on.
  • Are deposits guaranteed?
    • No deposit is guaranteed in Mauritius.
  • Does the Association has a deposit taking license?
    • Yes since June 17, 2005.
  • Can deposits be encashed prior to maturity date?
    • Yes, subject to rules of the Association.
  • Can deposits at the Association be pledged with other institutions?
    • Yes.
  • Are the interest rates higher at the Association?
    • Yes.

 

 

WE TAKE CARE OF YOUR INVESTMENT

The Mutual Aid, which has been in existence since 1893, guarantees your deposit.

We are your best financial partner.

We have a deposit taking license from the Bank of Mauritius and ensure full confidentiality. We accept deposits from our members and the general public

 

Our conditions are as follows:

  • The minimum deposit is Rs 10,000.
  • Proof of source of fund to be submitted.
  • The maximum period is 120 Months and interest is payable monthly, quarterly, half yearly ,yearly or maturity at option of the depositor.
  • Interest will be credited to the bank account of the depositor only.
  • Refund before maturity is subject to conditions.
  • In case of encashment of deposit prior to maturity date, an adjustment of interest will be applicable.
  • Payment up to Rs 125,000 can be effected at our cash office  However proof of source of fund must be submitted.
  • If one month notice is given, penalty will be waived.

Payment details are shown below:

  • Office cheque drawn in the name of : M. C. S. Mutual Aid Association Ltd.
  • Bank transfer to Account Number 610 301 0000 2233 at State Bank of Mauritius Ltd.
    or
    account Number 010 704 647 at Mauritius Commercial Bank Ltd.
  • Note:
    • Personal cheques are not accepted.
    • For payment by Cash / Office cheques after closure of Cash Office (13.30 hrs), the deposits will be effective on the next working day.

 

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