Watch your money grow with Mutual Aid at high interest rate.
We offer the most competitive interest rates as illustrated below:
EFFECTIVE DATE – FEBRUARY 05, 2025
| NEW RATE OF INTEREST (FLOATING) FOR MEMBER (REFER TO NOTE 9) AND NON-MEMBER | ||||||||
|---|---|---|---|---|---|---|---|---|
| Period (months) | Monthly | Quarterly | Half Yearly | Yearly | ||||
| (% p.a.) | (% p.a.) | (% p.a.) | (% p.a.) | |||||
| Member | Non-Member | Member | Non-Member | Member | Non-Member | Member | Non-Member | |
| 12 | 2.35 | 1.35 | 2.40 | 1.40 | 2.50 | 1.50 | 2.75 | 2.00 |
| 24 | 3.00 | 2.00 | 3.05 | 2.05 | 3.10 | 2.10 | 3.30 | 2.75 |
| 36 | 3.50 | 2.50 | 3.55 | 2.55 | 3.65 | 2.65 | 3.85 | 3.50 |
| 48 | 3.95 | 2.95 | 4.05 | 3.05 | 4.15 | 3.15 | 4.35 | 3.65 |
| 60 | 4.15 | 3.15 | 4.25 | 3.25 | 4.35 | 3.35 | 4.60 | 3.70 |
| 72 | 4.30 | 3.30 | 4.40 | 3.40 | 4.50 | 3.50 | 4.75 | 3.85 |
- The above rates must not be construed in any case as a commitment from our part and may change according to prevailing market conditions.
- 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 deposits@mcsmutualaid.mu. Individual FD from non-Mauritian citizens and Corporate FD from non-residents are not acceptable.
- Current Key Repo Rate is 4.50% p.a.
- Interests are payable based on calendar year.
- For fixed deposits of Rs 300,000 and below, interest will be paid yearly basis only.
- Minimum fixed deposit: (a) Members - Rs 10,000.(b) Non-member - 50,000
- In the absence of fixed deposit renewal reply, the existing fixed deposit will be renewed automatically for 12 months on maturity with same interest frequency. However, as per section 59 of the Banking Act, after 7 consecutive automatic renewals, the deposit will be considered as abandoned fund and will be transferred to the Bank of Mauritius.
- Public Sector Employees, including probationers (viz Civil Service; Local Government, Parastatal Bodies and State Owned Enterprises).
- For any other information on deposits please phone on:
- 213-0300 (for queries on existing fixed deposits) or
- 212-4000 (for conditions and benefits of fixed deposits) or email on deposit@mcsmutualaid.mu
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:
- Minimum amount of fixed deposit - Rs 10,000 - Members
- Minimum amount of fixed deposit - Rs 50,000 - Non-members
- Proof of source of fund to be submitted.
- The maximum period is 72 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 100,000 per day can be effected by cash at the cash office. However, proof of source of fund must be submitted for any cash payment as from Rs 75,000.
- 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 (1:30 p.m.), the deposits will be effective on the next working day.
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.
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.
This is a requirement of the Bank of Mauritius to help us to combat money laundering and other related illegal activities.
One month interest will be charged as penalty if 30 days notice is not given.
This is a project we are working on.
No deposit is guaranteed in Mauritius.
Yes, since June 17, 2005.
Yes, subject to rules of the Association.
Yes.
Yes.
- Fixed Deposit Application Form (Individual)
- Fixed Deposit Application Form (Corporate)
- Fixed Deposit CDD KYC (Individual)
- Fixed Deposit CDD KYC (Corporate)
- Self Certification Form - Individual Foreign Account Tax Compliance Act (FATCA) Assessment
- Self Certification Form - Individual Tax Residency (Individual)
- Self Certification Form - Controlling Person Tax Residency
- Self Certification Form - Entity Corporate Tax Residency (Corporate)