Save as you earn and secure your future.
The RSS is a quasi-deposit scheme launched by the Mutual Aid Association in April 2001 to encourage members to contribute towards their retirement. Since June 2003, it has been opened to members of the public.
Beneficiary name and Copy of ID to be submitted with application.
- Contributions are credited with interests at a minimum rate of 2% above the weighted average savings rate.
*Note : For the financial year ending 30 June 2025 (July 2024 to June 2025), the RSS rate has been fixed at 5.10% p.a.
- It is a flexible plan where contributions can be tailored to customer needs.
- A lump sum is payable on retirement or even after.
- The minimum contribution is Rs 100 per month.
- It allows early withdrawal, subject to certain conditions.
- Interest rate is approved in June for the next financial year and it is adjusted in case of change in savings rate.
Any person between the age of 18 to statutory retirement age can join this plan, including:
- Civil servants.
- Employees of parastatal bodies.
- Employees of private sector.
- Self-employed.
- Persons employed on contract.
- General public
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.
- Bank standing order for the general public.
- Cash/office cheque payment (Personal cheques are not accepted).
- Bank transfer to the following Bank Account No. of the Association:
- Mauritius Commercial Bank 010 704 647
- State Bank of Mauritius 610 301 0000 2233
Members of the RSS have the possibility to contribute to this scheme up to retirement or even after if they so desire.
A person may join the RSS by contributing a minimum of Rs 100. A person has the option to contribute a fixed amount monthly or any amount as and when he wishes.
In the event a member ceases to contribute to the scheme, he/she will still benefit from the full amount contributed including accumulated interests on retirement.
However, in case of withdrawal from the Scheme, a penalty will be applied on both capital and accrued interest as per table below:
| SN | YEARS OF CONTRIBUTION | % PENALTY |
|---|---|---|
| 1 | 0 ≤ 10 | 25 |
| 2 | > 10 ≤ 20 | 15 |
| 3 | > 20 ≤ 30 | 10 |
| 4 | > 30 ≤ 40 | 5 |
| 5 | > 40 | 0 |
A contributor shall be qualified for full lump sum under 'resignation' and 'dismissal' subject to the condition that the contributor has not opted for a new job and/or has not continued contributions to the Scheme.
In case of self-employed,
(i) if contributor joined scheme on or before 26 September 2012, then full refund without penalty on reaching the age of 60.
(ii) if contributor joined scheme after 26 September 2012, then full refund without penalty on reaching the statutory retirement age.
The table below gives an indication of the lump sum payable on the assumption that the contributions are credited with interest at a minimum of 2% p.a above the average savings rate.
| INDICATION OF RSS LUMP SUM PAYABLE | ||||||
|---|---|---|---|---|---|---|
| Monthly Contribution → | Rs 100 | Rs 200 | Rs 500 | Rs 1000 | Rs 1500 | Rs 2000 |
| Years of Contribution↓ | RSS Rate of 4.15% per annum | |||||
| Rs | Rs | Rs | Rs | Rs | Rs | |
| 5 | 6,666 | 13,332 | 33,330 | 66,660 | 99,990 | 133,320 |
| 10 | 14,834 | 29,668 | 74,170 | 148,340 | 222,510 | 296,680 |
| 15 | 24,844 | 49,688 | 124,220 | 248,440 | 372,660 | 496,880 |
| 20 | 37,111 | 74,222 | 185,555 | 371,110 | 556,665 | 742,220 |
| 25 | 52,143 | 104,286 | 260,715 | 521,430 | 782,145 | 1,042,860 |
| 30 | 70,565 | 141,130 | 352,825 | 705,650 | 1,058,475 | 1,411,300 |
| 35 | 93,139 | 186,278 | 465,695 | 931,390 | 1,397,085 | 1,862,780 |
| 40 | 120,803 | 241,606 | 604,015 | 1,208,030 | 1,812,045 | 2,416,060 |
Note: This table is for indication only.
The Retirement Savings Scheme (RSS) is a scheme launched by the Association in April 2001 to encourage members to contribute towards their retirement. Since June 2003, it has been opened to members of the public.
RSS is open to the general public.
Only citizen of Mauritius can contribute to the RSS.
NID, recent proof of address, payslip, bank account details and NID of beneficiary (if applicable).
The total contribution plus accrued interest will be paid to the beneficiary of contributor or to his succession.
Full amount is payable on retirement, death, resignation or dismissal.
Yes. Contributions are credited with interests at a minimum of 2% above the average savings rate plus an annual bonus.
Yes, subject to conditions.
No.
Yes.
Yes, a new form needs to be signed. NID and recent payslip should be submitted.
No.