More than just a savings account, SBM Amigos has been designed to be the perfect finance management solution for children and teenagers. Our revamped value proposition puts SBM Amigos among the best-in-class junior savings account on the market, one that is compatible with the needs and aspirations of the new generation.
Key features of an SBM Amigos account:
• Open to residents of Mauritius aged between 0 and 17 years
• Every newborn in Mauritius and Rodrigues receives a gift of MUR 500 credited upon opening of an SBM Amigos account, provided that the child hasn’t reached their 6-month birthday.
• Earn preferential interest rates (above SBM savings rate)
• Free standing order facilities
• Debit card as from 12 years old
• Easily access and manage the SBM Amigos account through the SBM Internet Banking platform and the SBM Tag app
Documents required:
Call at your nearest SBM branch to open your child's SBM Amigos account with the following documents:
• Birth certificate of the child
• NIC of parent opening the account
• Proof of address* (not older than 3 months) - utility bill (CWA, CEB, Mauritius Telecom landline phone bill or bank statement from another institution)
• If the proof of address (POA) is not in the name of the parent opening the account, evidence of relationship to the person in whose name the POA is established (e.g. tenancy agreement, rent book, or letter of attestation from the owner of the utility) must be provided.
Terms and Conditions for Account Opening and Operations
Terms and Conditions for Online Account Opening
Terms and conditions apply. SBM Bank (Mauritius) Ltd is licensed by the Bank of Mauritius.
Gift of MUR 500 for newborns
Every newborn in Mauritius and Rodrigues receives a gift of MUR 500 credited upon opening of an SBM Amigos account, provided that the child hasn’t reached their 6-month birthday. (terms and conditions apply)
Benefits for parents
While your child will enjoy a series of benefits on their SBM Amigos account, including competitive interest rates, you, as parent, will also take advantage of numerous offers, including the following (terms and conditions apply):
• 0.10% discount on interest rates on any new loan
• 50% discount on legal & processing fees on any new loan
• First year annual membership fee waived for main & supplementary credit cards
1. How to open an SBM Amigos account?
The account can be opened by the minor’s father or mother or any person appointed as their legal guardian.
2. Is there a minimum amount for opening an SBM Amigos account?
Minimum account opening balance for a new SBM Amigos account is EITHER MUR 500 OR MUR 100 with a minimum monthly standing order of MUR 100 to be set up at the time of account opening.
3. What is the minimum interest earning balance and at what frequency is interest calculated?
The minimum interest earning balance is MUR 500. Interest is calculated on a daily basis and is credited half-yearly in June and in December.
4. What happens to the SBM Amigos account when the account holder turns 18?
The SBM Amigos account is automatically converted into a regular SBM savings account and the account holder gains access to a wide range of exclusive perks designed for customers aged 18 to 30. Click here to learn more about this offer.
5. How often are statements sent to customers?
Statements of account will be mailed to each account holder on a half-yearly basis. The free e-Statement facility is also available.
The account holder may retrieve mini-statements from any SBM ATM.
Balance inquiry can be made at any SBM ATM, through the SBM Internet Banking service, by using the SMS Banking service or the SBM Tag app.