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 13 years old
• Easily access and manage the SBM Amigos account through the SBM Internet Banking platform and the SBM Mobile Banking app
CSG Child Allowance and CSG School Allowance
You can also credit the monthly CSG Child Allowance and CSG School Allowance to your child’s SBM Amigos account. Children aged up to three years are eligible for MUR 2,500 monthly under this scheme. Children aged between 3 and 10 are eligible for the CSG School Allowance of MUR 2,000 monthly. Both schemes are valid from July 2024 to June 2025.
Please click on below links for more information:
• CSG Child Allowance
• CSG School Allowance
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
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
Benefits for ex-Amigos customers
As you enter the adult world, your SBM Amigos can help fulfil your needs through exceptional benefits and advantages, 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 credit card
SBM Amigos app – Fun for the whole family!
Did you know that with the SBM Amigos app, you can:
• benefit from exclusive offers at selected merchants
• learn more & take advantage of our SBM card offers (applicable to our cardholders)
• discover 2,500+ mind-boggling quizzes
• showcase children’s artistic talents by sharing their drawings/paintings to be displayed in the app’s Gallery section
Scan the QR Code to download the App
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.
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 Mobile Banking app.
6. What are the terms and conditions attached to the gift of MUR 500 for newborns?
• This offer is valid for Mauritian residents only, and the child’s SBM Amigos account can be opened at any SBM branch located in Mauritius and Rodrigues.
• The gift of MUR 500 is credited upon opening of the SBM Amigos account, provided that the child hasn’t reached their 6-month birthday.
• This offer is non-refundable, non-transferable and cannot be exchanged for cash in part or in full.
• Under our SBM Amigos account specific features, if your child is eligible for this offer, your child’s account would be credited with MUR 500. However, withdrawal of the MUR 500 is allowed only after a period of 12 months from the date of account opening.
• Under our SBM Amigos account specific features, SBM Bank (Mauritius) Ltd reserves the right to close the account in case you fail to use the account through deposits within 12 months from the account opening date. We shall duly notify you prior to proceeding with the closure.
7. What are the terms and conditions attached to the benefits for parents?
• Parent should be linked to an SBM Amigos account which has been active for the last 6 months with regular credits into the account.
• The above offers cannot be clubbed with any other offer.
• Application will be subject to normal credit assessment.
8. What are the terms and conditions attached to the benefits for ex-SBM Amigos customers?
• The account holder should have maintained an SBM Amigos account for a minimum of 3 years before reaching the age of 18.
• The above offers cannot be clubbed with any other offer.
• Application will be subject to normal credit assessment.