Planning a child’s financial future can be daunting to many parents. At SBM Bank (Mauritius) Ltd, have thoroughly studied the needs of parents and children, and from there, created SBM Amigos. More than just a savings account, SBM Amigos has been designed from the ground up to be the perfect finance management solution for children and teenagers. With SBM Amigos you can focus on the joys of parenting while we take care of all banking needs, for you and for your children.
Our recently 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 SBM Amigos accounts:
• Open to children aged between 0 and 17 years
• Minimum amount for opening of account: Either MUR 500 or MUR 100 with a minimum monthly standing order of MUR 100 set up on the account.
• Earn Preferential interest rates at different milestones
• Minimum Interest earning balance: MUR 500
• Parents can set up free standing order
• Interest is calculated on a daily basis and is credited half-yearly in June and December
• Statement of account mailed half-yearly to keep track of savings balance
• Debit Card as from 13 years old
• Easily access and manage the SBM Amigos account through our Internet banking and Mobile Banking services
• The SBM Amigos account is automatically converted into a regular SBM Savings Account once the child turns 18.
SBM Savings Rate is presently at 3.10% p.a.
Documents required:
Call at your nearest SBM branch to open your 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 proof of address (POA) not in name of parent opening the account, evidence for relationship to POA such as Tenancy agreement, Rent book, - letter of attestation from the owner of the utility to be obtained
Terms and Conditions for Account Opening and Operations
Terms and Conditions for Online Account Opening
Gift of Rs 500 for Newborns
As a caring bank we want to give all new parents a head start to save for their children. In this endeavor SBM is offering a gift of MUR 500 to every baby born as from January 2020 in Mauritius & Rodrigues. This gift is valid up to the child’s 6 months’ birthday and will be credited into a SBM Amigos account in name of the child and will be subject to terms & conditions.
Terms & Conditions
- The offer of Rs500 deposited into a SBM Amigos account opened in the name of the child is applicable to any child born as from 01 January 2020.
- This offer is valid for Mauritian residents only, and the child’s Amigos account can be opened at any SBM branch located in Mauritius and Rodrigues.
- This offer is valid up to your child’s 6-months birthday and will expire if not deposited within the first 6 months.
- This offer is non-refundable, non-transferable and cannot be exchanged for cash in part or in full.
- Under our Amigos account specific features, if your child is eligible for this offer, your child’s account would be credited by Rs 500. However, withdrawal of the Rs 500 is allowed only after a period of 12 months from account opening.
- Under our 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 account opening date. We shall duly notify you prior to proceeding with the closure.
Benefits to parents
While your child will enjoy a series of benefits on their Amigos accounts, 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
Terms & Conditions
- Parent should be linked to an 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
Benefits to ex-Amigos customers
As you enter the adult world, your SBM Amigos can help fulfill 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
Terms & Conditions
- Should have maintained an Amigos account for a minimum of 3 years before reaching the 18-year threshold
- The above offers cannot be clubbed with any other offer.
- Application will be subject to normal credit assessment
SBM Amigos App – Fun for the whole family!
In our quest to offer a product that is simple, reliable but also fun, we have developed a trivia app that is freely available both on Google PlayStore and Apple AppStore. Download the app today and indulge in numerous fields (science, entertainment, geography, etc.) with carefully selected questions that will definitely arouse your interest.
Scan the QR Code to download the App
Opening an Amigos Account for your child has never been so easy. Just follow these simple steps and we will get you up and running in no time.
To proceed with the SBM Amigos Account Opening, you will require the following documents in scanned copy:
- 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 proof of address (POA) not in name of parent opening the account, evidence for relationship to POA such as Tenancy agreement, Rent book, - letter of attestation from the owner of the utility to be obtained
Fill in the application form, upload all the required documents as prompted and submit your application. Our Customer Service Representative will get in touch with by the next working day to schedule an appointment for you at your preferred SBM Branch to complete the account opening procedures.
We invite you to read our Terms and Conditions.
- How to open a SBM Amigos account?
The account can be opened by the minor’s father or mother or any person appointed as legal guardian.
How often are statements sent to customers?
• Statements of account will be mailed to each account holder on a half-yearly basis. E-Statement facilities are available as well.
• The account holder may retrieve mini-statements from any SBM ATM
• Balance inquiry can be made at any SBM ATM, through Internet Banking, SMS Banking or the SBM Mobile Banking App