Smart PEL launched on 17.10.23 is a revamping of the Plan Epargne Logement (PEL) which was launched in November 1988, with the main purpose to encourage the general public, to save for the purpose of acquiring a house in the future. The amount contributed in the Smart PEL coupled with a loan from MHC (according to eligibility) will constitute a capital to finance the housing projects of customers.
A Smarter way to save with our Smart PEL Saving Account
What are the features of a SMART PEL A/C?
- Minimum deposit to open Smart PEL Account: Rs 200.
- Minimum monthly contribution: Rs 100.
- Interests will be accrued on a daily basis and credited to the Account every 6 (six) months.
- Interest is payable in slabs:
|
Amount |
Interest Rate Slabs |
|
Rs 3,000 to Rs 50,000 |
Base Rate |
|
Rs 50,001 to Rs 150,000 |
Base Rate +0.05% |
|
Above Rs 150,000 |
Base Rate +0.10% |
Base Rate is currently 3.20% p.a.
AER: Annual Effective Rate - 3.32 %. Interest rate is linked to Key Rate.
- The minimum balance eligible to earn interest is Rs 3000.
- Monthly contribution may be in terms on cash payment at counter, Salary deduction, Bank Standing Order or through online banking platforms.
What are the benefits of having a SMART PEL?
- Gateway to a variety of Home Loan Products.
- Loans can be contracted against Smart PEL which can be offered as cash collateral.
- Secured and attractive investment for you and your children.
- Joint account facilities available.
- Possibility to operate multiple accounts.
- Best long-term saving and investment opportunity.
How do I open an account?
Contact any MHC Office with the following documents:-
- National Identity Card/Passport
- Birth Certificate
- Marriage Certificate (where applicable)
- A Utility Bill confirming your address dated not more than 3 months. In case the proof of address is not in your name, you will need to submit a signed authorization letter confirming your residence from the utility bill holder together with a copy of his/her National Identity Card.
Cash Payment limitation:
1. For cash payment above Rs 100,000, source and provenance of funds have to be disclosed together with a valid proof.
2. As per FIAMLA section 5(1), we are not allowed to accept any payment in cash exceeding Rs 500,000 or an equivalent amount in foreign currency.
What are the features of a SMART PEL A/C?
- Minimum deposit to open Smart PEL Account: Rs 200.
- Minimum monthly contribution: Rs 100.
- Interests will be accrued on a daily basis and credited to the Account every 6 (six) months.
- Interest is payable in slabs:
|
Amount |
Interest Rate Slabs |
|
Rs 3,000 to Rs 50,000 |
Base Rate |
|
Rs 50,001 to Rs 150,000 |
Base Rate +0.05% |
|
Above Rs 150,000 |
Base Rate +0.10% |
Base Rate is currently 3.20% p.a.
AER: Annual Effective Rate - 3.32 %. Interest rate is linked to Key Rate.
- The minimum balance eligible to earn interest is Rs 3000.
- Monthly contribution may be in terms on cash payment at counter, Salary deduction, Bank Standing Order or through online banking platforms.
What are the benefits of having a SMART PEL?
- Gateway to a variety of Home Loan Products.
- Loans can be contracted against Smart PEL which can be offered as cash collateral.
- Secured and attractive investment for you and your children.
- Joint account facilities available.
- Possibility to operate multiple accounts.
- Best long-term saving and investment opportunity.
How do I open an account?
Contact any MHC Office with the following documents:-
- National Identity Card/Passport
- Birth Certificate
- Marriage Certificate (where applicable)
- A Utility Bill confirming your address dated not more than 3 months. In case the proof of address is not in your name, you will need to submit a signed authorization letter confirming your residence from the utility bill holder together with a copy of his/her National Identity Card.
Cash Payment limitation:
1. For cash payment above Rs 100,000, source and provenance of funds have to be disclosed together with a valid proof.
2. As per FIAMLA section 5(1), we are not allowed to accept any payment in cash exceeding Rs 500,000 or an equivalent amount in foreign currency.
