Junior PEL Saver (JPS)

Ensure your Child's Future

The Junior PEL Saver scheme launched on the 18th of March 2009 proposes a unique benefits package specially designed for babies/children up to 18 years of age.

The JPS is a long-term savings and investment account for children. It has been exclusively designed to ensure your child has accumulated savings by the age of 18 and to encourage the new generation to grow with MHC while at the same time inculcating a savings habit and the art of managing money responsibly.

Interest rates

The interest payable on the JPS account is as follows and will be compounded on a six-month basis:

  p.a aer
Regular accounts : 0.95% * (0.952% )**
Irregular accounts : 0.45%* (0.451%)**

* P.A: Per Annum

** AER: Annual Effective Rate

 

Regularity Rule

Regularity is assessed every six months for the purpose of determining the interest applicable to JPS accounts.
An account will be considered as irregular if either:

  • one monthly contribution is missing in the six-month period, or
  • more than one withdrawal has been effected in the six-month period.

Minimum amount to open an account: Rs 1,000
Minimum balance to earn interest: Rs 1,500
Minimum monthly contribution: Rs 200
Interest payment: half-yearly
Withdrawals: One withdrawal will be allowed per six-month period.
Statement of account: yearly

Reward System

A gift will be offered every 5 years to all JPS savers who have serviced their JPS accounts without missing any single monthly contribution or have not effected any withdrawal.

Who can open an account?

The account must be opened by adults.
Accounts can be opened as from birth, up to the age of 18.

How does it work?

The account is opened by the parent/guardian on behalf of the junior saver.
The account will be in the child’s name but control of the account will remain with the adult.
The account can be opened by a member of the family on behalf of the Junior Pel Saver but with the written consent of the child’s parent.

How is the account operated?

The account is opened with a minimum deposit of Rs 1000
A minimum regular monthly contribution of Rs 200 using any of the following mode of payment:

  • The parent’s payroll
  • A Bank Standing Order
  • Cheque, or
  • Cash.

How does the Guardian/Parent keep up to date with the account?

A statement is sent to junior PEL savers around the time of his/her birthday and the guardian/parent is able to keep in touch via phone and email. Additional statements can be requested at a minimum cost at any given time.

What happens when the holders reach 18?

The junior PEL saver account will be converted to a normal PEL accoun, at the age of 18. As an adult he/she will gain full control of the account and will have full access to funds deposited in his/her account. However, at this stage he/she needs to provide proof of identity prior to withdrawing any funds.

Do savers need to contribute every month to keep the account active as from the age of 18?

He/she might still be enrolled in higher studies or may not even have left school. The parent/guardian can continue to contribute to the account.

Interest rates

The interest payable on the JPS account is as follows and will be compounded on a six-month basis:

  p.a aer
Regular accounts : 0.95% * (0.952% )**
Irregular accounts : 0.45%* (0.451%)**

* P.A: Per Annum

** AER: Annual Effective Rate

 

Regularity Rule

Regularity is assessed every six months for the purpose of determining the interest applicable to JPS accounts.
An account will be considered as irregular if either:

  • one monthly contribution is missing in the six-month period, or
  • more than one withdrawal has been effected in the six-month period.

Minimum amount to open an account: Rs 1,000
Minimum balance to earn interest: Rs 1,500
Minimum monthly contribution: Rs 200
Interest payment: half-yearly
Withdrawals: One withdrawal will be allowed per six-month period.
Statement of account: yearly

Reward System

A gift will be offered every 5 years to all JPS savers who have serviced their JPS accounts without missing any single monthly contribution or have not effected any withdrawal.

Who can open an account?

The account must be opened by adults.
Accounts can be opened as from birth, up to the age of 18.

How does it work?

The account is opened by the parent/guardian on behalf of the junior saver.
The account will be in the child’s name but control of the account will remain with the adult.
The account can be opened by a member of the family on behalf of the Junior Pel Saver but with the written consent of the child’s parent.

How is the account operated?

The account is opened with a minimum deposit of Rs 1000
A minimum regular monthly contribution of Rs 200 using any of the following mode of payment:

  • The parent’s payroll
  • A Bank Standing Order
  • Cheque, or
  • Cash.
How does the Guardian/Parent keep up to date with the account?

A statement is sent to junior PEL savers around the time of his/her birthday and the guardian/parent is able to keep in touch via phone and email. Additional statements can be requested at a minimum cost at any given time.

What happens when the holders reach 18?

The junior PEL saver account will be converted to a normal PEL accoun, at the age of 18. As an adult he/she will gain full control of the account and will have full access to funds deposited in his/her account. However, at this stage he/she needs to provide proof of identity prior to withdrawing any funds.

Do savers need to contribute every month to keep the account active as from the age of 18?

He/she might still be enrolled in higher studies or may not even have left school. The parent/guardian can continue to contribute to the account.

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