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.
Minimum amount to open an account: Rs 1,000
Minimum balance to earn interest: Rs 1,500
Minimum monthly contribution: Rs 200
Attractive Interest rates up to 2.75% p.a*
Interest payment: half-yearly
Withdrawals: One withdrawal will be allowed per six-month period.
Statement of account: yearly
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* AER - Annual Effective Rate - 2.77%
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.
The account must be opened by adults.
Accounts can be opened as from birth, up to the age of 18.
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.
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:
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.
The junior PEL saver account will be converted to a normal PEL account, 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.
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.
Minimum amount to open an account: Rs 1,000
Minimum balance to earn interest: Rs 1,500
Minimum monthly contribution: Rs 200
Attractive Interest rates up to 2.75% p.a*
Interest payment: half-yearly
Withdrawals: One withdrawal will be allowed per six-month period.
Statement of account: yearly
Â
* AER - Annual Effective Rate - 2.77%
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.
The account must be opened by adults.
Accounts can be opened as from birth, up to the age of 18.
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.
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:
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.
The junior PEL saver account will be converted to a normal PEL account, 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.
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.
