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.
- Attractive Interest rates up to 3.30% p.a*
- 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.
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*AER - Annual Effective Rate - 3.32%
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 non exhaustive documents:-
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- National Identity Card
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- Birth Certificate and Marriage Certificate (where applicable) – Note: Certificates must not be dated more than 3 months. At MHC we do accept documents downloaded from MoKloud, but same will be subject to a QR authenticity check.
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- A Utility Bill or Bank/Credit Card Statement dated not more than 3 months in your own name, confirming your address. In case the proof of address is not in your name, you will need to submit an authorization letter from the host/account holder, confirming your residence, together with a copy of his/her National Identity Card.
Processing of Cash Payment:
- As per FIAMLA section 5(1), we are NOT allowed to make or accept payment in cash exceeding Rs 500,000 or its equivalent amount in foreign currency.
- For any cash transaction at our counters, declaration of source of fund is mandatory, with relevant details and documentary evidence, as shall be instructed by a MHC officer.
- All proposed transactions are subject to an independent compliance screening and MHC reserves the right to request further information prior to processing same.
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.
- Attractive Interest rates up to 3.30% p.a*
- 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.
Â
*AER - Annual Effective Rate - 3.32%
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 non exhaustive documents:-
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- National Identity Card
Â
- Birth Certificate and Marriage Certificate (where applicable) – Note: Certificates must not be dated more than 3 months. At MHC we do accept documents downloaded from MoKloud, but same will be subject to a QR authenticity check.
Â
- A Utility Bill or Bank/Credit Card Statement dated not more than 3 months in your own name, confirming your address. In case the proof of address is not in your name, you will need to submit an authorization letter from the host/account holder, confirming your residence, together with a copy of his/her National Identity Card.
Processing of Cash Payment:
- As per FIAMLA section 5(1), we are NOT allowed to make or accept payment in cash exceeding Rs 500,000 or its equivalent amount in foreign currency.
- For any cash transaction at our counters, declaration of source of fund is mandatory, with relevant details and documentary evidence, as shall be instructed by a MHC officer.
- All proposed transactions are subject to an independent compliance screening and MHC reserves the right to request further information prior to processing same.
