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Savings account

Convenience for all your basic banking needs

HSBC Savings Account

If all you want to do is keep your money safe, you can achieve just that with HSBC Savings Account. What's more, with your free ATM card, and online banking, you can carry out a wide range of banking transactions, 24 hours a day, 7 days a week.

Effective 1 July 2022, your Savings account (in Mauritius Rupee) will earn interest at different rates depending on your account balance thresholds as illustrated below:

Savings Account and Savings Plus Account
Interest rate is calculated based on different balance range as follows:
  • First Rs. 499, 999.99 - 0.25%
  • Rs. 500,000.00 to Rs. 999, 999.99 - 0.30%
  • Rs. 1,000,000.00 to Rs.1,999,999.99 - 0.35%
  • Rs. 2,000,000.00 and above - 0.40%

Effective 1 July 2022, your Savings account (in Mauritius Rupee) will earn interest at different rates depending on your account balance thresholds as illustrated below:

Therefore, for a Savings Account with a total balance of Rs. 1.7 million, interest rates will be applied as follows:

Account balance tiers
Applicable interest rate
First Rs.499.999.99 of the balance
0.25% p.a.
Next Rs.500,000.00( up to Rs 999,999.99 of the balance)
0.30% p.a.
Next Rs.700,000 ( Rs.1 million to Rs.1,700,000 of the balance)
0.35% p.a.

Therefore, for a Savings Account with a total balance of Rs. 1.7 million, interest rates will be applied as follows:

Account balance tiers
First Rs.499.999.99 of the balance
Applicable interest rate
0.25% p.a.
Account balance tiers
Next Rs.500,000.00( up to Rs 999,999.99 of the balance)
Applicable interest rate
0.30% p.a.
Account balance tiers
Next Rs.700,000 ( Rs.1 million to Rs.1,700,000 of the balance)
Applicable interest rate
0.35% p.a.

Benefits

  • Interest-bearing account with tiered rates

    Where higher balances held would earn more interest..

  • An ATM Card issued for free

    Can be used to access your account 24 hours a day, 7 days a week, both locally and abroad for cash withdrawals and balance enquiries on an ATM

  • No minimum balance needs to be maintained to receive interest

  • Account is available in local currency and foreign currency

  • A commission is charged for deposit and withdrawals from foreign currency accounts only

  • Deposits or withdrawals may be made at any HSBC branch in Mauritius

  • Receive and transfer funds instantly from other connected local banks through MauCAS (Mauritius Central Automated Switch). Learn more

  • Make and receive local as well as international fund transfers in simple and straightforward steps. Learn more on transfers. View our Swift Codes.

  • Interest is accrued on daily credit balance

    Credited on a half-yearly basis to your account (on 01 June and 01 December of each year).

  • Convenient and easy to understand statements

    An updated record of your transactions, together with the balance, is sent on a half-yearly basis to you free of charge.

  • Standing orders and direct debit payments are allowed

    You may amend, cancel or put on hold your existing standing orders and direct debit by contacting us or by sending a secured message on your Personal Internet Banking.

  • Accounts can be opened at any HSBC branch in Mauritius

  • No minimum amount is required to open a savings account

  • Register to Personal Internet Banking to access your account details, obtain your statements, make transfers and payments online.

Eligibility

To be eligible for a savings account:

  • Individuals must be aged 18 years or older
  • For under-18s, an account has to be operated by a parent or responsible party
  • Foreign nationals must produce a letter of reference from their main overseas banks

Documents required

Documents you'll need to open an HSBC Savings Account:

  • Proof of identity - an identity card or passport
  • Letter of reference from main bank overseas (for expatriates)
  • Proof of address - Central Electricity Board, Central Water Authority, or Mauritius Telecom
  • Bank statements for the last 3 months (for expatriates)
  • Proof of work permit (for expatriates)
  • Evidence of source of funds may be requested from customers