Silver Savings Bond and Silver Retirement Bond

As announced in the Budget Speech 2019-2020, Government will issue as from 1st August 2019, two SILVER BONDS; namely the Silver Savings Bond and the Silver Retirement Bond with the aim of improving the income of retired persons and encouraging savings for retirement.

For the Silver Savings Bond, the main features are as follows:
Persons of 65 years and above will be eligible.
Bond holders will be paid interest quarterly at the rate of 5.5 percent per annum.

For the Silver Retirement Bond, the main features are as follows:
To be eligible a person must be 50 years old but below 65 years of age.
The bond will carry an annual interest rate of 5.5 percent.
The interest will be capitalised until the bond is redeemed or the holder reaches the age of 65. After the age of 65, interest on the bond will be paid quarterly.

The bonds will not be transferable.

The maximum amount a person can invest in the bonds is Rs 1 million.

In case of death of the holder, the net proceeds will be payable to the legal beneficiaries.

Only Mauritian residents will be eligible.

Both issues will close by end December 2019 or earlier if the Government so decides.

The bonds will be available at commercial banks without any fees.

These innovative savings instruments add further to the efforts of Government to improve old age pensions and enhance the overall purchasing power of the elderly.