Mahindra Finance Fixed Deposit Rates 2022

Mahindra Finance offers the Fixed Deposit (FD) scheme at attractive interest rates and a tenure of up to 5 years. Mahindra group company employees and senior citizens are offered an additional interest rate on any deposits made towards the scheme.

Samruddhi Cumulative Scheme Interest Rates (up to Rs.1 crore)

Tenure Interest Rate
12 months 5.70%
24 months 6.20%
36 months 6.30%
48 months 6.45%
60 months 6.45%

*Mahindra Finance can change the interest rates at any time without prior notice. The above-mentioned interest rates are effective from 10 September 2021.

Samruddhi Non-Cumulative Scheme Interest Rates (up to Rs.1 crore)

Tenure Interest Rate (Monthly) Interest Rate (Quarterly) Interest Rate (Half-Yearly) Interest Rate (Yearly)
12 months 5.15% 5.50% 5.60% 5.70%
24 months 5.65% 6.00% 6.10% 6.20%
36 months 5.75% 6.10% 6.20% 6.30%
48 months 5.90% 6.25% 6.35% 6.45%
60 months 5.90% 6.25% 6.35% 6.45%

*Mahindra Finance can change the interest rates at any time without prior notice. The above-mentioned interest rates are effective from 10 September 2021.

Features and Benefits of Mahindra Finance Fixed Deposits

The main benefits and features of the FD scheme offered by Mahindra Finance are mentioned below:

  • The tenure of the scheme ranges between 12 months and 60 months.
  • In the case of a Cumulative Scheme, the minimum deposit that must be made is Rs.5,000.
  • In the case of a Non-Cumulative Scheme, the minimum deposit can be either Rs.25,000 or Rs.50,000.
  • Senior citizens are offered an additional interest rate.
  • Mahindra Group employees are offered an additional interest rate.

Eligibility Criteria

The below-mentioned entities can open an FD scheme with Mahindra Finance:

  • Club
  • Association
  • Society
  • Sole Proprietorship
  • Family Trust
  • Hindu Undivided Families (HUFs)
  • Charitable Trust
  • Trusts and Foundations
  • Partnership Firms
  • Non-Resident Indians (NRIs)
  • Companies
  • Resident Individuals

Documents Required

Club, Association, and Society

  • Cancelled cheque (required for verification)
  • Photographs of the signatories
  • Address proof of the signatories
  • ID proof of the signatories
  • Know Your Customer (KYC) details of all the signatories
  • Signatories list
  • Permanent Account Number (PAN) Card
  • Registration application (acknowledgment)
  • Registration Certification (copy)

Sole Proprietorship

  • Cancelled cheque (required for verification)
  • Telephone bill
  • Photograph
  • Proof of address
  • PAN Card
  • ID proof

Family Trust

  • Trust deed
  • Cancelled cheque (required for verification)
  • Photographs of the signatories
  • Address proof of the signatories
  • ID proof of the signatories
  • Consent letter
  • Know Your Customer (KYC) details of all the signatories
  • Signatories list
  • PAN Card
  • Registration application (acknowledgment)
  • Registration Certification (copy)

HUF

  • Cancelled cheque (required for verification)
  • Photograph
  • ID and address proof (of Kartha)
  • PAN Card (HUF)

Charitable Trust

  • Trust deed
  • Cancelled cheque (required for verification)
  • Photographs of the signatories
  • Address proof of the signatories
  • ID proof of the signatories
  • Consent letter
  • Know Your Customer (KYC) details of all the signatories
  • Signatories list
  • PAN Card
  • Registration application (acknowledgment)
  • Registration Certification (copy)

Trusts and Foundations

  • Fax number and telephone numbers
  • Address and names of the directors/managers, founder, and beneficiaries
  • Names of signatories, beneficiaries, settlers, and trustees.

Partnership Firms

  • Cancelled cheque (required for verification)
  • Photographs of the signatories
  • Address proof of the signatories
  • ID proof of the signatories
  • Resolution Copy
  • Partnership Deed
  • Proof of address
  • PAN Card

NRIs

  • Proof of address such as driving license or Voter ID, EB Bill Card, local property papers, or passbook or bank statement
  • PAN Card
  • PIO Card to show Indian Origin
  • Employment letter from abroad
  • Passport along with a valid visa

Companies

  • Cancelled cheque (required for verification)
  • Photographs of the signatories
  • Address proof of the signatories
  • ID proof of the signatories
  • Signatories list
  • Certificate of incorporation
  • Proof of address
  • PAN Card
  • Memorandum or article and association
  • Latest board resolution

Resident Individuals

  • Proof of address
  • Proof of identity

Types of Fixed Deposit Schemes

The different types of FD schemes that are offered by Mahindra Finance are mentioned below:

  • Cumulative Scheme
  • Non-Cumulative Scheme

FAQs on Mahindra Finance Fixed Deposit Rates

  1. Does Mahindra Finance provide the option to open joint accounts?

    Yes, Mahindra Finance provides the option to open joint accounts.

  2. Can I open an FD account on behalf of a minor?

    Yes, you can open an FD account on behalf of a minor.

  3. How is the interest paid?

    The interest is paid via ECS to the account holder’s bank account.

  4. Is it possible to open an FD account online?

    Yes, you can open an FD account online.

  5. Does Mahindra Finance offer the premature withdrawal option on its FD scheme?

    Yes, Mahindra Finance offers the premature withdrawal option on its FD scheme.

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