Overview of Mahindra Finance Fixed Deposit
Mahindra Finance offers various fixed deposit (FD) schemes at attractive interest rates. The process to open an account is simple and can be completed online.
Up to 75% of the deposit amount can be availed as a loan. The two different types of FDs offered by Mahindra Finance are cumulative and non-cumulative schemes.
Mahindra Finance Fixed Deposit Features and Benefits
The main features and benefits of the FD account offered by Mahindra Finance are mentioned below:
- Opening an FD is safe as it comes with an FAAA CRISIL rating.
- In the case of Samruddhi Fixed Deposits, senior citizens are provided an additional interest rate of 0.25%.
- Senior citizens are provided an additional interest rate of 0.25% for Dhanvruddhi Deposits. However, the mode of payment must be completed online via the official website of Mahindra Finance.
- Employees at Mahindra Group and their relatives are provided an additional interest rate of 0.35% for Samruddhi Fixed Deposits.
Mahindra Finance FD Eligibility Criteria
The below-mentioned individuals and entities can open a Mahindra Finance FD account:
- Resident Individuals
- Society, Association, and Club
- Sole Proprietorship
- Family Trust
- Hindu Undivided Family (HUF)
- Charitable Trust
- Trusts and Foundations
- Partnership Firms
- Non-Resident Indians (NRIs)
- Companies
Depending on the individual or entity that is opening the account, the documents that must be submitted will vary. You can visit https://mahindrafinance.com/investments/fixed-deposit introduction to find the list of documents that must be submitted.
Mahindra Finance Fixed Deposit Different Schemes
The different Fixed Deposit Schemes offered by Mahindra Finance are mentioned below:
Dhanvruddhi Cumulative Scheme
- Minimum Amount: Rs.5,000
- Tenure: 15 months to 40 months
- Rate of Interest: 7.90% p.a to 8.05% p.a.
Dhanvruddhi Non-Cumulative Scheme
- Minimum Amount: More than Rs.50,000
- Tenure: 15 months to 40 months
- Rate of Interest: 7.40% p.a to 8.05% p.a.
Samruddhi Cumulative Scheme (Deposits of up to Rs.1 crore)
- Minimum Amount: More than Rs.50,000
- Tenure: 12 months to 60 months
- Rate of Interest: 7.40% p.a to 8.05% p.a.
Samruddhi Non-Cumulative Scheme (Deposits of up to Rs.1 crore)
- Minimum Amount: Rs.25,000 (Half Yearly) and Rs.50,000 (Quarterly)
- Tenure: 12 months to 60 months
- Rate of Interest:
- Half Yearly: 7.15% p.a. to 7.80% p.a.
- Quarterly: 7.10% p.a. to 7.60% p.a.
FAQs on Mahindra Finance Fixed Deposit
- Can an FD account be opened on behalf of a minor?
Yes, an FD account can be opened on behalf of a minor. However, the account can be opened only by the legal or natural guardian.
- Can I open a joint account?
Yes, you can open a joint account. The maximum number of people that can maintain a joint account is three.
- Are monthly interest offered on deposits?
No, monthly interest is not offered on deposits. The interest is paid only on a half-yearly or quarterly basis.
- Can I receive the deposit in cash?
No, the payment of the deposit will be made to the bank account that has been updated.
- After how long is premature withdrawal allowed?
Premature withdrawal is allowed after 3 months from the date the account was opened or renewed.
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