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: 7.30% p.a to 7.80% p.a.
- Minimum Amount: More than Rs.50,000
- Tenure: 15 months to 40 months
- Rate of Interest: 7.30% p.a to 7.80% p.a.
- Minimum Amount: More than Rs.50,000
- Tenure: 12 months to 60 months
- Rate of Interest: 7.20% p.a to 7.80% p.a.
- Minimum Amount: Rs.25,000 (Half Yearly) and Rs.50,000 (Quarterly)
- Tenure: 12 months to 60 months
- Rate of Interest:
- Half Yearly: 7.05% p.a. to 7.65% p.a.
- Quarterly: 7.00% p.a. to 7.60% p.a.
- Minimum Amount: More than Rs.10,000
- Tenure: 30 months to 44 months
- Rate of Interest: 7.55% p.a to 7.70% p.a.
- Minimum Amount: Rs.25,000 (Half Yearly) and Rs.50,000 (Quarterly)
- Tenure: 30 months to 44 months
- Rate of Interest:
- Half Yearly: 7.40% p.a. to 7.55% p.a.
- Quarterly: 7.35% p.a. to 7.50% p.a.
Mahindra Finance Fixed Deposit FAQs
- 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.
