Overview
It is crucial to smartly allocate your funds in financial instruments to secure your finances for the future. Mahindra Finance offers fixed deposits that provide assured returns at minimal risks. The interest rate of Mahindra Finance fixed deposits begins at 5.80% and goes all the way up to 7.25%. They also provide special interest rates to senior citizens that are 0.25% more than that of non-senior citizens.
The interest rate of Mahindra Finance FDs is affected by factors such as the deposit amount, the type of FD, and the tenor for which you invest in. Based on your financial needs you can opt for the type of FD that best suits your requirements.
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Mahindra Finance Fixed Deposit Interest Rates
Mahindra Finance FD offers alluring rates that range from 5.80% to 7.25% for tenors between 12 and 60 months. The FD rates differ for cumulative and non-cumulative FDs. The table below gives you a clear picture of the interest rate of Mahindra Finance for cumulative FDs:
| Tenor | Rate of Interest for Non-Senior Citizens | Rate of Interest for Senior Citizens |
| 12 months | 6.25% | 6.50% |
| 24 months | 6.60% | 6.85% |
| 36 months | 7.25% | 7.50% |
| 48 months | 7.25% | 7.50% |
| 60 months | 7.25% | 7.50% |
The table provided below gives you the interest rate of Mahindra Finance for non-cumulative FDs:
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| Tenor | Rate of Interest for Non-Senior Citizens | Rate of Interest for Senior Citizens |
| 12 months | 6.25% | 6.50% |
| 24 months | 6.60% | 6.85% |
| 36 months | 7.25% | 7.50% |
| 48 months | 7.25% | 7.50% |
| 60 months | 7.25% | 7.50% |
Features of the Mahindra Finance Fixed Deposit
Mahindra Finance fixed deposits have a number of features that make it a wise choice for you to pool your savings in. Mentioned below are a few of the features of the Mahindra Finance fixed deposit:
Flexible tenors: Mahindra Finance fixed deposits have tenors that range from 12 to 60 months. Hence, based on your monetary needs you can opt for a short or long duration.
Regular payout frequency: Under the non-cumulative FD, you can choose to get your interest returns paid to you at monthly, quarterly, half-yearly and annual intervals.
Hassle-free procedure: You can choose to book your Mahindra Finance FD either online or offline. Regardless of the mode you opt for, it is a simple process that does not entail any complicated nitty-gritties.
Benefit for senior citizens: Mahindra Finance provides a 0.25% hike on the fixed deposit interest rates for senior citizens thereby making it a beneficial savings option.
Loan against FD: You can take a loan of up to 75% of your deposit amount against your Mahindra Finance FD. This allows you to access your funds in the event of an emergency without having to close it prematurely.
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Auto renewal: Mahindra Finance allows you to automatically renew your FD through the submission of a renewal application 15 days prior to maturity.
Premature withdrawal: You can choose to prematurely withdraw your Mahindra Finance FD after 3 months of its inception in case of any exigencies.
Special FD rates: Mahindra Finance offers an additional fixed deposit interest rate of 0.35% for employees of the Mahindra Group as well as their relatives.
Secure form of savings: Mahindra and Mahindra Financial Services Limited (MMFSL) fixed deposit has an IND AAA/ Stable rating from India Ratings that indicates the highest form of safety.
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Types of Mahindra Finance FD
Mahindra Finance offers both cumulative and non-cumulative FDs. You can opt for the type of FD that caters to your monetary requirements. With a cumulative FD you will receive your deposit amount along with the interest earned at maturity. Whereas, with a non-cumulative FD you can receive your interest payouts at intervals decided by you.
Eligibility Criteria and Documents Required
In order to book an FD with Mahindra Finance, you are required to be above 18 years of age. Even if you are a minor, an adult can book a Mahindra Finance FD on your name. Trusts, resident individuals, NRIs, companies, foundations, HUFs, sole proprietors, clubs, partnership firms, societies, family trusts and associations are eligible to book an FD in Mahindra Finance.
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Furthermore, you need to submit certain documents in order to open an FD with Mahindra Finance. Here’s a list of documents that you would be required to submit:
● Passport
● PAN card
● Voter ID
● Driving licence
● Latest photograph
● Cancelled cheque
● Partnership deed
● Memorandum and Articles of Association
● Bank Statement
● Utility bills
● Certificate of incorporation
● Certificate of registration
Conclusion
The Mahindra Finance FD offers numerous features such as the loan against FD, flexible tenors, special fixed deposit interest rates for senior citizens, Mahindra group employees and their relatives, auto renewal, regular payout frequency, premature withdrawal and much more. With Mahindra Finance’s fixed deposit interest rates of up to 7.50% you can gain guaranteed returns on your savings and generate wealth.
