Earn interest up to 7.50% p.a. by investing in a Mahindra Finance | FAAA by CRISIL

  • Overview
  • Fixed Deposit Calculator
  • Interest Rates and Charges

Mahindra Finance is one of the leading NBFCs in India. Fixed deposits by Mahindra Finance are rated FAAA by leading credit rating agency - CRISIL. This accreditation is an indicator that the NBFC is a creditworthy one. Additionally, Mahindra Finance fixed deposit rates are highly competitive, which ensures that you get attractive returns on your savings. 

 

Keep reading to know more about FD by Mahindra Finance, their interest rates, eligibility & documents needed, etc., the FDs features & benefits and more.

Features of Mahindra Finance FD

  • Flexible Tenor: Fixed deposits by Mahindra Finance offer tenors ranging from 12 to 60 months, which makes them ideal for both long-term and short-term savings.

     

  • Regular Payouts: An FD by Mahindra Finance offers non-cumulative fixed deposit options. These provide you with monthly, quarterly, half-yearly or yearly interest payouts as specified by you. 

     

  • Simple Process: You can book a Mahindra Finance FD online or offline, depending on your requirements. Booking an FD is simple and straightforward whether you choose to do it online or offline. 

     

  • Senior Citizen Benefit: Senior citizens get 0.25% additional returns under the ‘Samruddhi Fixed Deposits’ option when they save with a fixed deposit by Mahindra Finance. 

     

  • Special Interest Rates: Mahindra Group employees and their relatives also get an additional 0.35% interest rate for Samruddhi Fixed Deposits when they save with an FD by Mahindra Finance.

     

  • Safe Savings Option: The MMFSL Fixed Deposit has ‘India Ratings’ – ‘IND AAA/Stable’ which indicates highest safety. This ensures that your savings are safe and stable. 

Why Invest in Mahindra Finance Fixed Deposit

  • Safe Savings Option

FD by Mahindra Finance is rated FAAA by leading credit rating agency CRISIL and has the highest safety indicated by IND AAA / Stable rating by India Ratings. This is an indicator that your savings are parked in a safe and stable savings instrument. 

 

  • Guaranteed Returns

Since the interest rate on Mahindra Finance FD is predetermined, you can rest assured that your interest rates will remain unchanged even when the market fluctuates. This ensures that your savings and returns are safe from market volatility. 

 

  • Hassle-free Process

You can book a Mahindra Finance FD online which makes saving effortless. Additionally, you can also opt for an auto-renewal option which simplifies saving processes tremendously. 

 

  • Attractive Returns

The FD by Mahindra Finance offers attractive interest rates up to 7.40% which would help you maximise your savings. Additionally, Mahindra Finance FD offers special rates for senior citizens and Mahindra group employees. 

 

  • Regular Payouts

By opting for a non-cumulative Mahindra Finance FD, you can get regular income in the form of interest payouts. You can choose your preferred interest payout interval - monthly, quarterly or annually. This is especially beneficial for people who are looking for a regular source of income such as senior citizens, housewives and freelancers. 

Taxation on Mahindra Finance Fixed Deposit

As per Section 80C of the Income Tax Act, 1961, savings made into a Mahindra Finance FD does not qualify for tax saving. Additionally, the interest earned on your fixed deposits is taxable. 

 

It is obligatory for the NBFC to deduct income tax at source if the estimated annual interest paid on a deposit account exceeds ₹5000. However, Non Assessees (individuals, HUF, Trust) can avoid such deduction by furnishing a self-declaration in Form 15G/15H.

Eligibility Criteria & Documents Required

Eligibility Criteria of Booking a Mahindra Finance FD

In order to book a Mahindra Finance FD, you must be over the age of 18. In case of a minor, the parents or legal guardians can book a Mahindra Finance FD on behalf of the child. Individuals and organisations are both eligible to open a Mahindra Finance FD. Here’s a list of people and organisations that are eligible for booking a Mahindra Finance FD. 

 

  • Resident Individuals

  • Companies

  • Non-Resident Indians

  • Partnership Firms

  • Trusts and Foundations

  • Charitable Trust

  • HUF

  • Family Trust

  • Sole Proprietorship

  • Club, Association, Society

Documents Required to Book a Fixed Deposit with Mahindra Finance 

   1. Documents Required for Individuals 

 

Here are the documents required to open a Mahindra Finance FD for resident individuals:

 

  • Passport

  • Driving licence

  • Permanent Account Number (PAN) card

  • Voter's identity card issued by Election Commission of India

  • Job card issued by NREGA duly signed by an officer of the State Government

  • The letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number or any document as notified by the Central Government in consultation with the regulator

     

  2. Documents Required for Hindu Undivided Family

 

Here are the documents required to open a Mahindra Finance FD for HUF:

 

  • HUF PAN card

  • HUF/Kartha address proof & identity proof of Kartha

  • Photograph

  • Cancelled cheque leaf for bank account verification

     

 3. Documents Required for Partnership Firm

 

Here are the documents required to open a Mahindra Finance FD for partnership firms:

 

  • PAN card

  • Address proof (bank statement, telephone bill)

  • Partnership deed

  • Resolution copy

  • ID & address proof of all authorised signatories

  • Photograph of the signatories

  • Cancelled cheque leaf for bank account verification

     

  4. Documents Required for Joint Stock Companies

 

Here are the documents required to open a Mahindra Finance FD for joint stock companies:

 

  • PAN card

  • Address proof (bank statement, telephone bill)

  • Certificate of incorporation

  • Memorandum of article & association & latest board resolution with specimen signatures

  • Authorised signatory list

  • Photograph of the signatories

  • Cancelled cheque leaf for bank account verification

  • ID & address proof of authorised signatories

How to Book a Mahindra Finance FD

It’s crucial that your saving decisions are well thought out and analysed. Here’s how you can go about booking your Mahindra Finance FD.

  • Compare Existing FD Rates

Take into account prevailing FD rates and arrive at an FD that works best for you. This will ensure that your savings and returns are maximised. For instance, Mahindra Finance FD rates range anywhere from 5.80% to 7.25%, with an even higher rate of return for senior citizens and Mahindra group employees. You can choose a rate of return that suits you depending on your financial situation and goals. 

  • Choose Preferred Tenor 

The next important step when making any savings decision is to determine your preferred tenor. Your ideal tenor is dependent on your financial situation and priorities. Choosing a Mahindra Finance FD is a wise decision as it offers flexible tenor options ranging from 12 to 60 months. 

  • Choose Preferred Payout Frequency

If you’re looking for a regular source of income, a non-cumulative Mahindra Finance FD might be the best savings tool for you. Not only does it offer assured returns and guarantees the safety of your capital, it also provides you with a regular source of income in the form of interest payouts. You can choose between a monthly, quarterly, half-yearly and yearly interest payout option depending on your needs. 

  • Choose Mode of Deposit

Lastly, when all other factors are considered and you’re ready to book a Mahindra Finance FD, you can choose between multiple methods. You may choose to book a Mahindra Finance FD online through the Mahindra Finance app, website or you may book a Mahindra Finance FD through the Bajaj Markets app or the website. Alternatively, you may also choose to book an FD in-person by visiting your nearest Mahindra Finance branch. 

FAQs

  • ✔️Is TDS Deducted on a Mahindra Finance FD?

    Yes, it is obligatory for NBFCs to deduct income tax at source if the estimated annual interest paid on a deposit account exceeds ₹5000.

  • ✔️Can I book a joint account FD with Mahindra Finance?

    Yes, you can book a joint Mahindra Finance FD.

  • ✔️Can I prematurely withdraw my Mahindra Finance FD?

    Yes, you have the option to withdraw your Mahindra Finance FD prematurely. 

  • ✔️What are the documents I need for booking a Mahindra Finance FD?

    The documents required to book a Mahindra Finance FD for a resident individual is an ID and address proof such as passport, driving licence, Permanent Account Number (PAN) card, a letter issued by the Unique Identification Authority Of India containing details of name, Voter's Identity Card issued by Election Commission Of India, Job Card issued by NREGA duly signed by an Officer Of The State Government, address and Aadhaar number or any document as notified by the Central Government in consultation with the regulator.

  • ✔️Can I avail a loan against my Mahindra Finance fixed deposit?

    Yes, you can get up to 75% of the deposit amount as a loan against your Mahindra Finance FD.

  • ✔️Is it safe to invest in Mahindra Finance fixed deposits?

    Yes, Mahindra Finance fixed deposits are very safe. Mahindra Finance FD is rated FAAA by leading credit rating agency, CRISIL which is an indicator of safety and stability.