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Mahindra Finance FD Rates 2021

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Updated: 11-01-2021 12:46:02 PM

Mahindra & Mahindra Finance Services Ltd. is one of the leading Non-Banking Financial Companies (NBFC) that allows its customers to invest their money in fixed deposits and earn interest at relatively higher rates. Mahindra Finance offers Samruddhi Scheme for cumulative and non-cumulative options (online and offline).

FD Rating of Mahindra Finance Fixed Deposits
Credit Rating AgencyRatingOutlook*
CRISILFAAAStable
ICRA––

ICRA gives a long term rating of AAA (SO). It is an indicator of the company’s structured finance instruments carry the highest degree of safety when it comes to servicing of financial obligations. To put it simply, there is a very low credit risk.

What is Outlook in credit rating?

The literal meaning of outlook is prospective or the likelihood of something happening in future. For credit rating, outlook indicates if the current rating will improve, go down or remain stable in the near to medium term (generally from 6 months to 2 years). Both, ICRA and CRISIL, provide three types of outlook, viz. Positive, Negative and Stable.

Mahindra Finance Samruddhi FD Scheme
Mahindra Finance Fixed Deposit Eligibility Criteria
Valid Documents for Mahindra Finance Fixed Deposit

Mahindra Finance Samruddhi FD Scheme

Mahindra Finance Samruddhi fixed deposit scheme is classified under two sections:

  • Samruddhi Cumulative FD Scheme
  • Samruddhi Non-Cumulative FD Scheme

Both the schemes are available for deposits of up to Rs 1 crore. Cumulative schemes are those where the interest is calculated quarterly or half-yearly and is paid at the time of maturity. In non-cumulative schemes, the interest is paid on a monthly, quarterly, half-yearly or yearly basis as chosen by the depositor.

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Cumulative Scheme

People can invest in this scheme only through online mode by visiting the company’s website. Depositors can choose whether they want a cumulative or non-cumulative scheme.

Features of Samruddhi Cumulative FD Scheme

Particulars

Details

Minimum deposit amountRs 5,000
Maximum deposit amountRs 1 crore
Mode of depositOnline/Offline
Frequency of interest paymentOnce, at the end of the FD term
Tax deductionTax deducted after the interest is compounded

Features of Samruddhi Non-Cumulative Deposit Scheme 

Particulars

Details

Minimum deposit amountRs 25,000 (For half-yearly interest payment option)

Rs 50,000 (For quarterly interest payment option)

Maximum deposit amountRs 1 crore
Mode of depositOnline/Offline
Frequency of interest paymentMonthly/ quarterly/ half-yearly/ yearly
Tax deductionTax deducted before the interest is compounded

For those who wish to deposit an amount above Rs 1 crore, they need to open a bulk deposit account. Please refer to the official website of Mahindra Finance for bulk FD rates.  (https://mahindrafinance.com/investments/fixed-deposit#rateOfInterest)

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Mahindra Finance FD Interest Rates, 2021

Samruddhi Cumulative Deposits 

Tenure

(in months)

Interest Rate (in % p.a.)
RegularSenior Citizen
125.70%5.95%
155.80%6.05%
186.00%6.25%
206.10%6.35%
246.20%6.45%
276.20%6.45%
306.20%6.45%
336.20%6.45%
366.30%6.55%
386.30%6.55%
406.30%6.55%
446.45%6.65%
486.45%6.65%
606.45%6.65%

(Interest Rates with effect from 24th August 2020)

Samruddhi Non-Cumulative Scheme Interest Rate

Tenure

(in months)

Interest Rate (in % p.a.) Quarterly InterestInterest Rate (in % p.a.) Half Yearly Interest
RegularSenior CitizenRegularSenior Citizen
125.50%5.75%5.60%5.85%
155.60%5.85%5.70%5.95%
185.80%5.95%5.90%6.15%
205.90%6.15%6.00%6.25%
246.00%6.25%6.10%6.35%
276.00%6.25%6.10%6.35%
306.00%6.25%6.10%6.35%
336.00%6.25%6.10%6.35%
366.10%6.35%6.20%6.45%
386.10%6.35%6.20%6.45%
406.10%6.35%6.20%6.45%
446.25%6.50%6.35%6.55%
486.25%6.50%6.35%6.55%
606.25%6.50%6.35%6.55%

(Interest Rates with effect from 24th August 2020)

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Mahindra Finance Fixed Deposit Eligibility Criteria

Following people are eligible to open Mahindra Finance Fixed Deposits:

Mahindra Finance Fixed Deposit Eligibility Criteria
  • Resident Individuals
  • Companies
  • NRIs
  • Partnership Firms
  • Trusts and Foundations
  • Family Trusts
  • Charitable Trusts
  • HUFs
  • Sole Proprietorship
  • Clubs, Association, Societies.

Valid Documents for Mahindra Finance Fixed Deposit

For Resident Individuals
ID & Address Proof
  • Passport
  • Driving License
  • Voter’s Identity Card issued by Election Commission of India
  • Job card issued by NREGA duly signed by an officer of the State Government

 

For Companies
  • PAN Card
  • Address Proof (Bank statement, Telephone Bill)
  • Certificate of incorporation
  • Memorandum of Article & association & Latest Board resolution with specimen signatures.
  • Authorized Signatory list
  • Photograph of the signatories
  • Cancel cheque leaf for Bank account verification.
For Non-Resident Indians (NRI)
  • Passport with a valid visa
  • Overseas employment letter (optional for confirmation of residential status and overseas address)
  • A PIO card to establish Indian Origin, if it is a foreign passport.
  • PAN card
  • A local address proof if different from the passport address:
  1. Bank account statement or passbook
  2. Local Property papers with registration deed
  3. EB Bill card
  4. Voter Id or Driving License
  • Tax Residency Certificate from the Income Tax department of the country the investor is a resident
  • Copy of the passport as of the beginning of the current financial year and end of the financial year
For HUF
  • HUF PAN card
  • HUF/Kartha Address Proof & identity proof of Kartha
  • Photograph
  • Cancel cheque leaf for Bank account verification.
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