Mahindra Finance, a leading NBFC, has increased the interest rate on fixed deposits. The company offers a maximum of 8.75% interest rate on deposits of tenure 40 months.
|Tenure||Interest Hike||Interest Rate|
|12 months||30 basis points||8.00%|
|18 months||35 basis points||8.10%|
|24 months||10 basis points||8.35%|
|40 months||10 basis points||8.75%|
Investors can also gain an additional rate of 0.25% by investing money online. It is worth mentioning that senior citizens get an additional interest of 0.10% above card rates on fixed deposits.
The minimum deposit amount for Mahindra Finance Fixed Deposits is ₹ 5,000 and a depositor gets free personal accident insurance cover of up to ₹ 1 Lakh. The detailed interest rate for all tenure is mentioned below:
|Tenure (in months)||Interest Rate (in % p.a.)|
Interest rates applicable with effect from 24th August 2018.