Muthoot Capital Fixed Deposit Rates, 2020

Muthoot Capital Services Ltd. is a registered Non-Banking Financial Company (NBFC) with a “Stable” long term CRISIL rating. It provides fixed deposits as an investment product among the other retail finance products like ‘two wheeler loans’ and ‘used car loans.’ The company offers competitive FD rates for cumulative as well as non-cumulative options.

Muthoot Capital Fixed Deposit has an FA+ rating awarded by CRISIL with a “Stable” outlook. FA+ indicates “Adequate or Satisfactory Safety”.

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Check the updated Muthoot Capital FD rates given below.

Muthoot Capital FD Interest Rates, 2020

1. Cumulative Deposits (Maturity Plan)

Note: No preferential rates offered to senior citizens under the cumulative deposit scheme.

2. Non- Cumulative Deposits (Monthly Scheme)

Note: Preferential interest rates (0.25% offered to senior citizens, Central/State Govt. pensioners and employees of Muthoot Pappachan Group (MPC)

3. Non – Cumulative Deposits (Annual Scheme)

Preferential interest rates (0.25%) offered to senior citizens, Central/State Govt. pensioners and employees of Muthoot Pappachan Group (MPC)

Source: Muthoot Capital Services Ltd. (Official Website)

Muthoot Capital FD – Eligibility Criteria

The following persons can apply for a fixed deposit scheme with Muthoot Capital:

• Resident individuals
• Trusts
• HUFs (via Karta)
• Minors (resident individuals of less than 18 years of age) – To be applied through their guardian

Types of Muthoot Capital Fixed Deposit Schemes

There are three types of FD schemes offered by Muthoot Capital, viz.:

1. Scheme A – Non- Cumulative Monthly Interest Plan

Under this scheme, the interest shall accrue and be monthly payable.

2. Scheme B – Non-Cumulative Annual Interest Plan

Under this scheme, interest shall accrue and payable on an annual basis.

3. Scheme C – Cumulative Maturity Plan

Here, the interest shall be compounded on an annual basis and will be payable on maturity of the deposit, along with the principal.

Features of Muthoot Capital FD Schemes

Although there are 3 different fixed deposit or term deposit schemes offered by the company, the basic features remain the same. These are as stated here:

• Minimum deposit amount: Rs. 1,000
• Minimum period of deposit: 1 year
• Renewal: Available on maturity; subject to T&Cs
• Loan against FD: Available
• Premature withdrawal: Available after 3 months from the date of booking (with exception to the death of the primary account holder)
• Can be held jointly (max. 3 applicants)
• Income tax on FD: Will be deducted at source as per the provisions of the Income Tax Act, 1961
• TDS on FD interest will not be exercised if Form 15 G/H is submitted 45 days before the date of interest payment
• Please note that these deposits are not insured by the DICGC

Important: Corporate FDs are unsecured investment instruments, i.e. these are not covered by the Deposit Insurance and Credit Guarantee Corporation. However, such companies accept public deposits in accordance with the guidelines set by the Reserve Bank of India.

Suggested Read: DICGC 

Muthoot Capital Term Deposits – Loan against FD

Customers have the option of availing a loan against their deposit in the Muthoot Capital Services Ltd. subject to the following terms:

• Deposit must be active for minimum 3 months from the date of commencement
• Maximum loan amount granted – 75% of the deposit amount (e.g. for an FD of Rs. 1 lakh, you can get a maximum loan of Rs 75,000)
• Interest – 2% above the contracted rate (e.g. if you booked an FD @ 7% p.a., you will be given loan against fixed deposit at 9% p.a.)
• Granting of loan is at the sole discretion of the company

Suggested Read: Loan against FD

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Premature Withdrawal of Muthoot Capital FD Scheme

Along with loan against FD, customers can also withdraw their fixed deposit prematurely, i.e. before the deposit reaches its full term. Read the following points with regard to premature withdrawal:

• Premature withdrawal can only be exercised if the FD was active for a minimum of 3 months from the date of deposit/renewal (except in the case of death of the primary depositor)
• No interest shall be payable if the deposit is withdrawn after 3 months but before 6 months of date of initial deposit/renewal
• In case of non-cumulative deposit with monthly interest payout, interest will be recovered from the principal amount before making the full and final settlement
• For deposits withdrawn after 6 months but before maturity, rate of interest will be lesser than the one mentioned in your fixed deposit receipt (usually 2-3% less)

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Documents Required to Apply for Muthoot Capital FD 

The following documents are required to open a fixed deposit with Muthoot Capital Services Ltd.:

• • Filled and duly signed Application Form
  • Form DA 1 – For nomination purposes (attached to the application form)
  • Copy of PAN Card
  • Identity Proof (of all applicants)
    • Passport
    • PAN Card
    • Voter’s ID Card
    • Driving License
    • Aadhar Card

  (Any One)

  • Address Proof (of all applicants)
    • Passport Telephone/ Electricity Bill
    • Bank A/c Statement
    • Aadhaar Card
    • Ration Card
    • Driving License

  (Any One)

  • 1 passport size photograph (self-attested)

  (of each applicant, if more than one)

  • Form 15G/H, if opting for Income Tax Exemption

   

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Muthoot Capital Fixed Deposits – How to Apply?

Application for a Muthoot Capital fixed deposit can be initiated online as well as offline.

Online Method

Step 1: Visit the official website of Muthoot Capital Services Ltd.

Step 2: On the top menu bar, hover over “Products” and select “Fixed Deposits”.

Step 3: On the top corner of the webpage, click on “Apply Now”.

Step 4: Fill the pop-up form with your name, email ID and mobile number.

Step 5: Click on “Send OTP” and fill the same in the field provided.

Follow the instructions that appear on your screen next.

Offline Method

Step 1: Click here to download the Application Form.

Step 2: Print the form and fill it properly in BLOCK LETTERS and duly sign the same.

Step 3: Send the filled application form along with the cheque/demand draft (equivalent to the deposit amount) to the Registered Office of Muthoot Capital Services Ltd.

Note: Cheque/DD payable at Kochi/at par must be made in favour of “Muthoot Capital Services Limited” and crossed as “A/C PAYEE ONLY”.

You will receive a receipt at your correspondence address that you filled in the application form.

Want to know about other fixed deposit schemes too? Check the link: Corporate/Company Fixed Deposits