Fixed Deposits (FDs) are offered by Mahindra Finance at excellent interest rates with a term of up to 5 years. Employees of Mahindra group companies and older people are eligible for a higher interest rate on any deposits made to the scheme. On tenures ranging from 12 months to 60 months, Mahindra Finance offers FD interest rates of 5.50-6.45 percent p.a. to the general public and 5.75-6.70 percent p.a. to senior citizens. Read below to check the detailed information related to Mahindra Finance FD Rates 2022 & Calculator like Highlights, Features, Types, Eligibility Criteria, Required Documents, Mahindra Finance FD Interest Rates Calculator, and much more.
Mahindra Finance FD Rates 2022 Comprehensive Details
Fixed deposits have become the most recommended banking instruments for preparing for a financially stress-free future for the family in these times of uncertain returns. As a result, Mahindra Finance’s Fixed Deposit scheme has been specifically developed to provide you with assured returns at highly affordable interest rates on this low-risk investment.
Highlights of Mahindra Finance FD Rates 2022
|Highest Slab Rate||6.45% for 48 months & 60months|
|For 1 year||5.50%|
|For 2 year||6.00%|
|For 3 year||6.30%|
|For 4 year||6.45%|
|For 5 year||6.45%|
Kotak Mahindra Bank Net Banking
Features of Mahindra Finance FD Rates 2022
Some of the key features of the Mahindra Finance FD Rates 2022 are as follows:
- The scheme has a duration ranging from 12 to 60 months.
- A minimum deposit of Rs. 5,000 is required in the event of a Cumulative Scheme.
- The minimum deposit for a Non-Cumulative Scheme might be either Rs. 25,000 or Rs. 50,000.
- Employees of the Mahindra Group are eligible for a higher interest rate.
- Senior citizens who invest in fixed deposits earn a higher interest rate than other citizens.
- Senior adults who have retired from Mahindra Group firms are eligible for an additional interest rate of up to 0.35 percent.
- The interest income on the investment is compounded every year before tax deduction in the cumulative option.
- The investment period might be as long as five years, providing ample opportunity for the invested funds to develop significantly.
Types of Mahindra Finance FD Scheme
There are two components of the Mahindra Finance FD Scheme. Deposits of up to Rs 1 crore are accepted in both programs. The two types of Mahindra Finance FD Scheme are as follows
- Samruddhi Cumulative FD Scheme
- Samruddhi Non-Cumulative FD Scheme
Samruddhi Cumulative FD Scheme
Cumulative plans are those in which the interest is calculated quarterly or half-yearly and paid at maturity People can only invest in this plan online by going to the company’s website. Depositors have the option of choosing between a cumulative and non-cumulative plan.
Samruddhi Cumulative FD Scheme Features
|Mode of deposit||Both Online as well as Offline|
|Minimum deposit amount||INR 5,000/-|
|Maximum deposit amount||INR 1 crore/-|
|Tax deduction||After the interest is compounded, the tax is subtracted.|
|Frequency of interest payment||At the end of the FD term, once|
Samruddhi Non-Cumulative FD Scheme
Non-cumulative plans pay interest on a monthly, quarterly, half-yearly, or yearly basis, depending on the depositor’s preference.
Samruddhi Non-Cumulative FD Scheme Features
|Mode of deposit||Both Online as well as Offline|
|Minimum deposit amount||Rs 50,000 for the quarterly interest payment optionRs 25,000 for a half-yearly interest payment option)|
|Maximum deposit amount||Rs 1 crore|
|Tax deduction||Before the interest is compounded, the tax is subtracted.|
|Frequency of interest payment||Monthly/ quarterly/ half-yearly/ yearly|
Mahindra Finance Scheme Wise FD Rates 2022
Samruddhi Cumulative FD Scheme
|Tenure (in months)||Interest Rate (in % p.a.)|
|Senior Citizens||Regular Citizens|
Samruddhi Non-Cumulative Scheme
|Tenure (in months)||Interest Rate (in % p.a.) Quarterly Interest||Interest Rate (in % p.a.) Half Yearly Interest|
|Regular Citizen||Senior Citizen||Regular Citizen||Senior Citizen|
Eligibility Criteria for Mahindra Finance FD Rates 2022
The entities that are eligible for applying for Mahindra Finance FD 2022 are as follows:
- Resident Individuals
- Non-Resident Indians (NRIs)
- Family Trust
- Charitable Trust
- Sole Proprietorship
- Partnership Firms
- Hindu Undivided Families (HUFs)
- Trusts and Foundations
Required Documents for Mahindra Finance FD Rates 2022
While filling up the application form for Mahindra Finance FD Rates 2022, some important documents will be needed by each entity, make sure to keep them handy. The documents required for each entity are given in the table below:
|Entity Name||Documents Required|
|Companies||Proof of addressMemorandum or article and association ID proof of the signatoriesSignatories listCanceled cheque (required for verification)Photographs of the signatoriesAddress proof of the signatoriesCertificate of incorporation PAN Card Latest board resolution|
|Resident Individuals||Proof of identity Proof of address|
|Non-Resident Indians (NRIs)||PAN CardEmployment letter from abroadProof of address such as driving license or Voter ID, EB Bill Card, local property papers, or passbook or bank statementPassport along with a valid visa PIO Card to show Indian Origin|
|Family Trust||Photographs of the participant Address proof of the signatoriesTrust deed KYC details of all the signatories ID proof of the signatoriesCanceled cheque required for verificationSignatories list Registration application acknowledgment Registration Certification copy Consent letter|
|Club||Photographs of the participant Participant’s ID proof of the Address proof of the ParticipantPermanent Account Number (PAN) CardCanceled cheque required for verification KYC details of all the ParticipantsSignatories list Registration Certification copy Registration application acknowledgment|
|Association||Photographs of the participant Participant’s ID proof of the Registration Certification copy Address proof of the ParticipantPermanent Account Number (PAN) CardKYC details of all the ParticipantsSignatories list Registration application acknowledgmentCanceled cheque required for verification|
|Charitable Trust||PAN CardKYC details of all the signatoriesAddress proof of the signatoriesSignatories list Trust deedCancelled cheque (required for verification)Photographs of the signatoriesRegistration Certification copy ID proof of the signatoriesConsent letter Registration application (acknowledgment)|
|Society||Photographs of the participant Permanent Account Number (PAN) CardParticipant’s ID proof of the Address proof of the ParticipantKYC details of all the ParticipantsSignatories list Cancelled cheque required for verification Registration Certification copy Registration application acknowledgment|
|Sole Proprietorship||Photograph ID proof Proof of address Cancelled cheque (required for verification)Telephone billPAN Card|
|Partnership Firms||Partnership DeedCancelled cheque required for verification Photographs of the signatories PAN Card Address proof of the signatories ID proof of the signatoriesResolution CopyProof of address|
|Hindu Undivided Families (HUFs)||ID and address proof PhotographCancelled cheque required for verification PAN Card|
|Trusts and Foundations||Address and names of the directors/managers, founder, and beneficiaries Names of signatories, settlors, beneficiaries, and trustees.The fax number and telephone numbers|
Mahindra Finance FD Interest Rates Calculator
The Mahindra Finance Fixed Deposit Calculator is a simple, trouble-free tool that allows you to quickly calculate the maturity amount and interest due after the policy term. You can calculate the correct FD amount by inputting some basic information. The following are the steps that an investor must take to use the FD Calculator to compute Fixed Deposit rates:
- The sum of money invested
- The Fixed Deposit Account’s duration
- The interest rate that was offered
- Amount of FD
- The compounding period can be annual, half-annual, quarterly, or monthly
An investor will acquire the following information after entering the following information:
- The total amount of interest earned over the entire term
- The FD’s maturity value
Yes, Mahindra Finance allows you to create a joint account.
Yes, a minimum investment of Rs 5000 is required for a Samruddhi Cumulative Scheme.
Yes, absolutely. The FD calculator is designed in such a way that the output is based on the most recent applicable interest rates as per RBI standards.
Yes, an FD account can be opened on behalf of a juvenile.