All you need to know about Mahindra Finance fixed deposit

Introduction :-

Fixed Deposits (FDs) are a secure and reliable investment option, ideal for those looking to invest a lump sum amount for a specified period. Offering predictable returns, FDs are known for their safety and ability to grow your savings. The interest rate on an FD is fixed at the time of investment, ensuring consistent returns until maturity. Upon maturity, you receive your initial investment along with the accumulated interest. Mahindra Finance, provides attractive interest rates of up to 8.10% per annum on their FDs and additional 0.25% of senior citizens. The interest rate varies based on the investment amount, tenure, and the chosen interest payout interval. Invest in Mahindra Finance Fixed Deposits today to enjoy higher & fixed returns.

Mahindra Finance FD Rates

Additional

Mahindra fin Samruddhi Fixed Deposits up to 5 Cr. 0.25% extra for Sr. Citizen &0.35% extra to Employees/Employees' relative,(All M&M Group Companies Employees).Interest Compounded Annually. Approval Required Amount Rs. 5 Cr. w.e.f. 25th April 2024.

Key Features of Mahindra Finance Fixed Deposit

1. Credit Ratings- Mahindra Finance Fixed Deposit have been awarded the prestigious “IND AAA/Stable” rating by India Ratings and the “CRISIL AAA/Stable” rating by CRISIL Ratings, indicating the highest level of safety.

2. High Interest Rates- Mahindra finance fixed deposit rates are competitively high, helping you grow your money faster. Senior citizens can enjoy an additional 0.25% interest rate, while Mahindra Group employees and their relatives can avail an extra 0.35% interest rate on Samruddhi Fixed Deposits.It is important to note that Mahindra finance fixed deposit provide better interest rates than regular bank FDs.

3. Online and Offline Application- Apply for a fixed deposit online with RR Finance and enjoy features like minimal paperwork, simple eligibility criteria, a wide variety of FD schemes, guaranteed returns, flexible interest payout options, and hassle-free renewals.

4. Flexible Tenure Options- Depending on their preferences and financial objectives, investors can select from a variety of tenure options in Mahindra fixed deposit, which include both short- and long-term deposits.

5. Minimum Investment Amount- Mahindra finance fixed deposit are generally available to a broad spectrum of investors due to their minimum investment amount.

6. Interest Payout Frequency- Depending on their cash flow needs, investors can select an interest payout frequency of monthly, quarterly, semi-annually, or annually.

7. Nomination service- Investors can choose a beneficiary who will receive the proceeds in the event of the investor's passing by using Mahindra finance’s nomination service.

Why Invest in Mahindra Finance Fixed Deposit?

1. Fixed Returns- Fixed Deposits (FDs) are considered safer than shares or mutual funds, with credit ratings from agencies like India Ratings & Research ensuring the security of your invested funds.

2. Higher Interest Rates - Mahindra Finance offers attractive interest rates of up to 8.05% per annum, with an additional 0.25% interest for senior citizens, providing a better return compared to many other investment options.

3. Low Minimum Investment - These FDs are accessible to a wide range of investors with a minimum investment amount as low as INR 5,000, making it easy to start investing.

4. Flexibility - Investors can choose between cumulative and non-cumulative options, with non-cumulative FDs offering regular interest payments. Premature withdrawal is possible, subject to RBI rules, providing additional flexibility.

5. Loan Facility - Mahindra Finance Fixed Deposit allows you to avail loans against your deposits, up to 75% of the deposit amount, after three months, at affordable interest rates.

6. Tax Savings - Tax-saving FDs offer benefits under Section 80C of the Income Tax Act, with investments up to INR 1.5 lakh, provided the deposit is held for a minimum of five years, helping you save on taxes while growing your investment.

Documentation Required for Mahindra Finance Fixed Deposit -

1. For Resident Individuals -

• ID & Address proof
• Passport,
• Driving license,
• The Permanent Account Number (PAN) Card,
• The Voter's Identity Card issued by Election Commission of India,
• Job card issued by NREGA duly signed by an officer of the State Government,

2. For Non-Resident Indians (NRI) –

• Passport with 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

  a ) Bank account statement or passbook

  b ) Local Property papers with registration deed

  c ) EB Bill card

  d ) 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 financial year

3. For Companies –

• PAN Card
• Address Proof (Bank statement, Telephone Bill)
• Certificate of incorporation
• emorandum of Article & association & Latest Board resolution with specimen signatures.
• Authorized Signatory list
• Photograph of the signatories
• Cancel cheque leaf for Bank account verification.
• ID & Address Proof of Authorized signatories

Final thoughts -

Investing in Mahindra Finance Fixed Deposit is a smart choice for those seeking secure and high-yield investment options. With competitive interest rates of up to 8.10% per annum, additional benefits for senior citizens and Mahindra Group employees, and the highest safety ratings from India Ratings and CRISIL, your investment is in trusted hands. Enjoy the convenience of an easy online application process, flexible tenure options, and multiple interest payout frequencies to suit your financial needs. Start growing your savings with Mahindra Finance Fixed Deposit today and secure your financial future with guaranteed returns and unparalleled safety.