Mahindra Finance Fixed Deposit

Mahindra Finance FD Schemes 2020 Review

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Mahindra Finance FD Scheme offers highest interest rates up to 7.3% where one can get yield up to 8.38%. Banks are reducing interest rates in the last few quarters. Banks are currently offering 5% to 6.5% interest rates. Mahindra Finance FD rates in 2020 are far higher compared to Bank FDs. While there are several company FD schemes, one should invest in a trusted company for the safety of their investment. What are various FD schemes offered by Mahindra Finance? What are the interest rates of Mahindra Finance FD Schemes in 2020? Should you invest in Mahindra Finance Fixed Deposits or avoid?

Also Read: 7.15% RBI floating rate saving bonds 2020 – How good are these bonds?

About Mahindra Finance

Mahindra & Mahindra Financial Services Limited (also known as Mahindra Finance) is a Rural NBFC headquartered in Mumbai. It is amongst the top tractor finance in India and offers a wide range of financial products to address varied customer requirements.

Features of Mahindra Finance FD Schemes

Mahindra Finance offers 4 FD scheme variants. 1) Dhanvruddhi cumulative scheme 2) Dhanvruddhi non cumulative scheme 3) Samruddhi cumulative scheme 4) Samruddhi non cumulative scheme

In cumulative option, the interest would be paid on maturity. In non cumulative option, interest would be paid quarterly, half-yearly and yearly based on the option chosen.

Mahindra Finance FD Rating is “FAAA”, which indicates the highest degree of safety for the payment of interest and repayment of capital.

Interest rates are between 6.2% to 7.3%. The yields are up to 8.38%.

Senior Citizens would get up to 0.25% higher interest rates for specific FDs.

Mahindra Finance group employees and their relatives would get 0.35% higher interest rates.

What are various Mahindra Finance Fixed Deposit schemes offered by them in 2020?

I) Dhanvruddhi Cumulative Scheme

Here are the details of this FD scheme.

1) The interest rates are revised now in 2020.

2) This is cumulative interest payment scheme, means, interest would be paid on maturity.

3) The minimum deposit is Rs 5,000 and in multiples of Rs 1,000 thereof.

4) It offers 15 months to 40 months tenure FDs.

5) Interest rates are up to 7.3% per annum. Highest Yield is 7.96%.

6) One can invest up to Rs 1 Crore in this FD scheme.

7) You can open this FD scheme online on Mahindra Finance website. Don’t get into the trap of any broker website or any other website offering this FD online.

Here are the Mahindra Finance FD Rates 2020 for this Dhanvruddhi Cumulative Scheme.

II) Dhanvruddhi Non cumulative Scheme

Here are the details of this FD scheme.

1) The interest rates are revised now in 2020.

2) This is non cumulative FD scheme, i.e. interest would be paid either monthly or yearly depending on the scheme you choose.

3) The minimum deposit is Rs 5,000 and in multiples of Rs 1,000 thereof.

4) It offers 15 months to 40 months tenure FD.

5) Interest rates are up to 7.3% per annum.

6) One can invest up to Rs 1 Crore in this FD scheme.

7) You can open this FD scheme online

Here are the interest details of Mahindra Finance Dhanvruddhi non cumulative FD scheme.

III) Samruddhi Cumulative FD Scheme

Here are the details of this FD scheme.

1) The interest rates are revised now in 2020.

2) This is cumulative interest payment scheme means, interest would be paid on maturity.

3) The minimum deposit is Rs 5,000 and in multiples of Rs 1,000 thereof.

4) It offers 12 months to 60 months tenure FD.

5) Interest rates are up to 7.25% per annum. Highest Yield is 8.38%.

6) One can invest up to Rs 1 Crore in this FD scheme.

7) You can subscribe to this FD scheme offline / physical application process only.

Here are the Mahindra Finance FD Rates from 2020 for this Samruddhi Cumulative FD Scheme.

IV) Samruddhi Non cumulative FD Scheme

Here are the details of the scheme.

1) The interest rates are revised now in 2020.

2) This is a non cumulative FD scheme, i.e. interest would be paid either quarterly or half yearly depending on the scheme you choose.

3) The minimum deposit is Rs 25,000 for half-yearly interest payout FD scheme and Rs 50,000 for quarterly interest payout FD scheme.

4) It offers 12 months to 60 months tenure FD.

5) Interest rates are up to 7.15% per annum.

6) One can invest up to Rs 1 Crore in this FD scheme.

7) You can subscribe to this FD scheme offline / physical application process only.

Here are the Mahindra Finance FD Rates 2020 for this scheme.

Reasons to invest in this FD Scheme

Here are positive things about this FD scheme

1) Mahindra is trusted brand. Investors should invest in trusted brand which would be relatively safer compared to regular corporate companies.

2) These FD schemes offer high interest rates up to 7.3% and the yield up to 8.38%.

3) Two of the FD schemes can be invested online, hence it is a relatively easier process compared to manual process.

You may like: Is it safe to invest in TPPFC FD Scheme in 2020 that offers upto 10.9% yield?

Reasons NOT to invest in this FD Scheme

Here are few negative / risk factors.

1) Company FD schemes do not offer any security. In case any such company gets windup due to various reasons, FD investors would get preference like any other creditor of the company for the repayment of the FD investment.

2) Premature withdrawals terms and conditions makes such FD unattractive.

3) While it is trusted brand, in future there could be changes in credit ratings from credit rating agencies and such FD can turn to be riskier. There could be delays in repayment of capital / interest due to this.

How to Open Mahindra Finance Fixed Deposit Scheme Online?

Here the step-by-step process of opening Mahindra Finance Fixed Deposit Scheme online.

1) You can visit this link to open FD scheme online.

2) Select whether you are a new investor or existing investor. If existing investor, enter a login ID and password and skip to point no. 4

3) You need to enter basic details like name, date of birth, mobile number, email address and get the OTP

4) You can make the payment + Upload KYC and additional details (if required)

If you wish to open through offline, you can check Mahindra Finance Fixed Deposit forms here.

What documents are required to open the Mahindra Finance FD Scheme?

Any of these documents can be used for KYC.

1) Passport

2) The driving license

3) The Permanent Account Number (PAN) Card,

4) The Voter’s Identity Card issued by the Election Commission of India,

5) The Job card issued by NREGA duly signed by an officer of the State Government,

6) The letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number or any document as notified by the Central Government in consultation with the regulator.

Some of the FAQs about these FD Schemes

1) How can I calculate the interest amount?

Mahindra Finance Fixed Deposit calculator provided in above interest rate table has the complete details. Based on the option and tenure chosen, the interest rate would differ.

2) What is the Mahindra Finance Fixed Deposit Rating?

If you are thinking “is Mahindra Finance FD safe in 2020”, you need to check the FD credit rating that can talk about company fundamentals. These FD Schemes are rated by CRISIL as FAAA which indicates a high level of safety for interest payment and repayment of capital.

3) How the FD interest is taxed?

Mahindra Finance would deduct TDS on interest exceeding Rs 5,000 per annum. However, one need to calculate total interest received and pay income tax based on the income tax slab applicable to them when they receive the interest rates.

4) Is there premature withdrawals for this FD?

One can take a premature withdrawal only after 3 months from the date of deposit or from the renewal of deposit. However, withdrawals are not allowed during quarter closures or year closures on specific dates due to accounting closures.

5) When the interest payment would be done for non cumulative deposits?

In case of non cumulative deposits, interest would be paid on the last day of the month or quarter or half year or year based on the scheme and option chosen.

6) Can we submit Form-15G or Form-15H?

Yes. Individuals can submit a form 15G or 15H to the company to not to deduct TDS on their FD interest.

7) In an emergency, can I get a loan against my FD?

Yes. One can request for the loan on this FD which would be up to 75% of the FD amount. The interest rate would be 2% higher than the FD interest rate paid to investors.

8) Can NRI’s invest in this FD Scheme?

Yes. NRI’s can invest in this FD scheme on non-repatriation basis.

9) What are the Mahindra Finance FD customer care details so that I can reach out for queries?

You can reach at any of the following details for queries or complaints.

i) You can contact them at 022-66423966 or 1800 266 9266, or reach their email IDs pawar.sunita@mahindra.com, mfinfd@mahindra.com

ii) You can reach at their address here:

Fixed Deposit Processing Centre; Mahindra & Mahindra Financial Services Ltd. New no. 86, Old no. 827, Second floor, Dhun building, P.B. No. 2430, Anna Salai, Chennai – 600 002, Tel no.: 044-28411061/044-28411016

Also Read: Shriram Transport Finance FD offers 10% yield – Are there any risks?

Should you invest in Mahindra Finance FD Scheme in 2020?

Mahindra Finance is trusted brand. Its FDs have good credit rating from Crisil. It offers high interest rates up to 7.3% and yield up to 8.38%. Like I indicated in RISKS section, FD’s does not offer any security. Company FD schemes are always riskier. If you are a high risk investor and willing to consider these risks indicated above, you can invest in these FD Schemes. Otherwise, you can stay away from such schemes.

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Suresh KP

Mahindra Finance FD Schemes 2020 Review

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WHAT ARE THE SCHEMES AVAILABLE?

Interest will be payable on the deposit from the date of realisation of cheque / demand draft or RTGS transfer to HDFC's bank account. Interest on deposits placed under Monthly Income Plan , Non-Cumulative Option and Annual Income Plan shall be paid on fixed dates as given below :

Cumulative Interest Option / Easy Way: Interest will be compounded annually on 31st March of every year after deducting the tax, where applicable. The principal along with interest will be paid on maturity once the discharged deposit receipt is received by us.

Interest amount (net of TDS - where applicable) will be paid through ECS at all centers where ECS facility is available. Where ECS facility is not available, interest cheque will be paid through 'Account payee' cheque drawn in favor of the first named depositor along with his bank account details furnished. In case of MIP, post-dated interest cheques for every financial year will be issued in advance.

Interest on Monthly Income Plan under Variable Rate Deposit will be credited to the depositor's bank account on the last day of the month, through ECS only. Interest will accrue after the maturity date only if the deposit is renewed. Interest reset date for variable rate Deposits.

Rate of interest (ROI) will be reset at the beginning of each interest period. ROI prevailing on the first day of the interest period will be applicable for the entire interest period

HOW TO INVEST?

1. Applications for Deposits in the prescribed Form duly signed by all the joint applicants and accompanied by cheques or demand drafts should be sent to Wealth India Financial Services Pvt Ltd.
2. Payments should be made by means of an Account Payee cheque / demand draft made payable to 'MMFSL- FIXED DEPOSIT' payable at par at the centers where the application is submitted..
3. Deposits will be accepted from Resident individuals, HUFs, Domestic Company, Charitable institutions and Minors (through their guardians only).
4. Signature by thumb impression must be attested by a Magistrate or a Notary Public or a Special Executive Officer under his Official Seal.

HOW IS FIXED DEPOSIT RECEIPT MAILED?

1. Fixed Deposit Receipts shall be mailed by courier or Registered/Speed Post within 6 weeks of the date of realization of the Cheque, at the address of the first applicant given in the Application Form. The Company shall not be responsible for any loss or delay in transit.
2. In case of loss or destruction or mutilation of the Deposit Receipt, the Company may at its sole discretion issue a duplicate receipt subject to compliance with its terms and conditions including an indemnity duly signed by all the joint depositors. All expenses in this connection will be borne by the depositor(s).
3. Fixed Deposit Receipts will not be transferable. The Company may however, at its discretion permit the addition of one name to the Deposit Receipt under certain circumstances and subject to such terms and conditions as it may deem fit. The Company will not accept or recognize any lien on or assignment of the Fixed Deposit Receipt for a loan taken from or by arrangement with the Company.

HOW IS THE PAYMENT OF INTEREST MADE?

Interest on Deposit (Non Cumulative) will be paid on 30th September and 31st March. In case of interest payment for part period the same will be made on pro-rata basis. However, if a Deposit is made within a period of 30 days prior to any of the interest payment date, the interest for the part period will be paid on the next interest payment date. Payment of interest will be made through interest warrant or through Electronic Clearing Service (ECS) in respect of the places where such facility has been offered by the Company.

WHAT IS THE RENEWAL/REPAYMENT OF DEPOSITS PROCEDURE?

1. The Deposit Receipt duly discharged on revenue stamp should be sent to Offices of the Registrar to the Fixed Deposit Scheme at least 4 weeks before the date of maturity to enable the Company to repay the Deposit. In the case of renewal, a fresh application form duly filled in should accompany the said discharge receipt. The application form can be obtained from the Company's Offices, Offices of the Registrar to the Fixed Deposit Scheme and Offices of the Principal Managers to the Fixed Deposit Scheme as per the addresses given herein.
2. The Fixed Deposit will be repaid only on maturity and not on demand or notice except at the discretion of the Company.
3. Repayment of the principal amount will be made by account payee cheque/demand draft on the Company's Bankers encashable at par/Electronic Clearing Service [ECS] facility/RTGS. iv. No change in the first name of the depositor is permitted at the time of renewal.

Mahindra Finance Fixed Deposit Rates

WHAT IS THE PREMATURE WITHDRAWAL PROCEDURE?

No premature withdrawal will be allowed before the completion of three months from the date of receipt as per the directions of the Reserve Bank of India currently in force. In case of request for premature withdrawal after the expiry of three months the rate given in the table below shall apply :

However, all premature withdrawals are subjected to the prevailing guidelines of Reserve Bank of India as amended from time to time. In the event of death of a depositor, the deposit may be repaid prematurely to the surviving depositor/s in the case of joint holding with survivor clause, or to the legal heir/s with interest at the rate that would have ordinarily been paid, had such deposit been accepted for the period for which such deposit had run up to the date of repayment

Mahindra Finance Fixed Deposit Crisil Rating

Head Office
Mahindra & Mahindra Financial Services Ltd.
Sadhana House, 2nd floor, Behind Mahindra Towers,
570 P. B. Marg, Worli,
Mumbai - 400 018 India.
Tel.: 022-6652 6000
Fax: 022- 2490 0728