Form 15G is meant for Resident Individuals who are below 65 years of age. 15H is meant for Senior Citizens who are of 65 years of age or more during the financial year.

Cumulative as well as non cumulative schemes are available for deposits.

In a ‘Non cumulative scheme’ the interest is payable on a half yearly basis. The scheme will be convenient for pensioners who require a periodical interest payment. In the ‘Cumulative deposit scheme’, the interest is payable at the time of maturity along with the principal. This scheme is suitable for people who do not require periodical interest payments and this can be thought of as a money multiplier scheme.

The minimum amount under the cumulative deposit scheme is Rs. 10,000/- and under the non cumulative scheme is Rs. 25,000/- half yearly and Rs. 50,000/- quarterly.

The amount can be tendered by means of a Cheque/DD issued in favour of Mahindra Finance- Fixed Deposit and submitted to a HDFC Bank collection centre. Alternatively, the depositor can send the DD Payable to the corporate office at Mumbai.

Yes. An application for the deposit should be made on the prescribed form of the respective companies.

Only the person(s) who have been appointed as guardian(s) by the Competent Court should sign the application. A copy of the Court Order has to be submitted to us.

Yes. You can make a deposit solely in the name of the minor. However, there is also an option of making a deposit in the name of minor along with one or two individuals. In the case of a minor, the date of birth of the Minor should be indicated in the deposit application form in the space provided. In the case of Hindus, the application form should be signed by the father or the mother of the Minor. In case of minors belonging to the Muslim religion, only the father should sign the application form as the guardian.

Yes. A copy of the Power of Attorney is to be obtained and filed by the depositor.

Yes, Senior Citizens will get an additional rate of 0.25% per annum.

Yes, a maximum of three people can maintain a joint account which would be payable to "Anyone or Survivor" or "No.1 or Survivor". ANYONE OR SURVIVOR (A OR S) - On maturity, the deposit receipt can be discharged by anyone of the depositors. However, for a premature payment and loan all the depositors signatures are required.

Yes. A non charitable registered trust can invest in an FD.

Yes. A company can invest in FD’s.

No. There is no brokerage or incentive for deposits.

No. The interest is payable only on a quarterly and half yearly basis.

The interest is directly credited to the bank account via ECS.

All Interest warrants are drawn on HDFC Bank, Mumbai, payable at par at all HDFC branches in India without any charges.

No. The interest will be paid to the first depositor only.

In a Non cumulative scheme the interest will be credited on the 30th of June, 30th of September, 31st of December and the 31st of March of every financial year during the FD tenure.

There will be absolutely no change as we are obliged to pay the contracted rate till its maturity as per the current rules.

The decision rests solely upon the directives of the Reserve Bank of India. If the Reserve Bank of India is specific that the increase should bear a prospective effect from a particular time, it cannot be done immediately. The revised rates will apply only to fresh deposits and renewals. However, the benefit of the revision can be passed on to the existing depositors by a process of `Premature renewal' subject to RBI rules.

It is obligatory on our part to deduct income tax at source if the estimated annual interest paid/credited on a deposit account exceeds Rs.5000. However, Non Assessees (individuals, HUF, Trust) can avoid such deduction by furnishing a self-declaration in the Forms 15G/1

No. All deposits held in the same name, or in the same order of names (in case of joint deposits) are required to be clubbed together for the purpose of calculation of income tax

Form 15G/15H is a self declaration by the depositor which can be obtained from the company. It is a self declaration which needs no attestation by anybody except in the case of Left Hand Thumb impression which needs to be attested by a Gazetted Officer/Bank Official. Since a copy has to be retained in our files and one copy has to be sent to the IT dept. it is required to be furnished in duplicate. We will send a Form 15G/15H declaration in the month of March and the depositor is required to return the same in duplicate duly completed and signed by the first Depositor. Form 15G/15H is sent to the depositor on the basis of the estimated interest payable for the full financial year and such estimation is calculated as on 31st March. In Cumulative deposit the estimation will be on the assumption that the deposit will be renewed for the entire maturity value on the due date in the following year.

No. Since there may be changes in the Income Tax laws, the Form 15G/15H is required at the beginning of each financial year or at the time of deposit, where applicable

For the tax deducted at source a Consolidated Tax Deduction Certificate in the prescribed Form 16A, giving details of the interest remitted to Govt. etc. will be sent during second/third week of April every year

Since one copy of the Form 15G/15H is required to be sent to I.T.O. it is possible that the I.T.O. may raise some query, when they deem it necessary.

No. As s/he is an Assessee, the Form 15G/15H cannot be furnished.

According to the directions of the RBI no withdrawal of deposits can be made within three months from the date of deposit renewal.

Yes. A Premature withdrawal can be done after 3 months from the date of deposit/renewal as per the Directions of Reserve Bank of India and the Terms and Conditions of the company.

No. Premature payments will be made to the first depositor only.

No. The deposit will not be paid back in cash.

Yes. The payments can be sent directly to your bank after informing the depositor of the same.

As per the RBI's directives, we are allowed to a grant loan up to 75% of the deposit amount after 3 months from the date of deposit.

A 2% over and above the contracted rate of interest can be charged for the loans.

An attested copy of Death Certificate, Term Deposit Receipt, Will or testamentary disposition, if any, or an attested copy of Legal Heirship Certificate issued by a Tahsildar /Corporation.

No. NRI deposits are not accepted.

"The premature withdrawal of any FD is allowed at a sole discretion of the company.Premature withdrawal will be allowed under emegency curcumstances and it should be accompanied with request letter,duly discharged FDR with Re 1 revenue stamp on it and a cancelled cheque copy."

From current financial year, the TDS certificate will be generated by NSDL on behalf of Income Tax department. So the TDS certificate will be sent to the address registered with PAN card authorities at the time of applying for PAN card. We request you to change the address with PAN card authority if your current communication address is different from the address in the PAN card else you will not receive TDS certificate as it will be going to your PAN card address. You can also receive the TDS information(form 26A) from NSDL website by doing simple registration on NSDL website https://incometaxindiaefiling.gov.in/portal/login.do

TDS certificate will be dispatched quarterly and you will be receiving it as per below schedule:

Q1-last week of July
Q2-last week of October
Q3-lst week of January
Q4-last week of May

Yes,You can invest online by loging to www.mahindrafinance.com