login-icon
mahindra-finance-logo
login-icon
  • English
  • Hindi
  • Bengali
  • Marathi
  • Telugu
  • Tamil
  • Gujarati
  • Kannada
  • Odia
  • Malayalam
  • Punjabi
phone

Download App

Conveniently pay your EMIs, set payment reminders, view your loan details.

phone
|

What are the eligibility criteria for a Rs. 20 Lakh fixed deposit?

mahindra-finance-author

by Mahindra Finance

|

February 29, 2024

|

1 mins read

Mahindra Finance has very simple eligibility requirements for all who wish to open a Rs. 20 Lakh fixed deposit account. Fixed deposit eligibility is as follows:

  • There is no specific age limit. Anyone from 10 years old to 60+ years, be it resident Indians or non-resident individuals, can open an FD account.
  • The minimum amount required to open an FD account is Rs. 5000. It is a small amount that anyone can afford. You also can invest any amount as per your capacity up to Rs. 25 Crore.
  • The minimum investment period is 12 months. This means once you open an FD account, you cannot withdraw the funds for one year. But it is better to stay invested for a longer period as you get higher returns.

Related articles

What-is-the-Pradhan-Mantri-Awas-Yojana-PMAY-subsidy

What is the Pradhan Mantri Awas Yojana (PMAY) subsidy

Many Indians dream of owning a home. The Pradhan Mantri Awas Yojana (PMAY) is an initiative launched by the Indian government to make this dream a reality for millions of people. PMAY offers financial...

KNOW MORE

July 25, 2024

car loan maximum tenure

How Does Car Loan Tenure Affect EMI Calculation?

If you plan to seek a car loan, determining your EMI is a crucial step to plan well. Among the various factors that determine your EMI, the tenure of your car loan or, in other words, car loan maximum...

KNOW MORE

February 22, 2024

Differences-Between-Gold-And-Fixed-Deposit

Gold Vs FD : What Are The Differences

Investing wisely is essential to achieve financial stability and growth. When it comes to investment choices, gold vs FD (fixed deposit) are two popular options that cater to different financial objec...

KNOW MORE

July 2, 2024