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Fixed Deposit Interest Rates in India

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Fixed Deposits

In these times of uncertain returns, fixed deposits have become the most preferred banking instruments for planning a financially worry-free future for the family. Which is why Mahindra Finance's Fixed Deposit scheme has been specially designed to assure you of guaranteed returns at highly competitive FD interest rates with this low-risk investment.

  • Fixed Deposit Interest Rates In India

Rates W.e.f 24th October 2018.

Dhanvruddhi Cumulative/Non-Cumulative Scheme - Fixed Deposit Interest Rates Only for online investors through Mahindra Finance website

Dhanvruddhi Cumulative Scheme*
Amount (Rs).
Tenure Amount
Yield p.a*
Rs.5,000† 15 5527 8.30% 8.43%
20 5720 8.35% 8.63%
27 6024 8.60% 9.10%
33 6342 9.00% 9.76%
40 6669 9.00% 10.01%

**Additional FD Interest Rates :Senior Citizen 0.10%.


Dhanvruddhi Non-Cumulative Scheme*
Interest p.a.*,**
15 8.30% 7.75%
20 8.35% 8.00%
27 8.60% 8.10%
33 9.00% 8.50%
40 9.00% 8.50%
Min.Amount 50000† 50000†

**Additional FD Interest Rates :Senior Citizen 0.10%


Samruddhi Cumulative/Non Cumulative Schemes - Fixed Deposit Interest Rates Only through Physical applications

Samruddhi Cumulative Schemes
Minimum Period Amount Interest Effective
Amount (Months) Payable (Rs.) p.a.*/‡ Yield p.a.**
Rs.5,000† 12 5405 8.10% 8.10%
18 5624 8.10% 8.32%
24 5886 8.50% 8.86%
36 6440 8.80% 9.60%
48 7006 8.80% 10.03%
60 7623 8.80% 10.49%
Samruddhi Non-Cumulative Schemes
(Half yearly)
12 7.95% 7.90%
18 7.95% 7.90%
24 8.35% 8.30%
36 8.65% 8.60%
48 8.65% 8.60%
60 8.65% 8.60%
Min.Amount 25000† 50000†

Senior Citizen additional 0.25% fixed deposit interest rate


Employee/Employee's relatives will get an additional 0.35% FD interest rate per annum(All Mahindra group company employees) 

Dhan Samruddhi Cumulative/Non Cumulative Schemes - Fixed Deposit Interest Rates Only through Online Channel partner mode

Dhan Samruddhi Cumulative Scheme
Minimum Period Amount Interest Effective
Amount (Months) Payable (Rs.) p.a.*/‡ Yield p.a.**
Rs.10,000† 38 13087 8.85% 9.75%
44 13658 8.85% 9.98%
Dhan Samruddhi Non Cumulative Scheme
(Half yearly)
38 8.70% 8.65%
44 8.70% 8.65%

Senior Citizen additional 0.25% fixed deposit interest rate


Interest rate for Fixed Deposits above Rs.5 Cr. w.e.f 8th June-2019
Tenure Cumulative Deposit rates
for above Rs. 5Cr.(%)
Non Cumulative Deposit rates for
above Rs.5Cr.(%)
Quarterly Half yearly
12 7.70 7.50 7.55
18 7.90 7.70 7.75
24 8.20 8.00 8.05
36 8.40 8.20 8.25
48 8.40 8.20 8.25
60 8.40 8.20 8.25


Samruddhi Deposit Applications are available at Mahindra Finance Branches & with Authorised Agents

*/‡ # Please refer to FD Applications


  • †Additional amount will be accepted in multiples of Rs. 1,000/-
  • #Interest Payment Half Yearly on 30th. September and 31st. March only through NACH/NEFT. Interest Payment Quarterly on 30th.June, 30th.September, 31st.December and 31st.March only through NACH/NEFT.Interest payment Yearly on 31st March only through NACH/NEFT.Interest payment Monthly on the last working day of every month only through NACH/NEFT.
  • If a Deposit is made within a period of 30 days prior to any interest payment date, the interest for the part period will be paid on the next interest payment date .
  • The minimum investment amount for Mahindra Group employees /relatives will be Rs.1000 & multiple Rs.500 thereafter .
  • **Compounded Annually-In case of cumulative deposit, interest is compounded before deduction of Tax


Fixed Deposits

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What are the schemes of deposits available?

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

What is the difference between a Non cumulative deposit and a cumulative deposit?

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.

What is the minimum deposit amount for the Cumulative deposit & the Non cumulative deposit schemes?

The minimum deposit for the cumulative deposit scheme is Rs.5,000/- and under the Non cumulative scheme is Rs.25,000/- half yearly and Rs.50,000/- quarterly

How do I tender the amount for the deposit?

The amount can be tendered by means of Cheque/DD issued in favour of MMFSL – FIXED DEPOSIT and submitted to a HDFC Bank & Kotak Mahindra Bank collection centre. Alternatively, the depositor can send the DD payable to the corporate office at Mumbai.

Is there a prescribed form for making deposit?

Yes, an application for the deposit should be made on the prescribed form.

If parents for the minor are not alive, then who is to be deemed as the guardian?

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.

Can a deposit be made in the name of minor alone?

Yes. You can make a deposit in the name of minor provided such minor is represented by his natural or legal guardian and the Application Form for the deposit is signed by the natural/legal guardian, on behalf of the minor. All communication in relation to the deposit shall be addressed to the guardian.

Can a power of the Attorney (POA) holder sign the deposit application form?

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

Is there an extra interest rate for the Senior citizen?

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

Can a joint account be maintained?

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.

How do I change my correspondence address & the other personal details?

You need to send a written application to FD processing centre at Chennai with the proof of the same. On the receipt the details will be updated within 7 working days.

Can a Trust invest in FD?

Yes, the trust can invest in Mahindra Finance FD.

If the trust is not registered OR not willing to be registered in future, a letter duly signed by Authorized Signatories stating the Trust is not registered & not willing to be registered in future is required.

Please note Mahindra & Mahindra Finance Services is not registered U/S 11(5) of income tax act, hence Charitable Trust may invest in Mahindra Finance FD at THEIR OWN RISK

Can a company invest in FD?

Yes. A company can invest in FDs.

Is there any brokerage/incentive for deposits?

No. There is no brokerage/incentive for deposits.

Do you offer monthly interest on deposits?

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

What are the modes by which the interest is paid?

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

Interest Warrants are drawn from which bank?

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

Can you send the interest warrants favouring the second depositors?

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

When will the interest be credited in Non cumulative scheme?

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.

What happens if the prevalent interest rates come down?

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

What happens if the prevalent interest rate goes up?

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.

When is Income Tax deducted at source from interest?

If the estimated annual interest paid/credited or likely to be credited/paid on the deposit/s exceeds or is likely to exceed Rs.5000/- during the financial year (i.e. year 2013-14), it is obligatory on the part of the deductor of tax to deduct income tax at source. However, to avoid such deduction of Tax, the investors can furnish self-declaration in Form 15G/H or by submitting the Exemption certificate FROM THE PRESPECTIVE INCOME TAX AUTHORITY for every financial year.

What is Form 15G and Form 15H and where do I get it from?

Form 15G/15H is a self declaration by the depositor which can be obtained from the company or can also be downloaded from the company website It is self declaration which needs no attestation by anybody except in the case of Left Hand Thumb impression which needs to be attested by a Gazette 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 Triplicate.

We will send a preprinted Form 15G/15H declaration in the month of march 2014 for FY 2014-2015 to the existing depositors and the depositors are required to return the same in duplicate duly completed and signed by the Depositor. Form 15G/15H is sent to the depositor on the basis of the estimated interest payable for the full financial year.

What is the difference between Form 15G and the Form 15H?

Declaration in the Form 15G can be made by an individual or a person (not being a company or firm). Hence, a company or Firm cannot submit declaration in the Form 15G or in the Form 15H. Form 15G is meant for Resident Individual who is below 60 years of age. 15H is meant for individuals i.e. for a Senior Citizen i.e. Individual who is of 60 years of age or more during the financial year.

Eligibility for 15G/H if in case of individuals:-

Form 15G:

  • The Individual should be less than 60 years of age at the time of furnishing the declaration.
  • The total income during the financial year (i.e. year 2013-14) should not exceed the basis exemption limit as per income tax ie. Rs.2,00,000/-. If the total income during the financial year exceeds or is likely to exceed Rs. 2,00,000 then the individual cannot submit Form 15G.

Form 15H:

  • If the individual is 60 years but less than 80 years of age, then the total income during the financial year (i.e. year 2013-14) should not exceed the basic exemption limit as per income tax ie. Rs. 2,50,000/-.
  • If the individual is 80 years of age or more, then the total income during the financial year (i.e. year 2013-14) should not exceed the basic exemption limit as per the income tax ie.Rs. 5,00,000 /-.

Eligibility for 15G if in case of persons other than Individuals:

15G can be submitted by a HUF, Association of persons, Body of individuals & Artificial Juridical Persons, if the total income during the financial year (i.e. year 2013-14) does not exceed the basic exemption limit as per the income tax ie. Rs. 2,00,000/-.

Is it not enough to furnish the Form only once at the time of placing the deposit?

Yes. Form 15G/H will have to be submitted at the beginning of each financial year covering all the existing deposits and if the deposits are made during the year then a new Form 15G/H will have to be submitted. However, if there are any changes in the Income Tax laws, then a new form 15G/H would be required to be submitted.

What type of certificate do you get for the Tax deducted at source and how is the certificate generated?

For the tax deducted at source ,Tax deduction certificates in the prescribed form 16A,giving details of the interest remitted to govt .etc. will be sent on quarterly basis if the deposit is under quarterly scheme , half yearly basis for deposit under half yearly scheme and at the end of the year in case of cumulative deposits.

TDS certificate in form NO.16A are generated quarterly on the basis of details provided in the quarterly TDS statement filled by the deductor of Tax in TIN (Tax Information Network). For deduction of tax at source made on or after 01.04.2011,TDS certificate in Form 16A will be generated by the company through TIN central system and which is downloaded from TIN website with a unique TDS certificate number and shall be authenticated by using the digital signature.

In case of salaried person, if the Income Tax is deducted at source from salary, can he /she furnish 15G/15H?

No.As he /she is an assesse, the form 15G/15H cannot be furnished.

Can you open more than one account in the same order of names?

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.

In case there is an urgent need of money, can a withdrawal be made from deposits?

According to the direction of the RBI, no withdrawal of deposit can be made within three months from the date of Deposit/ renewal of Deposit.

Will a certificate be generated even if no tax has been deducted?

Yes .A TDS Certificate will be generated even for those cases where no Tax has been deducted if the investor has submitted the Form 15G/H or submitted an Income Tax Exemption Certificate.

What will be the address printed on the TDS Certificates?

The address printed on the TDS certificate will be the address registered with PAN card authorities at the time when you had made an application for PAN.

What to do if there is change in the address?

If your current communication address is different from the address given for PAN card application then please change the address through NSDL or UTITSL.

When will the TDS certificate will dispatched?
  • Q1-last week of May
  • Q2- last week of October
  • Q3-last week of January
  • Q4-last week of May
How to view the credit of the Tax Deducted (TDS) by the company?

You can view /receive the TDS information from NSDL website (in Form 26AS)by simply registration on NSDL website ,please visit the site for further details

What is the significance of furnishing Permanent Account Number?

As per the provision of income tax ,every person receiving any sum or income from which tax would be deducted should furnish his PAN to the person deducting the tax. Please note if PAN is not furnished then form 15G/H &other Exemption Certificate submitted will be invalid and tax will be deducted at the  higher rate as applicable.

In the absence of PAN, no credit of the tax deducted shall be available in Form 26AS on the NSDL website .Also if PAN is not submitted, no TDS certificate will be generated form TIN website for the tax deducted by the company.

Is it not enough to furnish the Form only once at the time of placing the deposit?

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

In case if there is an urgent need for money, can a withdrawal be made from deposit?

According to the direction of RBI, no withdrawal of Deposits can be made within three months from the date of Deposit/renewal of Deposit.

Can a withdrawal be made from the deposit after 3 months?

Yes. Premature withdrawal can be made 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.

Can a premature proceeding be paid favouring the second/third Depositor?

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

Will the deposit be paid back in cash?

No. Deposit will be paid back only to the corresponding bank account updated.

Can you send the payments directly to the depositor's bank?

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

What is the process of taking premature withdrawal?

The premature withdrawal of any FD is allowed at the sole discretion of the company.Premature withdrawal will be allowed under emergency circumstances and it should be accompanied by request letter with reason, duly discharged FDR with Re1 revenue stamp on it and a cancelled cheque copy.

Will you allow loan on deposit?

Loan may be granted against Mahindra Finance Deposit up to 75% of the deposit amount. Loan will be given to any depositor who has live FD in our company which is more than 3 months old .The FDR will be marked with lien against the release of the loan. However, granting of loan will be at the sole discretion of the company. However, granting of loan will be at the sole discretion of the company .No loan will granted against Minor & Deposits made by NRI's .

What is the rate of interest chargeable for loans?

FD investment amount carrying interest @ 2% per annum (at half yearly rest) above the FD interest rate on cumulative basis.

If the sole depositor dies, what are the documents required?

An attested copy of Death certificate, Term Deposit Receipts, Will or testamentary disposition, if any ,or an attested copy of Legal Heirship Certificate issued by a Tashildar/corporations.

Do you accept NRI deposits?

We accept deposits From NRI on a non-repatriation basis. In case of RBI notification "RBI/2004/179 A.P (DIR Series) Circular NO.89 dated on April 24, 2004", deposits by NRIs with person other than Authorised dealers/Authorised Bank by debit to NRO Accounts may continue as hitherto provided that the amount deposited with such entities does not represent inward remittances or transfer from NRE/FCNR(B) Account into the NRO account.

The terms and conditions governing the NRI deposits are given under
Acceptance of deposits can be made only by Indian Rupee through NRO account.
NRI Deposits shall be accepted only through payments made from the depositors NRO A/c in India.
Deposits with funds transferred From NRE or FCNR (B )A/c will not be accepted.
NRI Deposits shall not be accepted by any inward remittance from overseas

The NRI deposits have given the following declaration:

The amount deposited with Mahindra & Mahindra Financial Services Ltd .represent amount transferred from NRO account .Further this amount does not represent inward remittance from overseas to NRO account or transfer of fund from NRE/FCNR(B) account to NRO account.

The depositor has to furnish his NRO bank account no as both the principal and the interest shall be credited to the depositor s NRO bank a/c only

Tax will be deducted at the rates prescribed by the income tax law in force from time to time from the interest amount irrespective of the quantum of interest


TDS with respect to NRI deposits

  • The limit of Rs 5000/-on interest for the purpose of tax is not applicable.
  • Declaration u/s 197 in Form 15G/H for non -deduction of tax will not be applicable .However a lower deduction certificate obtained from the income tax department ,can be furnished for claiming nil or lower rate of tax.
  • Tax rate will be 30.9% as per the provision of section 195 of the Income Tax Act,1961
  • If Double Tax Avoidance Agreement (DTAA) exists with the country of which the investor is a resident then the applicable tax rate will be lower of DTAA rate or income tax rate. However, to claim the benefit of the DTAA rate, the Tax Residency Certificate will have to be furnished .In the event of non- furnishing of the Tax Residency Certificate the higher tax rate as per the income tax act will apply .Further to claim the lower rate as per the DTAA Indian PAN will also be required otherwise the tax rate will be 30.9% as per the Income Tax Act.
The depositor are requested to furnish details of their Indian and overseas address.
No loan against NRI Deposits will be allowed.
Can I apply online?

Yes, you can invest online by logging on to

Fixed Deposit Calculator

Choosing investment options for your future is a very critical and difficult choice. Get an idea of your investments in advance with an accessible fixed deposit calculator. This is the ideal way to assess your return based upon the principal along with the interest rate. Future decisions can be made with a simulated result that appears in this deposit calculator.

An investment decision can only be finalised with the amount depicting the expected result on maturity.


Are you a senior citizen?

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Note: will get an additional rate of 0.25% p.a.

Are you a Mahindra Group employee?

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Note: will get an additional rate of 0.35% p.a.

What Fixed Deposit option do you prefer?

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This calculation is for illustrative purposes only. For exact details kindly contact your nearest branch.

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