FREQUENTLY ASKED QUESTIONS

 

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 deposit for the cumulative deposit scheme is Rs.5,000/- and it is Rs.25,000/- half yearly and Rs.50,000/- quarterly for the non-cumulative scheme.

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.

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

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 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.

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

Yes, senior citizen 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.

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

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 & is 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.

Yes, a company can invest in FDs.

No, there is no brokerage/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 changes 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.

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, 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 PERSPECTIVE INCOME TAX AUTHORITY for every financial year.

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 - http://www.mahindrafinance.com. 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 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.

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 2016-17) should not exceed the basic exemption limit as per income tax i.e. Rs.2, 50,000/-. If the total income during the financial year exceeds or is likely to exceed Rs. 2, 50,000/- 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 2016-17) should not exceed the basic exemption limit as per income tax i.e. 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 2016-17) should not exceed the basic exemption limit as per the income tax i.e. Rs. 5, 00,000 /-.Eligibility for 15G if in case of person other than Individuals:

15G can be submitted by a HUF, Association of persons, Body of individuals & Artificial Juridical Person, if the total income during the financial year does not exceed the basic exemption limit as per the income tax i.e. Rs. 2, 00,000/-.for FY 2016-17

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.

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 filed 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.

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

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.

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.

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.

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.

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

Q1-last week of May

Q2- last week of October

Q3-last week of January

Q4-last week of May

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:https://incometaxindiaefilling.govt.in/portal/login.do/a>

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 from TIN website for the tax deducted by the company.

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

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

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.

No. Premature payments will be made to the first depositor only. Further, for more clarifications on Death/POA cases (with/without) you may contact us on 022-66526000 or email [email protected]

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

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

Premature withdrawals are not allowed for non-cumulative quarterly cases from 20th till the last date, during June, September, December and March months owing to quarterly interest payout accounting.

Premature withdrawals are not allowed for non-cumulative half yearly cases from 20th till the last date during September and March owing to half yearly interest payout accounting. Additionally no premature withdrawal is allowed from March 20th till April 1st of every year owing to annual accounting closure.

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. No loan will be granted against minor & deposits made by NRIs.

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

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.

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 authorized dealers/authorized 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.

INCOME TAX PROVISION RELATING TO FIXED DEPOSITS:

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.

Yes, you can invest online by clicking Here

The renewal application along with deposit receipt needs to be sent to FD processing center 15 days prior to maturity with revenue stamp & due signatures. The renewed certificate will be sent to the investor within 10 days after maturity. Further, you can renew the deposit online by clicking Here

An existing FD investor can renew their deposit either the principal amount or complete maturity amount. However, investor cannot do additional investment while renewing the FD.

You can invest using any of the following investment procedures:

  • MMFSL relationship manager will assist you with all your investment requirements at your doorstep.
  • You can also walk into Mahindra Finance branch and meet our relationship manager to assist you with your investments.
  • You have to duly fill & sign the application form(s) and hand it over to the relationship manager along with a copy of your KYC, FATCA & Aadhaar linking documents and draw a cheque/DD in favour of the scheme in which you wish to invest.

The past performance of any scheme can be tracked from the scheme's factsheet.

You can log on to the Mahindra Finance website to view your investment Portfolio/ NAV updates for your investment portfolio.

You can refer to our daily analyser report for best performing funds.

In case of close-ended funds, liquidity is available only when the fund becomes open-ended, as per the KIM (Key Information Memorandum) or as specified by the AMC (Asset Management Company). In case of open-ended funds, you can redeem your investment(s) at any time, subject to deduction of exit load (if any applicable) of respective schemes.

You can refer to the scheme offer document.

You can log on to the Mahindra Finance website to view your investment portfolio through us.

  • You can submit your request with Mahindra Finance relationship manager & our distribution team will do the needful for you.
  • An application to redeem your investment can be submitted to the respective AMC/Registrar.
  • You can create login to respective AMC webpage to transact further.
  • You can also create login through mobile application of respective Registrar/AMC.

Yes, you can do so (as per scheme offer document)

To change your details, you must fill in the transaction slip to update your latest details along with supported documents and submit it to the respective Registrar/AMC or to your MMFSL Relationship Manager.

You can view the dividend history of your investment from your investment portfolio.

To change your address details, you must fill the KYC form (for modification) along with supported documents such as self-attested latest address proof, pan card copy and submit it to the respective AMC/Registrar or your Relationship Manager, so it will automatically update with each AMC wherever your PAN no exists as a 1st/Sole Holder.

You can invest using any of the following ways:

  • You can log onto our web portal https://mahindrafinance.com/investment-solutions and start investing as per your convenience by clicking on ‘Invest Now’
  • You can reach out to any Mahindra Finance Relationship Manager or you can call us on the toll free number 18002669266 (Mon – Sat, 9:30 am to 6:30 pm).

You can visit the calculator section and key-in the required details on the goal of your choice. The system will automatically compute the monthly saving required for the specified period to achieve the goal.

Mahindra Finance Investment solutions platform provides you the facility of make a portfolio of SIPs that are decided based on your risk profile. Category and schemes are chosen based on the robust scheme selection engine that takes into account performance, risk, portfolio quality, etc, in determining the right schemes for you.

Mahindra Finance Investment solutions platform provides you the facility to create in investment portfolio based on your risk profile and investment horizon. The platform uses the principles of asset allocation together with our recommended schemes to construct a portfolio that suits both your risk taking capacity and time horizon.

You can click on the ‘Bucket Investment’ menu and select ‘Tax Saving Investments’. Enter the amount to invest, minimum amount being INR 25,000. The system will auto-suggest the schemes where you can invest based on your risk profile.

The following transactions can be performed on Mahindra Finance Investment Solutions Portal:

  • Lumpsum Purchase – One-time investment into a particular Mutual Fund scheme
  • Systematic Investments – SIP investment into a particular Mutual Fund scheme for a particular frequency (monthly, half yearly etc.)
  • Switch – Switch units between schemes of the same Mutual Fund house. The bank is not involved in these transactions.
  • Redeem – This allows you to sell your shares back to the fund
  • SWP (Systematic Withdrawal Plan) – This allows you to withdraw from the selected Mutual Fund scheme every month on a particular date
  • STP (Systematic Transfer Plan) – This allows you to transfer units systematically from one scheme to another scheme on the same Mutual Fund house.

To make any of the transactions, click on the “Transact” tab on the Dashboard, select the transaction you need to make from Lumpsum Purchase/Systematic Investments/Switch/ Redeem/ SWP/STP (by default Lumpsum Purchase transaction page opens). Enter the required details and you will receive a link over your registered email to complete the transaction and make payment.

Login to Mahindra Finance Investment Solutions portal:

  • If you have already decided the schemes to invest in, navigate to the Transact section and continue investing in SIP/Lump sum sub-sections
  • If you have a lump sum amount with which you want to build your portfolio, visit our ‘Bucket Investment’ section
  • If you want to explore different funds and view their historical performance and other details before making an investment, visit the ‘Explore Funds’ section

You can also fill & sign the Mutual Fund application form(s) and hand it over to the Relationship Manager, along with a copy of your KYC, FATCA & Aadhaar linking documents. You also need to submit a cheque/DD favouring the scheme in which you wish to invest.

The past performance of any scheme can be tracked by logging in to the portal and going to the “Explore Funds” section and selecting the scheme.

Please call on our toll free number 18002669266 ( Mon – Sat, 9:30 am to 6:30 pm). We will assist you with a solution.

You can add multiple nominees for mutual funds, the total of the percentage of nomination across all added nominees should not cross 100%.

You can upload your Adhar copy as Proof of Address ( POA) and Proof of Identity ( POI) . There is a detailed list of allowed documents for POA and POI which is provided in the portal. You also need to upload a cheque copy and your photo.The documents should not exceed 1 MB in size. JPG and PNG are allowed formats.

You can log onto https://mahindrafinance.com/investment-solutions to view your entire Investment Portfolio/Current value/NAV updates/performance, etc.

You can check the ‘Detailed Holding Report’ under reports tab , it displays the NAV details

In case of close-ended funds, liquidity is available only when the fund becomes open-ended, as per the KIM (Key Information Memorandum) or as specified by the AMC (Asset Management Company). In case of open-ended funds, you can redeem your investment(s) at any time, subject to deduction of exit load (if any applicable) of respective schemes.

You can visit the “Explore Funds” section on the web portal https://mahindrafinance.com/investment-solutions to know about al the details of the scheme including the name of the fund manager.

You need to log onto to https://mahindrafinance.com/investment-solutions and click on ‘Invest Now’. Simply create your profile by filling required details.

Your basic details, personal details, nominee details, FATCA declaration and bank details need to be filled. Once this is completed you will receive a set of instructions on your e-mail that need to be completed. After this if all your details are successfully validated by NSE, your Investor Identification Number (IIN) will be generated. Post this you can proceed to transact. Please note that your PAN must be KYC compliant to complete the above process.

Click on SIP under the Transact section, Fill in all the required details and select the payment mode as ‘Online’, a ‘New Mandate’ button would appear. You can click on this and fill in the required details to create an e-mandate or a Physical mandate.

This will be followed by an email from NSE to authorize the transaction. Please proceed to authorize the same. Physical mandate needs to be signed and couriered to us on our registered address

Mahindra & Mahindra Financial Services Limited

4th Floor, Mahindra Towers,
Dr. G.M. Bhosale Marg,
P.K. Kurne Chowk, Worli, Mumbai 400 018.

You can log-in to the Investment Solutions portal https://mahindrafinance.com/investment-solutions to view your Investment Portfolio.

You can login on our web portal https://mahindrafinance.com/investment-solutions and redeem from the “Transact” and “Holding Report” section.

Or, you can submit your request with Mahindra Finance Relationship Manager at Mahindra Finance Investment Solutions, who will do the needful for you

Yes, you can do so. by logging in on our web portal https://mahindrafinance.com/investment-solutions All these options are available under the ‘Transact’ menu.

Investor can get in touch with the relationship manager at Mahindra Finance Investment Solutions to get the bank account and nominee details changed.

Investor can get in touch with the relationship manager at Mahindra Finance Investment Solutions to get the bank account and nominee details changed.

KYC stands for Know Your Customer, which is required for investing in a SEBI registered Mutual Fund. It involves the verification of identity, address, financial status, occupation and other personal data.

In case of Individual investors:
Proof of Identity: Photo + PAN card copy.
Proof of Address:

No, it's a one-time process that need not be repeated for each new Mutual Fund investment.

Rejection or cancellation of KYC will render you ineligible for making investment.

Net Value Asset or NAV represent the current price of each unit of a scheme, which helps measure the performance of a particular scheme of a Mutual Fund.

These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961.

  • You can log onto our web portal https://mahindrafinance.com/investment-solutions and click on ‘Invest Now’. Enter you PAN number and Password to login.
  • If you are a New Investor click on “click here to create a new account” on the login page. After filling in your details, you will be redirected to the Mahindra Finance Investment Solutions Portal Dashboard.
  • If you are an existing user simply click on “If you are an existing Mahindra Finance client and don't have a password Click Here” and reset your password basis your PAN number and OTP received on the mobile number and email id
  • </ul

After logging in, you can view your portfolio by AMC, by Scheme, by Asset class and by Detailed Asset class on the dashboard in the Portfolio Allocation section.

Further, you can also view your recent transactions and redemptions done.

Click on Capital Gain Report under the Reports section and fill in the duration for which you want to generate the report and click on Show Report.

Click on Holding Report under Reports section fill in the appropriate search criteria and click on Show Report to view your holdings.

On the same lines, you can view the ‘Detailed Holding report’ in the Reports section.

Click on the SIP tab under the ‘Reports’ section and view your active, terminated, bounced and matured SIPs

Click on the SIP tab under the ‘Reports’ section. Check the details under ‘Active SIPs’ by filling in the appropriate date range.

Click on ‘Explore Funds’ to search from available schemes. You can shortlist NFOs, Preferred Schemes – which are our special scheme recommendations and schemes based Asset class (Equity/Debt/Hybrid/Commodity). You can view the risk labels of these schemes and compare their returns. You can also view the detailed factsheet of each scheme.

Once you find a scheme of your choice, you can also proceed to make an investment as a Lump sum or SIP.

Click on the FD tab, select “Online FD” and fill in the FD details as per your requirement and click on “Proceed to Payment” to create a Fixed Deposit.

You can click ‘Order Book’ under FD menu on the portal to view details of all your FD investments.

You can explore the ‘Bucket Investments’ menu where you are required to provide the investment amount and investment horizon, the in-built selection engine automatically suggests the list of schemes where you can invest based your risk profile.

Once you login to the portal, you can view your profile on the top right corner under ‘My Account -> Go to Account’. You can click on ‘Risk Profile’ and fill the form. Once you click ‘Calculate’, the system will automatically evaluate your risk profile.

Click on ‘Explore Funds’ to search from available schemes. You can shortlist NFOs, Preferred Schemes – which are our special scheme recommendations and schemes based Asset class (Equity/Debt/Hybrid/Commodity). You can view the risk labels of these schemes and compare their returns. You can also view the detailed factsheet of each scheme.

Once you find a scheme of your choice, you can also proceed to make an investment as a Lump sum or SIP.

Contact Us

Write to us at

[email protected]

Other Contacts

For Investemenet Queries dial : 8181 010 148 (Mon–Sat, 9:30 am to 6:30pm)

Mahindra Finance Website

https://www.mahindrafinance.com