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Mahindra Finance Fixed Deposits

Fixed Deposits are a type of term deposit account wherein you invest a lump sum amount for a pre-determined period and get assured returns. It is one of the safest investment instruments in India, and many people prefer having FD in their portfolio. FDs allow you to invest and grow your savings through regular interest payout. The FD interest rate is fixed at the time of deposit, and you receive the returns till the end of your investment tenure. Upon maturity, you get the principal amount and the accrued interest. At Mahindra Finance, we offer attractive FD interest rates, up to 8.05% p.a. The interest rate varies based on the investment amount, investment tenure, and the interest payout interval you choose.

Fixed Deposit come with a lock-in period, meaning once you deposit the amount, you cannot liquidate the money until the end of the investment tenure you choose. You can invest for any duration between 12 and 60 months.

Fixed Deposit Features and Benefits

Assured Returns

Our Fixed Deposits are awarded the status of “IND AAA/Stable” by India Ratings and “CRISIL AAA/Stable” by CRISIL Ratings, which indicates highest safety.

High Interest Rates

Grow your money faster with our competitively high-interest rates! Senior citizens receive up to 0.25% additional interest rate and Mahindra Group employees and their relatives can also avail an additional 0.35% interest rate on Samruddhi Fixed Deposits.

Quick and Easy

Apply online and take advantage of features such as minimal paperwork, easy to meet eligibility terms, wide variety of FD schemes, guaranteed returns, choice of interest pay-out, and hassle-free renewals.

Fixed Deposits help you securely park your surplus funds.

Fixed deposits can be used to achieve various financial goals, including:

  • RETIREMENT PLANNING: FDs can also be used for saving towards your retirement. You can periodically invest your surplus funds and savings in FDs to build a corpus for your retirement years
  • EMERGENCY FUND: FDs can also be used to create an emergency fund, which can be used to cover unexpected expenses such as medical bills or job loss. Having a fixed deposit with returns that do not depend on market volatility ensures safety during challenging times.
  • CHILD’S EDUCATION: FDs can be a smart way to save for your child’s education. Opt for a long-term FD with a high-interest rate to ensure that you have sufficient funds to cover your child’s tuition fees and other expenses.

Fixed deposits are a safe and reliable investment instrument that can be employed to achieve numerous financial goals. Mahindra Finance offers a variety of fixed deposit schemes with the highest safety ratings.

Fixed Deposit Interest Rates

Secure your future with India's most popular investment product - Fixed Deposits. With highest-safety, high-interest rates, flexible interest pay-outs, and varied tenures, you can plan with confidence and book your Fixed Deposit today. Say goodbye to financial worries and hello to a brighter tomorrow with Mahindra Finance FDs! Fixed Deposit rates w.e.f 19th September 2023. Select a Scheme to View the Interest rate

Choose the scheme to see interest rate
Period (Months) Minimum Amount (Rs). Amount Payable (Rs.) Interest p.a. $  (Yearly) Effective Yield p.a
15 5000 5492 7.75% 7.86%
30 5000 6051 7.90% 8.41%
42 5000 6561 8.05% 8.92%
  • *Senior Citizens will get an additional interest rate of 0.25% p.a for Samruddhi Deposits and 0.10% p.a. additional rate for Dhanvruddhi Deposits up to 5 Cr only.
  • Employees/Employees’ relatives and Retired Employees/Retired Employees’ relatives will get an additional rate of 0.35% p.a for deposits up to Rs. 5 Crore in Samruddhi Deposits only(All Mahindra Group)
  • Additional Interest of 0.10% p.a. will be paid on all renewal of deposit. (Rates w.e.f. 20th February 2024.)-Not Applicable for Employee Deposit
  • Government approved relationship proof documents to be furnished. Employee must be the second applicant. The additional rate of 0.35% is not applicable for Dhanvruddhi Deposits.
  • ‡ The additional rate of 0.25% and 0.35% is not applicable for Samruddhi deposits above Rs. 5 Crore.
  • † Additional amount will be accepted in multiples of Rs. 1,000/- and thereafter.
  • # The Non-Cumulative interest will be paid through NACH/NEFT. The date for interest payment will be, for Half yearly on 30th September and 31st March, for Quarterly on 30th June, 30th September,31st December and 31st March
  • If the deposit is made within a period of 1 month prior to any of the payout date, the interest of part period will be paid on the next interest payment date without any deferral interest for the broken period
  • $ Compounded Annually-In case of Cumulative Deposits, Interest is compounded before deduction of Tax.
  • Bulk Fixed Deposit rates Above 5 Crore is subject to change frequently & the applicable rates shall be published in our website time to time. Depositors are requested to check the rate details while investing in Mahindra Finance Fixed Deposits. Bulk Deposits shall be accepted by the Company for any tenure between 12 months to 60 months.
  • To Know More Details For Deposits Above Rs. 5 Crore, Please write to mfinfd@mahindra.com
  • Samruddhi - Cumulative and Non-Cumulative Deposits: Applications can be submitted physically or through online mode. Dhanvruddhi - Cumulative and Non-Cumulative Deposits: Applications to be submitted through online mode only.

Types of Fixed Deposit

Investing in an online fixed deposit plan is one of the best ways to secure your future. The high-interest rates, 100% safety of your principal amount, flexibility to choose the investment amount and tenure and flexible interest payout ensure that you take confident strides towards achieving your long-term financial goals.

Say goodbye to all your financial worries and uncertainties and secure your family’s financial future with Mahindra Finance FDs. Based on how you want the interest credited, you can choose to open an FD account with cumulative interest or non-cumulative interest.

  • Cumulative FD: In this type of FD account, the interest gets added to the principal amount at a compounded rate and the amount is paid along with the principal amount at maturity.
  • Non-cumulative FD: In non-cumulative FD account, the interest does not get added to the principal amount, but you receive the interest payments periodically. This can act as an excellent source of regular income and is much suitable for a senior citizen.

Fixed Deposit Investment Calculator

Use the slider to set your fixed deposit investment amount, interest rate, and tenure to understand your maturity value summary.

Select Your Loan Type

1L 25Cr
12 60
Interest Rate
  • Invested Amount

  • Interest Earned

Maturity Value

FD investment calculator is an excellent online tool that allows you to calculate the maturity amount and the interest earned. Knowing the exact maturity amount beforehand allows you to make an informed investing decision and makes your financial planning easy.

At Mahindra Finance, we encourage and recommend all our customers to use this amazing tool before investing in FD so that they have a clear picture of the return they get on their Fixed Deposit investment. The calculator is easy to use and can calculate FD returns as soon as you enter a few basic details.

Using the calculator involves few simple steps:

  • Select the applicant type
  • Enter the amount you want to invest
  • Choose the FD tenure
  • Select the FD interest pay out term

Once you enter these details, you can immediately see your expected maturity amount from your FD scheme.

Fixed Deposit Interest Rates

Mahindra Finance offers high-interest rates on Fixed Deposits (FDs) in India, up to 8.05% p.a. Senior citizens FD interest rates are 0.25% p.a. higher for Samruddhi Deposits and 0.10% p.a. higher for Dhanvruddhi Deposits up to Rs. 5 crores only.

Also, the employees of Mahindra Group and their relatives are eligible to get an additional 0.35% interest rate p.a. on deposits up to Rs. 5 Crore in Samruddhi Deposit schemes only.

Eligibility and Documents for FD

Anyone can invest in a FD scheme and open an FD account with us. However, you must meet certain basic criteria, and submit relevant documents based on the investor category you belong to. Our fd eligibility requirements are quite simple, as follows:

Nationality

You must be an Indian resident or an NRI (non-resident Indian)

Investor category

You must belong to one of these category to open an FD account – individual, company, partnership firm, trust and foundation, charitable trust, HUF, family trust, sole proprietorship, club association, society.

How to Apply?

Fixed Deposit (FD) is one of the most popular investment options in India as the main fixed deposit advantages are assured returns and zero risk investment. Also, it gives investors the flexibility to choose the investment tenure and amount starting from Rs. 5000 to Rs. 5 Crore.

At Mahindra Finance, the steps to apply for fixed deposit is simple. You can open your account online from the comfort of your home/office and at time to suit your convenience. If you face any issue, you can call us for support and our representative will guide through the process.

Opening a FD online requires you to follow a few simple steps, including:

Step 1: Fill out your Name and DOB (date of birth)

Step 2: Enter your contact details

Step 3: Select the FD scheme

Step 4: Verify KYC (know your customer) details

Step 5: Enter bank details

Step 6: Make your payment and successfully open your FD!

Apply Nowarrow

Documents Required

We have minimal document requirements for opening a fixed deposit plan, allowing you to avoid the hassles of dealing with complicated paperwork. The document requirements vary based on the investor category. Click on the cards below that match your profile and view the relevant documents:

Individuals Residing in India

Non-Resident Indians (NRI)

Companies

Partnership Firms

Trusts and Foundations

Charitable Trust

HUF

Family Trust

Sole Proprietorship

Club, Association, Society

For more details, Click on the particular card.

Fixed Deposit Application

Rate change declaration above Rs. 5 Crores

Application form Upto Rs.5 Crores

Rate change declaration Upto Rs.5 Crores

Application For Addition Of Joint Holders In FD

Pan Declaration for Fixed Deposit

Frequently Asked Questions (FAQs)

What are the schemes offered by MMFSL Fixed Deposit?

The company offers 2 schemes - Samruddhi & Dhanvruddhi . For Fixed Deposit to get interest periodically (Monthly, Quarterly, Half yearly & Yearly) by opting for non-cumulative scheme or at maturity with Cumulative deposits.

Who can invest in MMFSL Fixed Deposit?

Individuals, companies, HUFs, body of individuals, association of persons, registered trust/societies, sole proprietorships, partnership firms, clubs, LLP etc can invest in MMFSL fixed deposit scheme.

Note*: Mahindra & Mahindra Financial 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.

What is the process to open a Fixed Deposit via online mode?

While opening the fixed deposit, all the KYC documents to be furnished

1. Log on https://www.mahindrafinance.com/

2. OR Click on https://fixeddeposit.mahindrafinance.com/WA_FD_EP_LOGIN_5/

3. If you are a new investor having CKYC no. Please follow steps from Rapid Investment or select Regular Investment.

4. There you have to provide your details for investment, and upload KYC document for Ref.

5. Make the online payment, Once the transaction is complete you will get notification for the same on your registered email id.

What is the process to open a Fixed Deposit via offline mode?

1. Log on to www.mahindrafinance.com to download the FD application or the same is available at our respective across the counters of MMFSL offices.

2. Kindly submit the dully filled & signed application form along with the investment cheque favouring “MMFSL – FIXED DEPOSITS” & KYC documents of all holders at our respective offices. One can also directly approach our respective Relationship Managers for immediate assistance.

3. If you are a new investor having CKYC no. Please mention the same in the application form.

Note*: The FD Receipt will be sent to your registered Email ID within 7 working days, subject to verification of your KYC documents & amount realization by the company.

What are the various modes through which I can make my payment?

ou can make your payments via cheque, debit card & RTGS/NEFT.

What is the procedure for Renewal of my Fixed Deposit?

Depositors may also renew their respective maturing FD’s through online mode by visiting MMFSL FD customer portal https://fixeddeposit.mahindrafinance.com/WA_FD_EP_LOGIN_5/ ,10 days prior to maturity .

OR

With submission of scan copy of the Fixed Deposit receipt (FDR) (front & back) by selecting /marking appropriate choices with proper signature to renew the FD’s and also confirm the below details:

1. Scheme and tenure

2. Principal Amount or Principal with interest to be renewed

3. Broker code (If applicable)

P.N: The previous broker code shall be captured by default & brokerage shall be payable for such cases .In case of any change in the broke code ,you are requested to update us with the notification for us to make the required changes.

MMFSL has changed the FD rates. Will those new rates be applicable for my existing deposits?

No. Since the money is locked in with us for a specific rate and specific period, you will continue to receive that rate till maturity. If you wish to avail the new rate, we suggest you invest in a new deposit with us.

Does MMFSL Fixed Deposit investment provide tax exemption?

No, MMFSL fixed deposit cannot be shown under section 80C for tax deduction.

When will the TDS be applicable on my Fixed Deposit investment?

The TDS limit for NBFC FD scheme is till Rs.5000/- interest p.a. In case where the interest amount exceeds Rs. 5,000/- sum of all fixed deposit held with Mahindra finance under single pan number in a financial year, income-tax will be deducted at source.

Do I need to visit branch or submit the Fixed Deposit receipt to receive the proceeds on maturity?

No need to visit the branch or discharge the FDR receipt; FD proceeds will be directly credited to depositors account registered at the time of maturity in case of auto repayment option.

Cancellation policy

1. The fund for investment should be received from the first holder account/joint account.

2. In case the funds are received from a third party, upon identifying the source of funds the refund will be processed in the same bank account on or before 7 working days without interest.

3. If the KYC documents are incomplete, the forms will be rejected, and the amount will be returned within 30 days without interest

4. Company reserves the rights:

i) To waive or vary the terms & conditions.

ii) To reject any application for a fresh Deposit or for renewal without assigning any reason

iii) To repay the deposit prematurely before the due date.
Acceptance, renewal, and repayment of fixed deposit shall be subject to the Non–Banking Financial Companies Acceptance of Public Deposit (Reserve Bank) Direction, 1998, as mentioned from time to time.

What is a fixed deposit, and how does it work?

Fixed Deposits are one of the best savings-cum-investment instruments in India that offer assured returns of interest rate. The working of FD is quite simple. You can open an FD account with Mahindra Finance and invest a lump sum amount for a pre-determined period.

At the end of the investment tenure, you get the principal amount and the accrued interest. If you have surplus funds, you can open an FD account Mahindra Finance and get attractive returns, up to 8.05% per annum. If you are a senior citizen, you get up to 0.25% higher interest rate than the interest offered to regular investors.

Why invest in fixed deposits (FD)?

FDs are one of the go-to investment options among investors in India for several reasons, including:

  • Anyone can invest in FD online, you need not have any financial knowledge.
  • It provides assured returns at fixed interest rate, making it an ideal investment choice for risk-averse investors.
  • The prevailing market conditions do not have any effect on the returns.
  • You can start investing in FD with as small an amount as Rs. 5000 and invest up to Rs.5 crore
  • If you are a senior citizen, you get higher returns
  • It is an excellent investment option to secure your retirement and achieve long-term goals
  • You can also invest in an FD and keep the amount as an emergency fund while allowing your savings to grow every year.

So, open an fixed deposit with Mahindra Finance, and enjoy all these benefits.

What is the minimum amount for investing in a fixed deposit?

The minimum amount that you can invest in a fixed deposit account varies from one financial institution to another. At Mahindra Finance, we accept investors to open a FD account with an amount as small as Rs. 5000.

You have the flexibility to invest any amount as you want up to Rs. 5 crore. Also, you have the freedom to choose the investment tenure; the maximum period is five years, after which you can renew the account and continue growing your savings.

The most significant benefit of FD is that it carries zero risk and gives you assured returns, allowing you to plan your finances better.

What are the documents required for senior citizen fixed deposits?

At Mahindra Finance, we have a minimal documentation requirement for all, including senior citizen FD, allowing you to open an FD account without any hassles. You only have to submit a few basic documents, including:

  • Passport
  • Driving licence
  • PAN (Permanent Account Number) Card
  • Voter ID card

You can submit any of these documents as identity and address proof. Apart from these papers, you must fill out the application form and sign it. Also, since we offer online services, you need not worry about carrying the physical documents, just scan and upload them on your computer and send us the soft copies.

The documents required for senior citizens are the same as it is for other regular investors. The paperwork may differ only if you want to open an FD account as a company, firm, club, association, charitable trust, etc. You can refer to the documents required section to get a full list of documents needed.

Does Mahindra Finance offer any FDs for senior citizens?

At Mahindra Finance, we offer higher interest rates for senior citizen investors. The NBFC interest rate for fixed deposits is 0.25% higher for senior citizens. The interest rate you receive is contingent on the interest payout term you select. Opting for an annual interest payout ensures the maximum interest on your FD investment.

Who can invest in Mahindra Finance fixed deposits?

Any individual (both Indian resident and Non-Resident Indian), company, club, charitable trust, family trust, HUF (Hindu Undivided Family) can invest in a fixed deposit at Mahindra Finance. Investing in a fixed deposit investment plan is an excellent way to grow your savings and get assured return at a fixed interest rate.

At Mahindra Finance, you can open an FD account with as little as Rs. 5000 and get valuable returns up to 8.05% per annum. Also, opening an FD account with us is easy, you can do it online from the convenience of your home or office. We also give you the flexibility to choose the investment tenure to suit your needs.

So, open an FD account with Mahindra Finance now and take the first towards your long-term investment goals.

What are the benefits of tax saver FD?

Tax-saver FD schemes allow you to get tax benefits on the interest earned from your investment. You can enjoy tax benefits of up to Rs. 1.5 lakh in a financial year under Section 80C of the Indian Income Tax. Thus, tax saving FD allows you to reduce your overall annual tax liability and, at the same time, earn valuable returns on your investments in the form of a fixed interest rate.

In addition, you can enjoy benefits like financial stability as there is zero risk of loss. At the end of the FD tenure, you get the principal amount and the accrued interest back. The prevailing market condition has no impact on the returns you get.

What is the maximum FD limit?

Investors can open a Fixed Deposit with Mahindra Finance to an investment limit of up to ₹25 crores. The initial investment can be as affordable as ₹5000.

Why Choose Fixed Deposit with Mahindra Finance?

Here are a few benefits of choosing fixed deposit with Mahindra Finance:

  • Guaranteed returns: FDs are considered safer than shares or mutual funds, with credit ratings by agencies like India Ratings & Research ensuring the security of invested funds.
  • Higher Interest Rates: Mahindra Finance offers higher interest rates of up to 8.05% and 0.25% additional interest rates for senior citizens.
  • Low Minimum Investment: These FDs allow investments as low as INR 5,000, providing accessibility to a wide range of investors.
  • Flexibility: Investors can choose between cumulative and non-cumulative options, with the latter offering regular interest payments. Premature withdrawal is possible, subject to RBI rules.
  • Loan Facility: FDs allow individuals to avail loans against their deposits, up to 75% of the deposit amount, after three months, with affordable interest rates.
  • Tax Savings: There are tax-saving FDs that offer tax benefits, with investments up to INR 1.5 lakh under Section 80C, provided the deposit is held for a minimum of five years.

Fixed Deposit Contact Details

Ms. Sunita Pawar

Toll-free number: 1800 266 9266 (Mon-Sat, 10:00 am to 6:00 pm) Except National Holidays

Contact Nos: 022-66523541/ 42 (Mon- Fri, 10.00 am to 5.00 pm)

pawar.sunita@mahindra.com / mfinfd@mahindra.com

Grievance Escalation

Help us with your matter of concern for us to improve, if your request is not responded on time or if you are not satisfied with our executive’s response, you may write to the below mentioned Email Id for an independent assessment of your grievance or query: care.fd@mahindra.com

Office Address

Mahindra and Mahindra Financial Services Limited, Unit No.302-303, 3rd Floor, B wing, Amity Building, Agastya Corporate Park, Sunder Bung Lane, Kamani Junction, Kurla (West), Mumbai – 400070

Fixed Deposit Processing Centre

Mahindra & Mahindra Financial Services Ltd No.37 & 38, 4th Floor, ASV Ramana Tower, Venkatnarayana Road, T Nagar, Chennai, Tamil Nadu 600017

Blogs about Fixed Deposits

Stay up-to-date with the latest financial trends and expert insights on Fixed Deposits with our blogs.

Ready to grow your savings and secure your future? Choose a Fixed Deposit with Mahindra Finance today!