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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.

What is the difference between a Non-cumulative Fixed deposit and a Cumulative deposit?

For Non-Cumulative Fixed Deposits, the interest is payable on Monthly, Quarterly, Half yearly & Yearly basis. For Cumulative Deposits, the interest is payable at the time of maturity together with the principal amount.

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.

Are there any special rates applicable for specific category of applicants?

Yes, the below given specific categories of applicants will be eligible for additional rate of interest benefit.

1. Senior Citizen ( i.e persons more than 60 years of age ,subject to submission of proof of age) will get additional interest rate benefits upto 0.25% p.a. on Samruddhi deposits & 0.25% on Dhanvruddhi Deposits for investments upto Rs.50 Lakhs.

2. Employees / Employees’ relatives and Retired Employees / Employees’ relatives will get additional rate of 0.35% p.a. for Samruddhi deposits upto Rs. 50 lakhs. (All Mahindra Group Company Employees). Government approved proof documents to be furnished & Employee must be the second applicant).

Can a joint Deposit account be opened?

Yes, a maximum of 2 people can open a joint Deposit account payable to E or S (Either or Survivor).

For E or S deposits, the Deposit receipt can be discharged by anyone of the depositors on maturity.

However, all the Depositors` signatures are required for a Premature Payment or Loan against Deposits.

Can a Deposit be placed in the name of a Minor?

Yes. A deposit can be placed in the name of a Minor provided He / She is represented by His / Her Natural or Legal Guardian.

The Deposits Application Form must be 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 Attorney (POA) holder sign the Deposit Application Form?

Yes, on receipt and verification of the Power of Attorney by the Company as to its validity in this context.

 What are options for Renewal of a Cumulative Deposit Receipt?

An existing depositor can renew their deposit for either the Principal amount (interest accrued will be repaid) or alternatively the principal amount plus interest.

Are there any additional benefits on renewal of FD?

Yes, additional 0.10% for renewal for public and Senior citizen only.

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 .


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.

What is the procedure for Revalidation of my Cheque/ DD or Unclaimed payments?

With Submission of clear copy of ID proof (PAN card) & personalized cheque leaf or bank passbook copy along with the FDR no. to help us process the unclaimed payments.

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.

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 fixed deposit with us.

What are the service facilities at MMFSL that will be offered to me?

We are a service – oriented organisation with a complete focus on delivering the best experience. Our Depositors get these benefits:

1. A readily available fixed deposit online calculator which will help you plan your investment.

2. Login credentials to access the online customer portal to view your investment portfolio and download the certificates as and when required.

3. Simple and transparent policies.

4. Detailed SMS and email communication to the customers while booking a fixed deposit, from request to maturity.

5. Easily accessible path to raise your query & request for immediate resolution.

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.

When can I submit Form 15G/H for non-deduction of TDS?

The Form 15G/H needs to be submitted at the beginning of every financial year or at the time of deposit if in case the investment is done during financial year. In case of entities/companies the Lower tax deduction certificate needs to be submitted immediately after the date of issue or before 31st Mar (financial year end) whichever is earlier.

Note:- Form 15G/H is not applicable for cases wherein the deposit interest exceeds the tax exemption limit set by the income tax department. i.e Rs.2.5 lacs for individuals & Rs.3 lacs for senior citizens OR as applicable time to time.

What are the various modes through which I can submit Form 15G/H?

There are 3 modes available to submit the form 15G/H, online & offline.

1. Click on https://fixeddeposit.mahindrafinance.com/WA_FD_EP_PRELOGIN_5/verificationpage.aspx to submit the form 15G/H via online mode.

2. Email the scan image of the duly filled & signed form 15G/H @ mfinfd@mahindra.com

3. Send the duly filled & signed physical 15G/H form to our Head Office OR FD processing center.

When will MMFSL issue a TDS certificate?

TDS Certificate will be received quarterly in Form 16A, for TDS deducted during the said quarter of the financial year. In case of cumulative deposits TDS certificate will be issued after 31st March, for the TDS accrued during the said financial year.

Note: – Soft Copy of the certificate can be downloaded through customer portal https://fixeddeposit.mahindrafinance.com/WA_FD_EP_PRELOGIN_5/

When will MMFSL issue an Interest certificate?

Interest Certificate will be issued immediately after the payout in case of non-cumulative schemes. For cumulative deposits the certificate will be issued annually only after 31st March, of the said financial year.

Note: – Soft Copy of the certificate can be downloaded through customer portal. https://fixeddeposit.mahindrafinance.com/WA_FD_EP_PRELOGIN_5/

When is TDS deducted in case of MMFSL Fixed Deposit?

TDS is deducted every time when the company pays/re-invests (renewal) interest during the Financial year. In addition, TDS is also deducted on interest accrued for cumulative schemes (but not yet paid) at the end of financial year viz. 31st March

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.

What is the process to apply for Premature/ pre-closure withdrawal?

As the money is locked in a specific period the deposits cannot be withdrawn at the will of the depositor, except in specific scenarios in which the depositor is ready to bear the penalty for premature withdrawal. There is no penalty charged in case of Death premature withdrawals (Death of the 1st Holder).

For premature closure, you need to submit the Original FDR with a revenue stamp and cross signature of all holders (rear/back of the FDR) (xerox copy in case of E-receipt) and a request letter specifying the reason along with personalised cheque leaf copy at the nearest office ( Mumbai – Head Office or Chennai Processing centre).

The pre-closure procedure will take 5-6 working days to process the payment after the receipt of the documents.

Penalty Chart for premature withdrawal.

The FDR cannot be pre-closed for 3 months from the date of deposit

Only principal amount will be repaid in case FDR is pre-closed between 3 months to 6 months from the date of deposit. No interest will be paid during this period, if Deposit is pre-closed between 3 months to 6 months.

If the Deposit is pre-closed after 6 months but before maturity, the interest rate payable shall be 2% lower than the interest applicable for the period for which the deposit has run or if no rate has been specified for that period, then 3% lower than the minimum rate at which the public deposits are accepted by the company.

Note: – Pre-closure penalty will be charged on the rate of interest of the tenure completed by the FDR and not on the rate of interest applied by the depositor, as the said ROI is applicable only if the FDR is retained till the date of maturity.

Example: – If the FDR has completed only 1 year, the base rate applied for calculating premature penalty will be 1 year’s ROI on the date of deposit.

Pre-mature withdrawals are not permitted for Non-cumulative FD’s 10 days within interest payment cycle & between 20th March to 31st March due to year end closing activities.

What is the rate of interest chargeable for loans?

The loan interest will be charged 2% per annum above the contracted rate shown on the Term Deposit Receipt (TDR)

Loan against Fixed Deposits?

Loan may be granted against public deposit up to 75% of the deposit amount carrying interest 2% per annum above the FD interest rate and any other additional charges as applicable on such deposit.

Deposits should have run for a minimum period of three months and minimum FD investment of Rs.5,000/-.

Loan disbursement is subject to internal approvals & at the discretion of the company.

To avail for loan online with no submission of documents in just 3 simple steps:

1. Login to the FD Customer Portal. https://fixeddeposit.mahindrafinance.com/WA_FD_EP_PRELOGIN_5/ (as an Existing Depositor)

Click on Fixed Deposit customer login and if Existing Investor, login through user id & password or if you are new investor create login and password as instructions in our website.

2. Click on Avail Loan

3. Complete the OTP & Identity verification and submit loan application


The offline process of loan in which Physical FDR & Loan undertaking letter signed along with cancelled cheque copy are required and mandatory which needs to be sent on email.

You need to provide the physical copies of FDR with sign & Revenue stamp of concern holders with cancelled cheque copy & loan undertaking letter to be sent to our Head Office at Mumbai or Chennai Regional Office.

Attached is the undertaking letter

Please Note:

Post loan provided below is the process of Repayment

The repayment mode is onetime payment or adjustment against maturity.

There is no part payment of loan or EMI facility nor there is any restrictions against tenure as such for repayment of loan.

You can do the complete payment loan amount with interest till date as when required we will be sharing you the coming 3 working days calculation of Amount with the Bank details in which the NEFT/RTGS to be made.

Further you need to do the needful and share the payslip ,screenshot or UTR /Ref no.


Loan amount with interest if not paid before the FD Maturity will be considered as loan amount with interest adjustment form the FD on the maturity date and balance amount any will be transferred to your Bank a/c registered with us.

How can I apply for duplicate FDR receipt?

Download the e-receipt from customer portal login for record purpose. For issue of duplicate FDR we require an indemnity bond on Rs 300/- stamp paper, kindly get the same notarized on Rs 300/- stamp paper from the court or franking from the bank and at the nearest office ( Mumbai – Head Office or Chennai Processing centre).

Do you accept Non-Resident Indian (NRI) Deposits?

We accept deposits from NRIs on a non-repatriation basis. Deposits by NRIs are accepted only when the funds originate from their respective NRO Account.

What are the terms and condition for NRI Deposits?

The terms and conditions governing the NRI deposits are given hereunder:

Acceptance of deposits can be made only by Indian Rupees 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’s will not be accepted

NRI Deposits shall not be accepted by any inward remittances from overseas

Document requirements for NRI FD investments

1) Passport with valid visa

2) Overseas address proof

3) A PIO card to establish Indian Origin, if it is a foreign passport.

4) Pan card

5) A local address proof if different from the passport address

a) Bank account statement or passbook

b) Local Property papers with registration deed

c) EB Bill card

d) Voter Id or Driving License

6) The NRI Depositor has to give the following declaration:

a) The amount deposited with Mahindra and Mahindra Financial Services Ltd. represents amounts transferred from NRO Account. Further this amount does not represent inward remittance from Overseas to NRO account or transfer of funds from NRE/FCNR (B) accounts to NRO account”.

b) “This is to declare that my stay in India during the financial year 2022-23 does not exceed/will not exceed 182 days & hence I will be a non-resident during the said financial year.

If there is a DTAA with the country of which the investor is a resident, then the Tax rate applicable will be the DTAA rate or the Income Tax rate whichever is more beneficial to the assesse /investor. The following additional documents should be provided by the NRI depositor to claim benefit of DTAA rate.

a) Tax Residency Certificate from the Income Tax department of the country the investor is a resident

b) Copy of the passport as of the beginning of the current financial year till date

c) Certificate from the investor as at the end of the financial year regarding his stay in India during Financial year.

How can I claim the unclaimed interest or maturity amount?

The depositor needs to submit a request letter or send an email from the registered email ID @ mfinfd@mahindra.com along with a copy of personalised cheque leaf/bank statement and valid ID proof to receive the unclaimed payments via NEFT /RTGS mode.


When does the Unclaimed Amount go to Investor Education and Protection Fund(IEPF)?

As per section 125(2) of the Companies Act, 2013 read with Rules, any amount of matured Fixed Deposits along with interest accrued on it, which remains unpaid or unclaimed for a period of seven years from the date of maturity of the Fixed Deposit, shall be transferred by the Company to the Investor Education and Protection Fund (“IEPF”) established by Central Government.

The Company has regularly uploaded on its website as also on the website of the Ministry of Corporate Affairs, Government of India, full details of such unpaid or unclaimed Fixed Deposits along with the interest.

How can I claim the Unclaimed amount from the company or IEPF? What is the procedure?

Kindly note that with a view to complying with the statutory requirements in this regard, we shall initiate necessary action for transfer of the unclaimed principal and interest amount on Fixed Deposit to IEPF.

You are requested to immediately claim your unpaid principal and interest amount to avoid the transfer of the said amount(s) to IEPF by sending the following documents to us.

1. Self-attested copy of Pan Card and address Proof (viz. Aadhar Card, Passport etc.)

2. Copy of Cancelled Cheque.

3. Enclosed Application –cum-Undertaking duly filled and signed.

However, you may claim from IEPF Authority, the amount of unclaimed principal and interest on Fixed Deposit, transferred to IEPF by making an application in Form IEPF-5 online and by sending the physical copy of the same duly signed (as per registered specimen signature) along with requisite documents enumerated in the said Form IEPF-5 to the Company at its Corporate Office or at the Company’s FD Processing Centre at Chennai for verification of your claim. We shall send a verification report to IEPF As per section 125(2) of the Companies Act, 2013 read with Rules, any amount of matured Fixed Deposits along with interest accrued on it, which remains unpaid or unclaimed for a period of seven years from the date of maturity of the Fixed Deposit, shall be transferred by the Company to the Investor Education and Protection Fund (“IEPF”) established by Central Government.

Authority for refund of the unclaimed principal and interest amount on Fixed Deposit, back to the credit of the Fixed Deposit holder.

In case we do not receive any request from you for claiming the principal and interest amount on Fixed Deposit , we shall, in accordance with the requirements of the said Rules, transfer the unclaimed principal and interest amount on Fixed Deposit, to IEPF by the due date as per procedure stipulated in the Rules, without any further notice. Please note that no claim shall lie against the Company in respect of unclaimed principal and interest amount on Fixed Deposit transferred to IEPF Authority pursuant to the said Rules.

The IEPF Rules and the application form (Form IEPF-5), as prescribed by the Ministry of Corporate Affairs for claiming back the unpaid/unclaimed principal amount/interest on Fixed Deposits, are available on the website of the Company at www.mahindrafinance.com as also on the website of the Ministry of Corporate Affairs at www.iepf.gov.in.

Please feel free to contact the Company in case you have any queries at the following address/ email/ telephone numbers:

FD Processing Centre

Mr. N Ananta Narayanan

Mahindra & Mahindra Financial Services Ltd

New No. 244, Old No. 713, 3rd Floor, Level 4,

Rear Block, Carex Center, Anna Salai,

Thousand Lights,

Chennai, Tamil Nadu-600006.

Toll Free no- 180 026 69266

Corporate Office

Ms. Sunita Pawar

Mahindra & Mahindra Financial Services Limited

Sadhana House, 2nd Floor,

570, P. B. Marg, Worli,

Mumbai- 400 018.

Tel:+91-22 – 6652 3500 Extn :- 3966

Fax No:+91- 22- 24984170Email: mfinfd@mahindra.com

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.

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