Mahindra Finance FD Rates

At the same time, a senior citizen may expect more as Mahindra finance offers 7.30% FD rates to senior citizens. In addition, the Mahindra finance FD rates also depend on the time period for which an investor keeps his deposits with the fund house. Hence, the investor must decide the time and rates accordingly before depositing his funds into the Mahindra finance fixed deposit.

Mahindra Finance Fixed Deposit Rates

Interest Rates are applicable as on 2nd Feb 2023.

Characteristics of Mahindra Finance Fixed Deposit

The accounts of Mahindra finance fixed deposits are highly safe and secure. In addition, the fund house offers its investors significant Mahindra finance FD interest rates. 

Let us understand some key features of Mahindra finance to comprehend better the benefits provided by the fund house and Mahindra finance FD rates. 

1. Tenure

   Mahindra finance has a fixed tenure for its customer. The term ranges from 1 year to five years. 

2. Deposit Amount

   The fund house has set the minimum amount one should consider allocating to the Mahindra finance FD. One may open an FD account with the fund house post determining the Mahindra finance FD rates and deposit at least INR 5,000 for its cumulative scheme. However, for the non-cumulative scheme, one should invest INR 25,000 half yearly and INR 50,000 for quarterly interest. 

3. Mahindra Finance FD Interest Rates

   The fund house offers significant Mahindra finance interest rates to its investor. It has a normal fixed rate and preferential fixed rates for different individuals. Generally, the Mahindra finance FD rates range from 5.70% to 6.45% per annum. However, for senior citizens or preferential fixed rates, the fund house offers an additional rate of 0.25%. Further, the Mahindra group provides a different additional rate of returns of 0.35% to its employees and relatives. It is advisable to use FD calculator online tool can be used to analyze the FD returns. 

Eligibility Criteria

Following persons and bodies are eligible to open an FD account in order to fetch considerable Mahindra finance FD rates.

1. Resident and Non-Resident Individual

   A resident and a non-resident individual may open their FD accounts in order to attain Mahindra finance fixed deposit rates. If a person stays in India for 182 days or more in the previous year, he will be deemed a residential individual. Further, if a person stayed 60 days or more in the previous years and 365 days or more in the past four previous years, then he will also deem to be a resident. However, if a person fails to fulfill any of the two aforementioned conditions, he will be termed a non-resident individual; hence, he will fall under the second category.

2. Sole Proprietorship

   A self-employed individual running his own business and responsible for the overall loss and profit of his business is known as a sole proprietorship. As per the provision of Mahindra finance, a sole proprietorship is eligible to open an FD account in order to gain significant Mahindra finance fixed deposit rates.

3. Companies

   According to section 2 (20) of the companies act 2013, a company is deemed to be an artificial person created by the rules and regulations laid down in the law or companies act. It has a separate legal entity and has limited liability. A company is also eligible to open an FD account in order to gain significant Mahindra finance fixed deposit rates.

4. Miscellaneous Bodies

   A trust, HUF (Hindu Undivided Family), foundations, family trust, association, society, and the club are also eligible to open an FD in order to fetch actual Mahindra finance FD interest rates.

Document Required 

A person and body are required to furnish the following documents in order to open an FD account to fetch considerable Mahindra finance FD rates.

1. Resident Individual

   • A resident individual is required to furnish his proof of address, such as electricity or utility bills, Aadhaar card, bank statement, etc., to gain significant Mahindra finance fixed deposit rates.

   • Further, he also needs to furnish proof of his identity. Therefore, he may produce documents such as an Aadhaar card, Passport, Voter ID, etc.

2. Non-Resident Indian

   • A non-resident is required to produce his proof of address, Voter ID, property papers situated in India, and statement of Bank. 

   • Further, he should possess his PAN card and PIO (Person of Indian Origin) card. The PIO card is necessary to prove his Indian origin.

   • An employment letter is equally important to show he is employed abroad and can pay the premium and other charges to open an account in fund houses. 

   • A passport is the most crucial document. Further, he should also have a valid visa from the country he resides in for his employment. 

3. Miscellaneous Documents

   • A canceled cheque is required for company, club, or association verification. 

   • The bodies must furnish the photograph of their signatories. In addition, it is also required to provide the address and ID proof of the signatories. 

   • A document containing the list of signatories of a club or association should be provided. 

   • For companies, the certificate of incorporation should be provided to the fund house in order to fetch considerable Mahindra finance FD rates.

   In addition, the company should produce its Memorandum of Association and Article before the fund house in order to gain significant Mahindra finance fixed deposit rates.

Conclusion

Mahindra finance fixed deposit rates are considered fair and better than the rates provided by other fund houses. The fund house started on 1 January 1991 and was named Maxi Motors Financial Services Limited. The fund house changed its name a year later, in 1992, and was renamed Mahindra & Mahindra Financial Services Limited.

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