Mahindra Finance FD Rates for Senior Citizens

Mahindra Finance FD Rates for Senior Citizens

Mahindra Finance FD Rates for senior citizens are available for different tenure periods. The longer the tenure, the depositor can gain more interest on their investment. As already mentioned above, Senior citizen interest rates are considerably more than regular fixed deposit interest rates.

Mahindra Finance FD rates for senior citizens can also be calculated online on the FD Calculator, which is available on the official website of Mahindra Finance. The table below provides the interest rates for various periods and exclusively for senior citizens.

*The above-mentioned Mahindra Finance Senior Citizen FD interest rates are subjected to change from time to time according to the market conditions and the sole discretion of Mahindra Finance.

*The above-mentioned Mahindra Finance Senior Citizen FD interest rates are subject to change from time to time according to the market conditions and the sole discretion of Mahindra Finance.

About Mahindra Finance Fixed Deposit Interest Rate Calculator

Mahindra Finance Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

• The amount that is invested

• The Rate of Interest offered

• The tenure of the Fixed Deposit Account

• The compounding period, that is, yearly, half-yearly, quarterly, or monthly

• The FD Amount

Once entered the following details, an investor will come to know:

• The maturity value of the FD

• The total interest earned during the complete tenure

Features 

Mahindra Finance FD scheme for senior citizens has various features. Some features are listed below:

• Senior citizens get an additional interest rate than regular citizens who invest their money in fixed deposits.

• An additional interest rate of up to 0.35% is provided for senior citizens who have retired from Mahindra Group of companies. 

• The investment is accepted in multiples of INR 1,000.

• The investment duration can be as long as five years, which offers good scope for the invested money to grow substantially.

• In the cumulative option, the interest earned on the investment is compounded every year before the time of tax deduction.

Benefits 

Mahindra Finance FD scheme for senior citizens provides various benefits to their customers. Some of these benefits are discussed in brief below:

• The Mahindra Finance FD is rated ‘FAAA’ by CRISIL, indicating the high safety nature of the FD.

• The minimum investment amount starts as low as Rs. 5,000, which makes investment possible for more people.

• Payout options as provided by Mahindra Finance FD are flexible to the customer. Therefore, they can choose the option that suits their convenience. 

• Life Cover Options are provided as an additional benefit along with the Fixed Deposit if the investor chooses to get one.

• Tax Benefits are provided as per the Income Tax Laws in India.

• The relatives of retired senior citizen members of Mahindra Group are also eligible for the additional rate.

Eligibility for Opening Mahindra Finance Senior Citizen FD

The eligibility for availing of the Mahindra Finance FD rates for senior citizens is listed below:

• Must be a senior citizen (above 60 to 65 years of age).

• Must be an Indian.

• Must make a minimum investment amount of Rs.5,000.

• Must be ready to invest for a minimum of 1 day to a maximum of 5 years.

Documents Needed 

Documents that are needed for Mahindra Finance FD are provided below:

• Passport

• Driving License

• Permanent Account Number (PAN) card

• Voter’s ID Card

• Job Card

• Letter issued by the Unique Identification Authority of India.

Factors that affect Mahindra Finance FD Rates for Senior Citizens

Several factors that affect the senior citizen fixed deposit rates are

• The amount of investment made by the individual - larger investments ensure higher interest returns.

• Similarly, an extended investment period ensures the best possible returns on the investment. 

• The age of the depositor is another significant factor. As already mentioned, interest rates for senior citizens are higher than the regular rates.

• The cumulative payout option earns more interest than the non-cumulative.