Mahindra Finance FD Rates for Senior Citizens

Fixed Deposits are one of the most commonly used methods by people to invest their money. A fixed deposit is the simplest method that can easily provide people with guaranteed returns. Senior citizens, who get their retirement benefits like the PF amount or any other sale of assets, can use the option of investing in FDs for earning interest on it. In addition, Mahindra Finance provides fixed deposits to customers under its Samruddhi fixed deposit scheme. It is even more beneficial for senior citizen customers because the Mahindra Finance FD Rates for senior citizens offer higher than the regular FD rates.

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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 provided more considerably 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.

Policy Tenure (Fixed Deposit Term)

Senior Citizen Interest Rate for fixed deposits up to Rs.1 crore and minimum amount Rs. 5000, w.e.f. 01/05/2021

For both Cumulative & Non-Cumulative Samruddhi Scheme the senior citizens get  0.25% higher interest rates than the regular FD rates

12 months

5.95

24 months

6.05

36 months

6.55

48 months

6.70

60 months

6.70

*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.

Policy Tenure (Fixed Deposit Term)

Senior Citizen Interest Rate for bulk deposits from Rs. 1 crore up to Rs. 5 crores w.e.f. 24/08/2020(%p.a.)

Samruddhi Cumulative 

Samruddhi Non-Cumulative

12 months

5.25

5.15

18 months

5.25

5.15

24 months

5.50

5.40

36 months

5.90

5.80

48 months

5.90

5.80

60 months

6.00

5.90

 

 

Policy Tenure (Fixed Deposit Term)

Senior Citizen Interest Rate for bulk deposits above Rs. 5 crores w.e.f. 24/08/2020 (%p.a.)

Samruddhi Cumulative 

Samruddhi Non-Cumulative

12 months

5.00

4.90

18 months

5.05

4.95

24 months

5.35

5.25

36 months

5.70

5.60

48 months

5.70

5.60

60 months

5.70

5.60

*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.

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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, giving good scope to the invested money for growing 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.5000, 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 best. 
  • 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 have a minimum investment amount of Rs.5000.
  • Must be ready to invest for a minimum of 1 day to a maximum of 5 years.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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. Large 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.

FAQ's

  • Q1. What is meant by an FD?

    Ans. FD means Fixed Deposit. It is a deposit in which the customers can save their money for a particular period, gain interest over the already existing amount as the return, and get the accumulated return and the principal when the deposit matures.
  • Q2. How to ensure getting a high-interest return on FDs?

    Ans. To get a high-interest return on FDs, customers must try to invest a substantial amount for the maximum possible period and select the cumulative payout option.
  • Q3. What is meant by the cumulative payout?

    Ans. Cumulative payout means the investor doesn’t receive the interest they earn during the term. Instead, the earned interest is compounded, resulting in gaining interest over interest. 
  • Q4. Is it disadvantageous to choose the non-cumulative option?

    Ans. In the non-cumulative payout option, the earned interest isn't compounded as it is paid to the investor. Therefore, it doesn't help in increasing the interest rate, and hence, it can be disadvantageous in that sense. However, if an investor wishes to maintain liquidity, then the non-cumulative option is advantageous to them.
  • Q5. What is the use of the Mahindra Finance Fixed Deposit calculator?

    Ans. The Mahindra Finance FD calculator tells the customer the interest they can earn for the amount of money they are willing to invest for a certain time. It helps to give the investor a fair idea about how much they can expect from the investment and if it will be worth it.
Written By: PolicyBazaar - Updated: 03 September 2021
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