Cultivating Financial Growth Mahindra Finance Fixed Deposit Rates Unveiled


Fixed Deposits (FDs) are popular savings tools for many investors. They offer a fixed interest rate over a set period, ensuring predictable returns. Mahindra Finance offers competitive FD rates, making it a good choice for low-risk investors. Explore Mahindra Finance FD rates and compare them with other FD options.

Mahindra Finance FD Rates

Mahindra Finance offers different tenors for their FDs, each with a specific rate. The rates may vary depending on the investment tenor and the type of depositor. Senior citizens often receive slightly higher interest rates.

Tenor

Minimum Deposit Amount (₹)

Interest Rate (% p.a.)

12 months

₹5,000

7.50%

24 months

₹5,000

7.80%

36 months

₹5,000

8.10%

48 months

₹5,000

8.05%

60 months

₹5,000

8.10%

Benefits of Mahindra Finance FDs

Assured Returns

The interest rate is fixed. This provides predictable returns over the chosen tenor.

Higher Rates for Senior Citizens

Senior citizens receive an extra 0.25% interest rate. This provides them with higher returns.

Flexible Tenors

Investors can choose from a variety of tenors. These range from 12 months to 60 months.

Cumulative and Non-Cumulative Options

Mahindra Finance offers both cumulative and non-cumulative FDs. This caters to different income needs.

Key Features of Mahindra Finance FDs

Minimum Deposit Amount

The minimum deposit for a Mahindra Finance FD is ₹5,000

Nomination Facility

Investors can nominate a beneficiary for their FD

Premature Withdrawal

Mahindra Finance allows premature FD withdrawals, but it may incur a penalty

Loan Against FD

Investors can get loans up to 75% of their FD amount

Comparing FD Interest Rates

Comparing FD interest rates across banks and NBFCs is crucial for informed decisions. Here’s a comparison of Mahindra Finance FD rates with other major issuers:

Issuer

Interest Rate (% p.a.)

Tenor

Mahindra Finance

Up to 8.10% 

12 months - 60 months

Ujjivan Small Finance Bank

Up to 8.25%

7 days - 120 months

State Bank of India

Up to 7.00%

7 days - 120 months

HDFC Bank

Up to 7.35%

7 days - 120 months

Bajaj Finance Limited

Up to 8.10%

12 months - 60 months

Shriram Finance Ltd.

Up to 8.47%

12 months - 60 months


Why Choose Mahindra Finance FDs?

Competitive Interest Rates

As shown in the comparison, Mahindra Finance offers favourable interest rates

Reputation

Mahindra Finance is a well-established NBFC with a strong reputation

Flexible Options

Mahindra Finance meets diverse investor needs with various tenors and interest options

Steps to Invest in Mahindra Finance FDs

  1. Research

Compare FD rates and tenors to choose the best option

  1. Application

Fill out the application form on the Mahindra Finance website or visit a branch

  1. Documentation

Submit necessary documents such as identity proof, address proof, and a photograph

  1. Deposit

Transfer the deposit amount through cheque, demand draft, or online transfer

  1. Receipt

Receive the FD receipt, which includes details such as the amount, tenor, and interest rate

Tax Implications

Interest earned on FDs is taxable under the Income Tax Act, 1961. The interest is added to the investor's income and taxed according to the applicable tax slab. TDS applies if interest income exceeds ₹40,000 per year for regular depositors and ₹50,000 for senior citizens.

Conclusion

Mahindra Finance FDs are ideal for investors seeking low-risk, predictable returns. They offer competitive interest rates, especially for longer tenors, with flexible investment options. Investors can make informed decisions by comparing FD interest rates across various issuers. This approach helps them maximise their returns. Consider the tax implications. Choose the tenor that best suits your financial goals.
Location: India

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