Residents, NRIs, and companies can earn attractive interest rates by investing their hard-earned money in safe and secure fixed deposits by Mahindra Finance. Mahindra Finance FD rates are as high as 7.15% p.a. You can book a Mahindra Finance corporate FD with a minimum amount of Rs. 5,000 for a tenure of up to 5 years.
Mahindra Finance offers two types of fixed deposit schemes – Dhanvruddhi and Samruddhi fixed deposits. With high interest rates, corporate FD is one of the best NRI investment options in India. Non-Resident Indians (NRIs) can use their NRO account to open a Mahindra Finance FD for attractive returns.
Mahindra Finance is a corporate partner of SBNRI. NRIs can easily book an NRI FD by clicking on the button below.
Mahindra Finance FD rates 2022
Mahindra Finance fixed deposits assure investors guaranteed returns at highly competitive rates with nominal market risk. Mahindra Finance FD rates for different schemes are given below:
Mahindra Finance Samruddhi fixed deposit
a. Samruddhi Cumulative scheme interest rate
Interest rate for deposits from Rs. 5,000 up to Rs. 50 lakh are as under:
| Tenure (Months) | Interest Rate (p.a.) | Yield (p.a.) |
|---|---|---|
| 12 | 5.75% | 5.75% |
| 24 | 6.50% | 6.71% |
| 36 | 7.00% | 7.50% |
| 48 | 7.00% | 7.77% |
| 60 | 7.00% | 8.05% |
Note:
- These rates are applicable for both residents and NRI investors
- FD interest rates are subject to periodic changes
- Interest is compounded annually before deduction of tax
b. Mahindra Finance Samruddhi Non-cumulative scheme
Interest rate for Samruddhi non-cumulative scheme (up to Rs. 50 lakh) is given below:
| Tenure (Months) | Interest (p.a.) monthly interest payable | Interest (p.a.) quarterly interest payable | Interest (p.a.) half yearly interest payable | Interest (p.a.) yearly interest payable |
|---|---|---|---|---|
| 12 | 5.20% | 5.55% | 5.65% | 5.75% |
| 24 | 5.95% | 6.30% | 6.40% | 6.50% |
| 36 | 6.45% | 6.80% | 6.90% | 7.00% |
| 48 | 6.45% | 6.80% | 6.90% | 7.00% |
| 60 | 6.45% | 6.80% | 6.90% | 7.00% |
Note:
- These rates are applicable for both residents and NRI investors
- FD interest rates are subject to periodic changes
- Interest is compounded annually
Mahindra Finance Dhanvruddhi fixed deposit (Up to Rs. 50 lakh)
a. Dhanvruddhi cumulative scheme interest rate
Interest rate for deposits from Rs. 5,000 up to Rs. 50 lakh are as under:
| Tenure (Months) | Interest Rate (p.a.) | Yield (p.a.) |
|---|---|---|
| 30 | 6.75% | 7.12% |
| 42 | 7.15% | 7.83% |
Note:
- These rates are applicable for both residents and NRI investors
- FD interest rates are subject to periodic changes
- Interest is compounded annually before deduction of tax
b. Dhanvruddhi non-cumulative scheme interest rate
| Tenure (Months) | Interest (p.a.) monthly interest payable | Interest (p.a.) quarterly interest payable | Interest (p.a.) half yearly interest payable | Interest (p.a.) yearly interest payable |
|---|---|---|---|---|
| 30 | 6.20% | 6.55% | 6.65% | 6.75% |
| 42 | 6.60% | 6.95% | 7.05% | 7.15% |
- These rates are applicable for both residents and NRI investors
- FD interest rates are subject to periodic changes
- Interest is compounded annually
Features and Benefits of Mahindra Finance Corporate FD
Listed below are the features and benefits of the Mahindra Finance corporate FD:
- Booking Mahindra Finance FD is safe and secure indicated by IND AAA/ stable rating by India Ratings and FAAA CRISIL rating.
- In case of non-cumulative FDs, interest is payable on monthly, quarterly, half yearly and yearly basis.
- You can start investing with a low amount starting from Rs. 5,000.
- Deposits can be booked online on the company’s website as well as offline.
- Fixed deposits can be booked for up to 60 months.
Eligibility Criteria for Mahindra Corporate FD
Residents as well as NRIs (Non-Resident Indians) can open an FD with Mahindra Finance. You can book a Mahindra Finance FD if you are:
- Resident Indian
- Non-Resident Indian (NRI)
- Company
- Trust
- Sole proprietorship
- Partnership firm
- Charitable trust
- Family trust
- Hindu Undivided Family
Documents required
For NRIs
- Indian passport with valid visa (for NRIs)
- A PIO/ OCI card and foreign passport (for OCIs/ PIOs)
- Employment letter issued overseas(can be used for confirmation of residential status and foreign address)
- PAN card
- Local address proof (If different from the address in the passport)
- Local property papers with registration deed
- EB bill card
- Driving license or voter’s ID
- Bank statement or passbook
- Tax Residency Certificate from the income tax department of the country of you are currently residing in
For resident investors
- PAN card
- Driving license
- Passport
- Voter’s ID card
- Job card issued by NREGA duly signed by an officer of the State Government
- Aadhaar card
For companies
- PAN card
- Address proof (bank statement, telephone bill)
- Certificate of incorporation
- Authorized signatory list
- Canceled cheque leaf for bank account verification
- Memorandum of article & association & latest board resolution with specimen signatures
Corporate FD calculator
NRIs/ resident investors can use the FD calculator to calculate the returns of FD investment based on the amount and interest rate offered. It is super easy to use and also helps in financial planning because you can calculate the periodic interest payouts. It is free and can be used as many times as you want to find out returns on different periods and for different amounts.
Due to a lengthy process and lots of documents required to apply for NRI FD accounts, NRIs living away from India may face several challenges. At SBNRI, we understand this struggle. You can download SBNRI App to apply for an NRO Fixed Deposit account with nominal documentation with a smooth procedure.
You can also click on the button below for more information and to apply for an NRI FD account. Visit our blog and YouTube Channel for more details.
FAQs
In case of a cumulative fixed deposit, interest is payable with principal at the time of maturity of the fixed deposit. For non-cumulative FDs, the interest is payable on a monthly, quarterly, half-yearly and yearly basis.
Residents, NRIs, individuals, companies, sole proprietorships, partnership firms, LLP, clubs, HUFs, body of individuals, association of persons, registered trust/societies, etc. can invest in Mahindra Finance fixed deposit schemes.
Yes, two people can open a joint FD account payable to either or survivor basis.
Yes, after receiving and verification of the Power of Attorney by the Company.
