Mahindra Finance FD Interest Rates

Mahindra Finance Fixed Deposits (FDs) offer competitive interest rates ranging from 7.50% p.a. to 8.35% p.a., with flexible tenures of up to 5 years. Investors can choose from various payout options that cater to a wide range of financial needs. Additionally, enjoy added benefits such as higher interest rates for senior citizens. Investors can start their investment journey with a deposit as low as ₹5,000, making it accessible to all.

Mahindra Finance offers cumulative interest rates on fixed deposits for both regular and senior citizens under the Samruddhi Cumulative Scheme. These fixed deposits cover amounts up to ₹5 Crores. Here are the interest rates:

To understand what your return on investment could look like, here is an illustration that showcases the payout upon maturity for tenures of 3 and 5 years at an interest rate of 8.10% p.a. This example helps you estimate your returns, allowing you to invest with confidence.

Additional charges and deductions associated with a fixed deposit can reduce your overall returns at maturity. It is important to understand these charges before investing in a fixed deposit. Here are two main charges and deductions involved:

Premature Withdrawal

While funds in a fixed deposit are locked-in for the selected tenure, exceptions may be made under certain circumstances. However, such withdrawals will be subject to a penalty. Here are some key points to remember:

• A fixed deposit cannot be closed within 3 months from the date of the initial deposit

• If a fd premature withdrawal request is made between 3 and 6 months from the deposit date, only the principal amount will be repaid with no interest

• If the fixed deposit is closed after 6 months, the interest will be paid but at a rate 2% lower than the fixed rate for that period

• If no rate was specified, the interest payout will be 3% lower than the minimum rate offered for public deposits

Tax Deducted at Source (TDS)

TDS is the tax deducted by banks and NBFCs on the interest earned from a fixed deposit. This tax is deducted if your interest income exceeds ₹40,000 in a financial year for individuals and ₹50,000 for senior citizens. The TDS rate is 10% if a PAN card is provided and 20% if it is not. If your total income in a financial year is below ₹2.5 Lakhs, you can submit self-declaration Form 15G or Form 15H to avoid TDS.

Here is the process to invest in a Mahindra Finance FD through Bajaj Markets:

1. Go to the fixed deposit section 

2. Fill in the ‘Invest Now’ form with your mobile number, date of birth, and pin code

3. Verify using the OTP sent to your mobile number

4. Compare FD interest rates offered by different banks and NBFCs

5. Choose Mahindra Finance FD, select the tenure and interest payout frequency that suit your needs

6. Enter your name and PAN card details for CKYC verification

7. If CKYC is not available, upload your Aadhaar card, PAN card, and a selfie

8. Verify and update your details, including marital status, address, and email ID

9. Enter your bank details, such as the bank’s name, IFSC code, and account number

10. Add nominee details

11. Complete the payment using your preferred method