Product Details
Bank Name
Mahindra & Mahindra Financial Services Ltd
Eligibility
For Resident Individuals
For Companies
For Non-Resident Indians (NRI)
For Partnership Firms+For Trusts and Foundations
Charitable Trust
HUF
Family Trust
Sole Proprietorship
Club, Association, Society
Interest Rate
Monthly: 7.25% to 7.50%
Quarterly: 7.35% to 7.60%
Half Yearly: 7.50% to 7.80%
Yearly: 7.80% to 8.05%
Tenure
15 months, 30 months, and 42 months
Fixed Deposit Type
Regular
Dhanvruddhi Non-Cumulative Scheme
Tax Benefits
No, Mahindra & Mahindra Financial Services Ltd Dhanvruddhi Non-Cumulative Scheme does not directly provide tax savings under Section 80C of the Income Tax Act of India.
Credit Ratings
IND AAA / Stable
Interest Payment Frequency
Monthly, Quarterly, Half yearly & Yearly
Cummulative/Non-Cummulative
non cumulative
Features
The MMFSL Fixed Deposit has a India Ratings – ‘IND AAA / Stable’ which indicates highest safety 0.25% additional interest rate for senior citizens for Samruddhi Fixed Deposits 0.35% additional interest rate for all Mahindra group company employees & their relatives for Samruddhi Fixed Deposits
Minimum Investment Amount
Minimum Amount Rs. 50,000 (quaterly/monthly) Rs. 25,000(half yearly/yearly)
Fees and Charges
Pros
This scheme offers regular payouts of interest on a monthly, quarterly, half-yearly, or yearly basis.
Competitive Interest Rates
Flexibility
Shorter Tenure Options
High Credit Rating
Cons
Lower Overall Return
Early Withdrawal Penalty
Tax on Interest
Not Liquid
Pros & Cons
Account Opening and Procedure
How to Open?
Visit a Mahindra Finance Branch:
This is currently the only advertised way to open a Dhanvruddhi Non-Cumulative deposit account. Use the Mahindra Finance branch locator on their website to find your nearest branch https://branch.mahindrafinance.com/.
Once at the branch, speak with a representative about opening a Dhanvruddhi Non-Cumulative deposit account. They will guide you through the application process and collect the necessary documents.
Application Procedure
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