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
7.25 to 8.15%
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. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
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)
Features & Benefits
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 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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