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
7.50% to 8.15% respectively
Tenure
15 months, 30 months, and 42 months
Fixed Deposit Type
Regular
Dhanvruddhi Cumulative
Tax Benefits
The Dhanvriddhi scheme is a regular FD and doesn't meet the criteria for tax deductions under Section 80C.
Credit Ratings
IND AAA / Stable
Interest Payment Frequency
Maturity.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
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
Rs.5,000/-
Features & Benefits
Pros
High Interest Rates
Assured Returns
A high credit rating (IND AAA/Stable by India Ratings and AAA/Stable by CRISIL) indicates a low default risk.
Flexibility in Tenure
Senior citizens can enjoy an additional 0.10% interest rate on their Dhanvriddhi deposits.
Cons
Lower Liquidity
Interest Rate Risk
The interest earned on FDs is taxable as per your income tax slab.
Pros & Cons
Account Opening Procedure
How to Open?
Visit a Mahindra Finance Branch:
This is the most likely way to open a Dhanvriddhi 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 Dhanvriddhi cumulative deposit account. They will guide you through the application process and collect the necessary documents.
2. Contact Mahindra Finance:
You can contact Mahindra Finance customer care and inquire about opening a Dhanvriddhi account. They might be able to process your request over the phone or provide an alternative way to open the account without visiting a branch. Find the customer care contact information on their website https://www.mahindrafinance.com/customer-care.
Application Procedure
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