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 8.05% 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
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/-
Fees and Charges
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 and 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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