Fixed Deposit 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 8.35%
Tenure
12 Months to 60 Months
Fixed Deposit Type
Regular
Samruddhi Cumulative
Tax Benefits
Not Provided
Credit Ratings
IND AAA / Stable
Interest Payment Frequency
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
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
INR 5000
Features & Benefits
Pros
High Interest Rates
Mahindra Finance has a high credit rating (CRISIL AAA/Stable)
Flexibility in Tenure
Interest Compounding
Senior citizens can get an additional interest rate of 0.25% p.a., and Mahindra Group employees and their relatives can enjoy an extra 0.35% p.a. (up to Rs. 5 Crore).
Cons
Lower Liquidity
Interest earned on FDs is taxable as per your income tax slab.
Limited Online Access
Pros & Cons
Account Opening Procedure
How to Open?
Visit a Mahindra Finance Branch:
This is the most likely way to open a Samruddhi 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 Samruddhi Cumulative deposit account. They will guide you through the application process and collect the necessary documents.
Contact Mahindra Finance:
You can contact Mahindra Finance customer care and inquire about opening a Samruddhi 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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