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: 7.10% to 7.55%
Quarterly: 7.20% to 7.65%
Half Yearly: 7.25% to 7.85%
Yearly: 7.50% to 8.10%
Tenure
12 Months to 60 Months
Fixed Deposit Type
Regular
Samruddhi Non Cumulative Schemes
Tax Benefits
No, Mahindra & Mahindra Financial Services Ltd Samruddhi Non-Cumulative Schemes do not provide tax saving benefits under Section 80C of the Income Tax Act, 1961.
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
Monthly and Quarterly: 50,000/-
Half Yearly and Yearly: 25,000/-
Fees and Charges
Pros
High Interest Rates
Flexible Interest Payout Options
Secured Investment
Liquidity
Cons
Lower Interest Rates Compared to Cumulative Schemes
Early Withdrawal Penalty
Not Available Online
Pros & Cons
Account Opening and Procedure
How to Open?
Locate your nearest Mahindra Finance branch using their branch locator https://branch.mahindrafinance.com/.
Visit the branch and speak with a representative about opening a Samruddhi Non-Cumulative deposit account. They'll guide you through the application process and collect the required documents.
Application Procedure
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.