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. 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
Monthly and Quarterly: 50,000/-
Half Yearly and Yearly: 25,000/-
Features & Benefits
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 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
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