Fixed Deposit Details
Bank Name
Muthoot Capital Services
Eligibility
Resident Individuals
Interest Rate
7.21 to 10.41% per annum.
Tenure
1- 5 Years
Fixed Deposit Type
Regular : Cumalative Deposit
Scheme C FD
Tax Benefits
Only provided on FDs with lock-in period of 5 Years.
Credit Ratings
[ICRA]A1+
Interest Payment Frequency
Annual Payment Plan. 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
Cumalative Deposit (maturity Plan)
Features
Minimum deposit amount: Rs. 1,000 Tenure: 1 year – 5 years Renewal facility is available on maturity date Loan against FD: Available Can be held jointly (max. 3 applicants)
Minimum Investment Amount
Rs. 1000
Features & Benefits
Pros
- Higher Interest Rates
- Encourages Saving
- Assured Maturity Amount
Cons
- Lower Liquidity
- Lower Effective Interest Rate
Pros & Cons
How to Open?
There are two main ways to open a Muthoot Finance Scheme C - Cumulative Deposit:
- Visit a Muthoot Finance branch: This is the traditional way to open a fixed deposit account. You can find your nearest branch using the Muthoot Capital branch locator on their website https://www.muthootfinance.com/branch-locator . Once at the branch, speak with a representative about opening a Scheme C Fixed Deposit account. They will guide you through the application process and collect the necessary documents.
- Open an account online (availability may vary): Muthoot Capital might offer the option to open a fixed deposit online. Check their website under the Fixed Deposits section https://www.muthootcap.com/fixed-deposits/ to see if this option is available. If so, you should be able to find a link to the online application form.
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