Question 1

Can I earn interest on my fixed deposit on a monthly basis?

Accepted Answer

Absolutely! You can earn monthly interest payouts on your FD account. Mahindra Finance offer all investors the most attractive fixed deposit interest rates in India. If you are a regular investor and choose to get a monthly interest payout, the current fixed deposit interest rate is 8.05%. For senior citizens, they can receive interest upto 0.25% more than the FD rates. If you choose a quarterly interest payout term, the interest rate for regular investors and senior citizens might differ.

Question 2

What are the current Fixed Deposit rates provided by Mahindra Finance?

Accepted Answer

Mahindra Finance is one of the most reputed financial institutions offering high FD rates in India. Currently, we offer fixed deposit rates for a regular investor ( excluding senior citizens) that go up to 8.05%. The latest fixed deposit rates offered to senior citizens are 0.25% higher than those for non-senior citizens. You can get a higher interest rate on your FD if you opt for an annual interest payout. A higher interest rate naturally means you get higher returns on your investment, and the maturity value increases accordingly.

Question 3

What is the interest rate for senior citizen FD?

Accepted Answer

Mahindra Finance offers 0.25% higher interest rates to senior citizens. Your interest rates will be highly dependent on the interest payout term you choose. You can earn the highest interest on your FD investments if you choose an annual interest payout.

Question 4

Is the interest earned on a fixed deposit taxable?

Accepted Answer

Yes, the interest you get from your investment in a fixed deposit is fully taxable. The gains are added to your total income under the ‘income from other sources’ section, and you must add these details in your ITR (Income Tax Returns) while filing the returns. The interest is taxed as per the tax slab you fall under. However, as an investor, you must know that FD is an invaluable investment in your portfolio. It is one of the safest investments in India, as it offers assured returns. Also, if you open an FD account with Mahindra Finance, you get high interest returns per annum.

Question 5

What is the minimum deposit amount allowed for opening an FD?

Accepted Answer

You can open an FD account with as little as Rs. 5000 with Mahindra Finance. However, if you have a higher disposable income, you can invest more as per your needs and financial goals. With Mahindra Finance, the maximum limit is Rs. 25 crores. One of the best benefits of investing with Mahindra Finance is earning a high fixed deposit interest rate in India, up to 8.05%. You can enjoy the flexibility to choose the interest payout term, selecting from monthly, quarterly, half-yearly, or annual credit.

Question 6

Are there any special rates applicable for specific categories of applicants?

Accepted Answer

Yes! There are specific categories of applicants who are eligible for an additional rate of interest benefits. Here it’s listed as follows:

Senior citizens (people who are 60 years of age and above) will receive an additional interest rate benefit of 0.25% p.a. on Samruddhi deposits and 0.25 % on Dhanvruddhi deposits for investments up to Rs. 50 lakhs.
Employees, their relatives, and retired employees, as well as their relatives, will receive an additional rate of 0.35% p.a. for Samruddhi deposits up to Rs. 50 lakhs. (All Mahindra Group Company Employees). Government-approved proof documents must be furnished, and the employee must be the second applicant.

Question 7

How can I apply for a duplicate FDR receipt?

Accepted Answer

You can download the e-receipt from the customer portal login. Mahindra Finances require an indemnity bond on Rs. 300 stamp paper to issue a duplicate FDR receipt. The paper needs to be notarized by the court or franked from the bank at the nearest headquarters of your preferred location.

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