10.49% Mahindra Finance FD Schemes 2019 Review

Mahindra Finance FD Schemes 2019 ReviewMahindra Finance FD Schemes 2019 Review


Mahindra Finance FD Scheme offers highest interest rates where one can get yield up to 10.49%. Banks are reducing interest rates in recent times. Banks are currently offering 6% to 7.5% interest rates. Mahindra Finance FD rates are far higher compared to Bank FDs. What are various FDs offered by Mahindra Finance in 2019?  What are the interest rates of Mahindra Finance Fixed Deposit Schemes now in 2019? Should you invest in Mahindra Finance Fixed Deposits in 2019 or avoid? Let me do this review in this article.

Also read: Best SIP Mutual Funds for 10 years to invest in India

About Mahindra Finance


Mahindra & Mahindra Financial Services Limited (also known as Mahindra Finance) is a Rural NBFC headquartered in Mumbai. It is amongst the top tractor finance in India and offers a wide range of financial products to address varied customer requirements.

Features of Mahindra Finance FD Schemes


Mahindra Finance offers 3 variants in FDs 1) Dhanvruddhi Scheme 2) Samruddhi Scheme 3) Dhan Samruddhi Scheme 4) Samruddhi Scheme.

These FD schemes, offer cumulative and non cumulative options. In cumulative option, the interest would be paid on maturity. In non cumulative option, interest would be paid monthly, quarterly, half-yearly and yearly based on the option chosen.

You can deposit a minimum of Rs 5,000 in these FD schemes.

Mahindra Finance FD Rating is “FAAA”, which indicates the highest degree of safety for the payment of interest and repayment of capital.

Interest rates are ranging at 7.6% to 8.8%. The yield works out to be 7.8% to 10.49%.

Senior Citizens would get up to 0.25% higher interest rates for specific FDs.

Mahindra Finance employees and their relatives would get 0.35% higher interest rates.

What are various Mahindra Finance Fixed Deposit schemes offered by them?


I) Dhanvruddhi Scheme


Here are the details of the scheme.

1) The interest rates are revised from 22nd August, 2019 onwards.

2) It offers Cumulative and Non Cumulative options

3) The minimum deposit is Rs 5,000 for cumulative option and Rs 50,000 for non cumulative option.

4) It offers 15 months to 40 months tenure FDs

5) Interest rates are up to 8.7% per annum. Highest Yield is 9.65%.

6) One can invest up to Rs 1 Crore in this FD scheme.

7) You can open this FD scheme online

Here are the Mahindra Finance FD Rates 2019 for this scheme.

Mahindra Finance FD Dhanvruddhi Scheme - Interest Rates - Sr. Citizens

II) Samruddhi Scheme


Here are the details of the scheme.

1) The interest rates are revised from 22nd August, 2019 onwards.

2) It offers Cumulative and Non Cumulative option schemes.

3) The minimum deposit is Rs 5,000 for cumulative option and Rs 50,000 for non cumulative option.

4) It offers 12 months to 60 months tenure FDs

5) Interest rates are up to 8.45% per annum. Highest Yield is 10%.

6) One can invest up to Rs 1 Crore in this FD scheme.

7) You can open this FD scheme online

Here are the interest and yield details of Samruddhi Scheme for General Public and for Senior Citizens.

Mahindra Finance FD Samruddhi Scheme - Interest Rates - General Public

Mahindra Finance FD Samruddhi Scheme - Interest Rates - Sr. Citizens

III) Dhan Samruddhi Scheme


Here are the details of the scheme.

1) The interest rates are revised from 22nd August, 2019 onwards.

2) It offers Cumulative and Non Cumulative option schemes.

3) The minimum deposit is Rs 5,000 for cumulative option and Rs 50,000 for non cumulative option.

4) It offers 38 months and 44 months tenure FDs

5) Interest rates are up to 8.5% per annum. Highest Yield is 9.54%.

6) One can invest up to Rs 1 Crore in this FD scheme.

7) You can open this FD scheme online.

Here are the interest and yield details of Mahindra Finance FD Dhan Samruddhi Scheme for General Public and for Senior Citizens.

Mahindra Finance FD Dhan Samruddhi Scheme - Interest Rates

IV) Samruddhi Scheme


Here are the details of the scheme.

1) The interest rates are revised from 22nd August, 2019 onwards.

2) It offers Cumulative and Non Cumulative option schemes.

3) The minimum deposit is Rs 5 Crores.

4) It offers 12 months to 60 months tenure FDs

5) Interest rates are up to 8.2% per annum. Highest Yield is 9.66%.

6) You can open this FD scheme online

Here are the interest and yield details of Mahindra Finance FD Samruddhi Scheme for General Public and for Senior Citizens.

Mahindra Finance FD Samruddhi Scheme - Interest Rates

How to Open Mahindra Finance Fixed Deposit Scheme Online?


Here the step-by-step process of opening Mahindra Finance Fixed Deposit Scheme online.

1) Click this link to open this FD scheme online

2) You need to enter basic details like name, date of birth, mobile number, email address and amount of FD.

3) Confirm the details and Make the payment.

4) Upload KYC and additional details.

If you wish to open through offline, you can check Mahindra Finance Fixed Deposit form here.

What documents are required to open the Mahindra Finance FD Scheme?


Any of these documents can be used for KYC.

1) Passport

2) The driving license

3) The Permanent Account Number (PAN) Card,

4) The Voter’s Identity Card issued by the Election Commission of India,

5) The Job card issued by NREGA duly signed by an officer of the State Government,

6) The letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number or any document as notified by the Central Government in consultation with the regulator.

Some of the FAQs about these FD Schemes


1) How can I calculate the interest amount?

Mahindra Finance Fixed Deposit calculator provided in above interest rate table has the complete details. Based on the option and tenure chosen, the interest rate would differ.

2) What is the Mahindra Finance Fixed Deposit Rating?

If you are thinking “is Mahindra Finance FD safe”, you need to check the FD credit rating that can talk about its fundamentals. These FD Schemes are rated by CRISIL as FAAA which indicates a high level of safety for interest payment and repayment of capital.

3) How the Interest received on these FDs is taxed?

Mahindra Finance would deduct TDS on interest exceeding Rs 5,000 per annum. However, one need to calculate total interest received and pay income tax based on the income tax slab applicable to them.

4) Can I take a premature withdrawal of my FD?

One can take a premature withdrawal only after 3 months from the date of deposit or from the renewal of deposit. However, withdrawals are not allowed during quarter closures or year closures on specific dates due to accounting closures.

5) When the interest payment would be done for non cumulative deposits?

In case of non cumulative deposits, interest would be paid on the last day of the month or quarter or half year or year based on the scheme and option chosen.

6) Can we submit Form-15G or Form-15H?

Yes. Individuals can submit a form 15G or 15H to the company to not to deduct TDS on their FD interest.

7) In an emergency, can I get a loan against my FD?

Yes. One can request for the loan on this FD which would be up to 75% of the FD amount.

8) Can NRI’s invest in this FD Scheme?

Yes. NRI’s can invest in this FD scheme on non-repatriation basis.

9) What is Mahindra Finance Accident Insurance that is offered to Deposit holders?

Mahindra finance offers accidental death insurance coverage of Rs 1 Lakh only for the depositors in the age group of 18 to 70 years.

You may like: Which is the Best and Top Term Insurance Plan in India

10) What are the Mahindra Finance FD customer care details so that I can reach out for queries?

You can reach at any of the following details for queries or complaints.

You can contact them at 022-66423966 or 1800 266 9266, or reach their email IDs pawar.sunita@mahindra.com, mfinfd@mahindra.com

Should you invest in FD Schemes offered by Mahindra Finance now in 2019?


Mahindra Finance is trusted brand. Its FDs have good credit rating from Crisil. It offers highest interest rates up to 8.7% and higher yield is at 10.49%. One should consider the NBFC crisis going on now. FD’s does not offer any security the way Secured NCDs offer.  If you are a high risk investor and willing to consider these risks, you can invest in these FD Schemes. Otherwise, you can stay away from such schemes.

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Suresh KP

Mahindra Finance FD Schemes 2019 Review

This post is based on request from Ms.Meenakshi on ‘suggest a topic’ to post on this article

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