Mahindra Finance Debuts Special FD Schemes With 20 Bps Higher Interest Rates

Mahindra Financial Services Limited (Mahindra Finance), a subsidiary of the Mahindra Group and a leading non-banking finance company in India, has established Special Deposit Schemes for digitally affluent consumers. This innovative deposit scheme will allow depositors to communicate directly with deposit-taking organisations for deposit placement in today's digital world. To take advantage of this opportunity, the new scheme by Mahindra Finance will provide direct depositors a 20 basis points higher interest rates per year. This plan is in addition to the company's existing deposit schemes which are currently being provided to the customers and is also a part of the company's digitisation drive.

Vivek Karve, Chief Financial Officer, Mahindra Finance said: "The launch of this special deposit schemes is in accordance with our larger vision of offering multiple financial/ investment instruments through digital mode. Mahindra Finance's fixed deposit schemes are FAAA rated by CRISIL, the credit rating that indicates Highest Safety".

Mahindra Finance has said in an official statement that "The company will offer this Special Deposit Schemes through digital mode to depositors via the company website https://www.mahindrafinance.com/ for investment. With various digitised and automation backend processes, Mahindra Finance is confident of providing a seamless experience to its deposit holders. Under these schemes, the depositors can place their deposits for a tenure of 30 and 42 months, which will carry 6.20% and 6.50% interest rate respectively. Both cumulative and non-cumulative options are available for depositors to choose from. Further, senior citizens shall be eligible for another 20 bps higher rates."

Mahindra Finance Special Fixed Deposit Interest Rates

Depositors can invest with a minimum amount of Rs 5000 in these schemes for a period of 30 or 42 months, with interest rates of 6.20 percent and 6.50 percent per year applicable on both cumulative and non-cumulative deposits, respectively. An additional rate of 0.20% will be provided to senior citizens. Mahindra Finance Fixed Deposits not only have one of the best interest rates but also have the highest level of safety, as the deposits are rated FAAA rating by Crisil.