In the current situation of the Coronavirus (COVID-19) pandemic, when returns on other investment instruments are uncertain, you need to plan your financial future wisely and give your hard-earned money every opportunity to grow. The Mahindra Finance Fixed Deposit can help you with that.
What is a fixed deposit (FD)?
FD is an investment instrument offered by financial institutions where you can put your money and receive periodic returns. The interest rate of an FD is higher than a savings account. Apart from building a fortune, you can use the FD account to get a loan against it.
FD rates
The FD rates depend on the type of account you have. Mahindra Finance offers different kinds of FDs, including Samruddhi Cumulative/Non-cumulative Schemes and Bulk Deposit Cumulative/Non-cumulative Schemes.
This table shows the interest rates of the Samruddhi Cumulative/Non-Cumulative Schemes.
| Minimum amount | Tenure (Months) | Yearly effective yield |
| INR 5,000 | 12 | 5.70% |
| INR 5,000 | 24 | 6.39% |
| INR 5,000 | 36 | 6.71% |
| INR 5,000 | 48 | 7.10% |
| INR 5,000 | 60 | 7.34% |
FD eligibility and documents needed
The required fixed Deposit documents depend on the type of investor you are. Read on to learn more.
- Resident Individuals
- Passport
- PAN card
- Driving license
- Voter’s identity card issued by the Election Commission of India
- Unique Identification Authority of India issued letter that contains details of your name, Aadhaar number, and address
- Job card issued by the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and signed by a State Government officer
- Non-Resident Indians (NRI)
- Passport and a valid visa
- PAN card
- A Person of Indian Origin (PIO) card in case of a foreign passport holder
- Overseas employment letter to confirm residential address and status
- Passport copy as of the start and end of the financial year
- Tax Residency Certificate from the Income Tax department of the country of residence
- Local address proof including bank passbook or account statement, driver’s license or voter card, and local property papers
- HUF
- HUF PAN card
- Identity proof of Kartha
- HUF/Kartha address proof
- Cancelled check for bank account verification
- Photograph
- Companies
- Address proof (telephone bill or bank statement)
- PAN card
- Certificate of incorporation
- Authorized signatory list
- Memorandum and Articles of Association and the recent board resolution including specimen signatures
- Cancelled check for bank account verification
- Photographs of the signatories
- Address and ID proof of authorized signatories
Mahindra Finance offers high FD interest rates. If you are a senior citizen, the FD will provide you with an additional 0.25% over your scheme’s regular interest. Now that you know the benefits and required FD documents, visit Mahindra Finance’s website to invest in a scheme that meets your needs.
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