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Mahindra Finance FD - Offers Upto 10.94% Interest

[Review] Mahindra Finance FD: Offers Up to 10.49% interest – Should you invest?

by Holistic Leave a Comment | Filed Under: Investments

Current FD rates (w.e.f. 22nd August 2019) offered by Mahindra Finance are much higher compared to other banks’ FDs.

In this post, we will look at the key insights of the FD Schemes of Mahindra Finance and review whether the FD investment offered by Mahindra Finance is worth investing or not?

10-Key Features of Mahindra Finance FD Scheme

1. Mahindra Finance group offers FD in 3 categories

  • Samruddhi Scheme
  • Dhanvruddhi Scheme
  • Dhansamruddhi Scheme

2. Mahindra Finance FD provides 2 options to invest: Cumulative and Non-Cumulative.

  • In the cumulative option, the interest amount would be paid only on maturity.
  • Whereas, in non-cumulative options, interest would be paid as per investor’s selection: Monthly, Quarterly, Half-Yearly or Yearly.

3. Interest rates of all the schemes are revised from 22nd August 2019 onwards.

4. The minimum investment is Rs. 5000 in Mahindra Finance FD (Samruddhi and Dhanvruddhi Schemes), and Rs. 10,000 for the DhanSamruddhi scheme.

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5. Mahindra Finance FD has secured “FAAA rating”, which denotes the highest degree of safety for the payment of interest and repayment of capital.

6. You can open any scheme of Mahindra Finance FD through ONLINE mode.

7. Interest rates in this FD are ranging from 7.6% to 8.8%. The effective yield ranges from 7.8% to 10.49%.

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

9. FD interests are 0.1%-0.25% higher for Senior Citizens as compared to the general public. Employees and relatives of Mahindra Finance would get 0.35% higher interest rates.

10. Premature withdrawal from this FD is possible 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.

Description of Mahindra Finance FD Schemes

Samruddhi Scheme:

  • It provides FD investment under CUMULATIVE and NON-CUMULATIVE options.
  • The minimum deposit amount under the CUMULATIVE option is Rs. 5000/-. Whereas the minimum deposit under the non-cumulative option is Rs. 50,000/-.
  • Tenure of this FD is 1 year to 5 years, that is, 12 months to 60 months.
  • The maximum investment limit in this FD Scheme is Rs 1 Crore.
  • FD Interest rates are up to 8.45% per annum. The highest Yield is 10%. It varies for public and senior citizens as shown in the table below
  • This FD can be opened online.

The interest rate and the effective yield details of Samruddhi Scheme for General Public and for Senior Citizens are shown in the table below. (Image source: Mahindra Finance)

Interest rates for Public:

Interest rates for Senior Citizens:

Samruddhi Scheme also comes with another version for Bulk Deposit of above 5 Crores. The minimum amount in this version is Rs. 5 Crores. And, the FD interest rates are up to 8.2% per annum. The Highest Yield is 9.66%. A detailed description of interest rates are shown in the table below:

Dhanvruddhi Scheme:

  • It offers Cumulative and Non Cumulative options of FD investments.
  • For the cumulative option, the minimum FD deposit is Rs 5,000. And for the non-cumulative option, the minimum FD Deposit is Rs 50,000.
  • The tenure of this FD is between 15 months to 40 months.
  • You can invest up to Rs 1 Crore in this FD scheme.
  • FD Interest rates are up to 8.7% per annum. The highest Yield is 9.65%. Senior citizens receive 0.1% more benefit than the public, as illustrated in the tables below:

Interest Rates for Public:

For Senior Citizens:

Dhansamruddhi Scheme:

  • It also offers Cumulative and Non Cumulative options, similar to the other 2 schemes, described above.
  • The minimum FD deposit is Rs 10,000 for cumulative option and Rs 50,000 for non-cumulative option.
  • The tenure of this FD is between 38 months to 44 months.
  • FD Interest rates are up to 8.5% per annum and the Highest Yield is 9.54%.
  • The maximum limit of investment in this FD is Rs 1 Crore in this FD scheme.
  • Detailed interest rates for Public and the Senior Citizens are shown in the table below:

Interest Rates for Public:

Interest Rate for Senior Citizens:

How to Open Mahindra Finance FD Scheme Online?

Mahindra Finance FD Scheme can be opened online in the 4 basic steps given below:

    1. Enter your basic details such as name, date of birth, email, etc. and choose your desired FD schemes out of the 3 discussed in the above section.
    2. Confirm the details and select your payment mode.
    3. Make a payment of your desired amount.
    4. Upload your KYC and other additional details.

You can click this link to open Mahindra Finance FD Scheme online

If you wish to open through offline mode, you can check the Mahindra Finance FD Form.

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

Any of the below documents can be used for KYC:

    1. Aadhar Card
    2. PAN Card
    3. Passport
    4. Driving License
    5. Voter’s ID card issued by the election commission of India.
    6. The Job card issued by NREGA duly signed by an officer of the State Government.

Commonly asked Questions on Mahindra Finance FD Schemes

FAQ on mahindra finance FD schemes

1. How safe is the Mahindra Finance FD Scheme?

The Mahindra Finance FD Schemes are rated by CRISIL as FAAA, which indicates the high level of safety for interest payments and repayment of capital. So, your investment in this FD is safe. But, keep in mind that these ratings may also change over the period of time. So, you should always keep an eye on them and review them periodically.

2. How the Interest received on these FDs is taxed?

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

3. Is it possible to take a premature withdrawal of this FD?

It is possible to take a premature withdrawal, only after 3 months from the date of deposit or from the renewal of deposit. But, premature withdrawals are not allowed during quarter closure or year closure on specific dates due to accounting closures.

4. When to submit Form 15G or Form 15H?

You can submit a form 15G or 15H to the company not to deduct TDS on their FD interest. It can be submitted online or offline anytime.

5. Can NRIs invest in this FD Scheme?

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

6. For non-cumulative deposits, when the interest payments can be done?

In the 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 by the investor.

7. Where to ask for queries regarding Mahindra Finance FD Scheme?

You can reach any of the following details for queries or complaints.
Email ID: mfinfd@mahindra.com, Contact No. 1800 266 9266
Also, you can reach out to the Mahindra Finance office in your respective cities.

Review of Mahindra Finance FD Schemes 2019: Should you invest or Not?

Mahindra Finance has been a trusted brand so far. Its FDs have a good credit rating from CRISIL. But, you cannot make an investment decision based on its current credit rating. This investment is not forward-looking and it can become reviewed and downgraded in the long term. Also, you should consider the NBFC crisis going on these days.

Therefore, only if you are a high-risk taking investor and willing to consider the major risks involved in these FD Schemes, you can go ahead and invest in this scheme.

Otherwise, it is NOT suggested.

Instead, of investing in Mahindra Finance FDs, you should consider investing in accrual-based income funds where your risk is spread across multiple debt instruments. This will also help you to diversify the investment risk.

Company FDs are tempting due to the high rate of interest that they provide as compared to FDs offered by private and public sector banks. However, they are an unsafe investment option. As they are not secured against the assets of the company, the chances of default in payment of interest and principal are significantly higher than banks. If the company becomes a defaulter, you may lose all your money.

Whereas, the Accrual funds are a type of Debt Mutual Funds. They typically invest in short to medium maturity plans. They take credit risk and invest in lower-rated securities for the sake of generating a higher yield. They also focus on generating better returns compared to any FDs. They will not invest in one single security, they will invest in a diversified portfolio of debt securities. Also, the fund manager reviews the portfolio periodically on credit risk and return potential and revamp the portfolio. Therefore, your risks will reduce significantly and your investment will be comparatively safer.

We hope this review of Mahindra Finance FD has given you the clarity on taking your investment decision into this scheme.

If you have any further queries based on this FD, you can post them in the comment section below:

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

Google Reviews

Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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