Finance

The Benefits of Growing Your Savings With Mahindra Finance Fixed Deposit

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With the equity market losing its momentum, as an individual looking to grow your savings, you might be looking for other investment options that will give you good returns. Fixed deposit interest rates are increasing steadily due to repo rate increases. This is the right time to save with fixed deposits. Fixed deposits are a great way to grow your corpus and get great returns without any risks. One such option is the Mahindra Finance fixed deposits.

Mahindra Finance Ltd is an NBFC that offers loans, investment products and insurance. They offer two fixed deposits schemes, namely Samruddhi cumulative fixed deposit scheme and Samruddhi non-cumulative fixed deposit scheme.

Why Should You Book a Mahindra Finance Fixed Deposit

With high safety ratings and a variety of features, there are a lot of reasons why you should book an FD by Mahindra Finance. Some of them are:

  • You can enjoy good returns 

By booking a Mahindra Finance FD, you can get good returns on your savings. Mahindra Finance FD rates go up to 7.75% p.a for non-senior citizens and 8.00% p.a for senior citizens. They offer an additional interest rate of 0.35% and 0.25% over the base rate for Mahindra group employees and senior citizens respectively. The table below shows the interest Mahindra Finance FD rates for cumulative as well as non-cumulative fixed deposits. 

TenorCumulative Fixed Deposit  Interest Rates for Non-senior Citizens (p.a.)Cumulative Fixed Deposit Interest Rates for Senior Citizens (p.a.)
12 months7.40%7.65%
24 months7.60%7.85%
36 months7.70%7.95%
48 months7.75%8.00%
60 months7.75%8.00%

Note: These fixed deposit rates are subject to change as per the issuer. 

TenorNon-cumulative Fixed Deposit Interest Rates for Non-senior Citizens (p.a.) (Quarterly)Non-cumulative Fixed Deposit Interest Rates for Non-senior Citizens (p.a.) (Yearly)Non-cumulative Fixed Deposit Interest Rates for Senior Citizens (p.a.) (Quarterly)Non-cumulative Fixed Deposit Interest Rates for Senior Citizens (p.a.) (Yearly)
12 months7.10%7.40%7.35%7.65%
24 months7.20%7.60%7.45%7.85%
36 months7.30%7.70%7.55%7.95%
48 months7.35%7.75%7.60%8.00%
60 months7.35%7.75%7.60%8.00%

Note: These fixed deposit rates are subject to change as per the issuer. 

  • You can choose a payout that suits you

With a cumulative FD, you get the principal amount along with the interest after maturity whereas with a non-cumulative FD, you can get a steady stream of income. Mahindra Finance fixed deposit gives you the flexibility to choose tenors ranging from 12 months-60 months. You can enjoy higher returns if you opt for a longer tenor, thanks to the magic of compounding. As you can see from the table below, the longer the tenor, the higher the maturity amount.

Tenor Applicable interest rates (p.a.)Maturity amount Interest earnings (Returns)
12 months7.40%₹2,14,800₹14,800
24 months7.60%₹2,31,555₹31,555
60 months7.75%₹2,90,480₹90,480
  • You can start with just ₹5,000

You do not need a lot of money to open a Mahindra Finance fixed deposit. You can book a cumulative fixed deposit with just ₹5,000, half-yearly/annual non-cumulative FD with ₹25,000, and monthly/quarterly non-cumulative FD with ₹50,000.

  • You will have a corpus for financial emergencies

The Mahindra Finance fixed deposit has a AAA/Stable rating by CRISIL that gives you the assurance that your deposits are safe and secure with them. The returns on these fixed deposits are predetermined and the returns are not market-linked so the interest is guaranteed. Your deposit will remain the same regardless of the market fluctuations. Mahindra Finance also provides you with the loan against FD facility in which you can get a loan of up to 75% of the deposited amount. The initial lock-in period is three months and then you can make use of this provision at any time. This is helpful especially in emergency situations where you may need urgent liquidity. 

In order to protect your savings from erosion because of inflation, it is better to start now, especially because of the high Mahindra Finance FD interest rates. Auto renewal and premature withdrawal are some of the added benefits of this fixed deposit scheme. You can use the FD calculator to get a rough idea about the payout that you will receive so that you can plan accordingly. The process of opening a Mahindra Finance FD account is easy and straight-forward. All you need to do is submit a few documents, fill out the fixed deposit application form and have the amount in hand. Book your Mahindra FD today and grow your corpus.

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Aman

My name is Aman, I am a Professional Blogger and I have 8 years of Experience in Education, Sports, Technology, Lifestyle, Mythology, Games & SEO.

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