Mahindra Finance Fixed Deposit FAQs

Mahindra Finance Fixed Deposit FAQs

1. Are deposits of Mahindra Finance insured by RBI? ▼
No. Deposits of Mahindra Finance are not guaranteed by RBI.
2. Do I need to have an account with Mahindra Finance to book an FD? ▼
No, you do not need to have an account with Mahindra Finance to book an FD.
3. Are there Tax Saving FDs with Mahindra Finance? ▼
No, there are no Tax Saving FDs with Mahindra Finance.
4. What is the minimum and maximum deposit amount? ▼
The minimum deposit amount is ₹5,000 for cumulative deposits. For non-cumulative FDs, the minimum deposit amount is ₹50,000 for monthly and quarterly payout options, and ₹25,000 for half-yearly and yearly payout options. The maximum deposit amount is ₹5 Crore.
5. What is the minimum and maximum tenure? ▼
The minimum tenure is 12 months and the maximum tenure is 60 months.
6. Are there special benefits for women investors? ▼
No, there are no special benefits for women investing in Mahindra Finance FDs.
7. How many nominees are allowed? ▼
Only one nominee is allowed per FD.
8. Are monthly interest payments available? ▼
Yes, monthly interest payments are allowed.
9. Is auto-renewal allowed? ▼
Yes, auto-renewal is allowed.
10. What are the available payment modes? ▼
The available payment modes are UPI and Net Banking.
11. How will I receive my Fixed Deposit Receipt (FDR)? ▼
You will receive the E-FDR on your registered email address after completing the transaction. If you do not receive it, you can contact [email protected] or [email protected] for assistance.
12. Is joint holding allowed? ▼
No, joint holding is not allowed.
13. Can I make payment from any bank account? ▼
Yes, you can make payment from any account for booking an FD, as long as you are the primary holder of that account.
14. Is premature withdrawal allowed? ▼
Deposits are locked for 3 months and cannot be withdrawn except in specific scenarios. There is no penalty in case of death of the primary holder.
15. What is the penalty for premature withdrawal? ▼
For withdrawals between 3 to 6 months, no interest will be paid and the investor will receive the principal amount only.

After 6 months, interest payable will be 2% lower than the applicable rate for the period held, or 3% lower than the minimum FD rate accepted by Mahindra Finance, whichever is applicable.
16. What should I do if I lose my FD receipt? ▼
You can mail [email protected] & [email protected] for assistance.
17. How long must I wait before making a premature withdrawal? ▼
You must wait for a minimum of 90 days (3 months) before making a premature withdrawal.
18. How can I get the FD statement for tax filing? ▼
Mahindra Finance provides TDS/P&L statements to your verified email. For assistance, please mail [email protected] & [email protected].
19. Does Mahindra Finance offer extra benefits for Senior Citizens? ▼
Yes, senior citizens receive an additional interest rate of 0.25% p.a.
20. What is the compounding frequency? ▼
Interest is compounded on a yearly basis.
21. Can I withdraw interest without breaking the FD? ▼
No, you cannot withdraw the interest earned prematurely without breaking the FD.
22. Which TDS form is applicable for Mahindra Finance? ▼
Form 121 is applicable for Mahindra Finance.
23. Is there an offline process to submit Form 121? ▼
Yes, customers can submit the physical form offline at a branch.

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