1. How can I invest in Mahindra Finance Fixed Deposits on FYERS? ▼
- Log in to the FYERS App or Web.
You can search for Fixed Deposits from the Home page or:
- Scroll down to the Investment Products section on the Home page.
- Tap/Click More or ☰ Menu and select Fixed Deposits from the Invest section.
- Select the Mahindra Finance FD plan.
- Choose the FD plan from the Overview or Explore section.
- Review the FD details including interest rate, tenure and other FD details.
- Click Invest.
- Enter the FD investment amount.
- Choose the interest payout frequency including Monthly, Quarterly, Half-Yearly, Yearly, or On Maturity options based on the selected FD plan.
- Select the maturity instructions including Renew Principal, Renew Principal + Interest, or Do not renew based on your preference.
- Click Review to check the total investment amount, estimated returns and other details.
- Verify the KYC details displayed on the screen including PAN details, Aadhaar details, and nominee details before completing the payment process.
- Complete the payment process.
2. How can I withdraw Mahindra Finance Fixed Deposits on FYERS? ▼
- Log in to the FYERS Web.
- Go to Portfolio → Holdings.
- Open the Fixed Deposits section.
- Select the Mahindra Finance FD you want to withdraw.
Check the FD details:
- From the Overview tab, you can check the invested amount, tenure, and all the investment details.
- From the Payout Timeline tab, you can check the invested amount (Principal), maturity payout amount, and payout dates for the Fixed Deposit.
- Click Withdraw.
- Review FD Details section and click Request Withdrawal.
- Review the Break Fixed Deposit message showing the estimated interest earnings you may miss out on, then click Yes, Continue to proceed.
- Select the reason for withdrawal and click Submit Feedback.
- Verify the selected bank account for receiving the withdrawal amount and click Continue.
- Review the Withdrawal Details, including withdrawal amount, investment tenure, bank account details, and payout breakdown.
- Click Withdraw FD to proceed with the withdrawal request.
- A Request Initiated confirmation message will display with the FD number, invested amount, withdrawal amount, and bank account details.
- Click Accept Withdrawal to complete the withdrawal process.
- After successful confirmation the withdrawal amount will be credited to the bank account within the applicable processing timeline.
3. Are deposits of Mahindra Finance insured by RBI? ▼
No. Deposits of Mahindra Finance are not guaranteed by RBI.
4. 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.
5. Are there Tax Saving FDs with Mahindra Finance? ▼
No, there are no Tax Saving FDs with Mahindra Finance.
6. 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.
7. What is the minimum and maximum tenure? ▼
The minimum tenure is 12 months and the maximum tenure is 60 months.
8. Are there special benefits for women investors? ▼
No, there are no special benefits for women investing in Mahindra Finance FDs.
9. How many nominees are allowed? ▼
Only one nominee is allowed per FD.
10. Are monthly interest payments available? ▼
Yes, monthly interest payments are allowed.
11. Is auto-renewal allowed? ▼
Yes, auto-renewal is allowed.
12. What are the available payment modes? ▼
The available payment modes are UPI and Net Banking.
13. 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.
14. Is joint holding allowed? ▼
No, joint holding is not allowed.
15. 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.
16. 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.
17. 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.
18. What should I do if I lose my FD receipt? ▼
19. 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.
20. How can I get the FD statement for tax filing? ▼
21. Does Mahindra Finance offer extra benefits for Senior Citizens? ▼
Yes, senior citizens receive an additional interest rate of 0.25% p.a.
22. What is the compounding frequency? ▼
Interest is compounded on a yearly basis.
23. Can I withdraw interest without breaking the FD? ▼
No, you cannot withdraw the interest earned prematurely without breaking the FD.
24. Which TDS form is applicable for Mahindra Finance? ▼
Form 121 is applicable for Mahindra Finance.
25. Is there an offline process to submit Form 121? ▼
Yes, customers can submit the physical form offline at a branch.
26. Can a loan be obtained from Mahindra Finance against the security of the FD? ▼
Loan may be granted against public deposit up to 75% of the deposit amount carrying interest 2% per annum above the FD interest rate and any other additional charges as applicable on such deposit.
Deposits should have run for a minimum period of three months and minimum FD investment of Rs.5,000/-.
Loan disbursement is subject to internal approvals & at the discretion of the company.
To avail for loan online with no submission of documents in just 3 simple steps:
- Login to the FD Customer Portal. https://fixeddeposit.mahindrafinance.com/WA_FD_EP_PRELOGIN_5/ (as an Existing Depositor). Click on Fixed Deposit customer login and if Existing Investor, login through user id & password or if you are new investor create login and password as instructions in our website.
- Click on Avail Loan.
- Complete the OTP & Identity verification and submit loan application.
Or
The offline process of loan in which Physical FDR & Loan undertaking letter signed along with cancelled cheque copy are required and mandatory which needs to be sent on email. You need to provide the physical copies of FDR with sign & Revenue stamp of concern holders with cancelled cheque copy & loan undertaking letter to be sent to our Head Office at Mumbai or Chennai Regional Office.
27. When and Where will I receive my money in case of a withdrawal? ▼
Your money will come within 7 working days after placing withdrawal instructions successfully to the account details added during the FD booking process
28. What is Samruddhi Scheme FD? ▼
Samruddhi Scheme FDs are FDs with tenure 12,24,36,48,60 months respectively
29. What is Dhanvruddhi Scheme FD? ▼
Dhanvrudhi Scheme FDs are FDs with tenure 15,30 and 42 months respectively
30. Is Video KYC required to book an FD ▼
No, you do not need a Video KYC for booking a Mahindra FD
31. Do I need to visit branch or submit the Fixed Deposit receipt to receive the proceeds on maturity? ▼
No need to visit the branch or discharge the FDR receipt; FD proceeds will be directly credited to depositors account registered at the time of maturity in case of auto repayment option.
32. When is TDS deducted in case of MMFSL Fixed Deposit? ▼
TDS is deducted every time when the company pays/re-invests (renewal) interest during the Financial year. In addition, TDS is also deducted on interest accrued for cumulative schemes (but not yet paid) at the end of financial year viz. 31st March
33. When will MMFSL issue an Interest certificate? ▼
Interest Certificate will be issued immediately after the payout in case of non-cumulative schemes. For cumulative deposits the certificate will be issued annually only after 31st March, of the said financial year.
34. When will MMFSL issue a TDS certificate? ▼
TDS Certificate will be received quarterly in Form 16A, for TDS deducted during the said quarter of the financial year. In case of cumulative deposits TDS certificate will be issued after 31st March, for the TDS accrued during the said financial year.
35. When will the TDS be applicable on my Fixed Deposit investment? ▼
The TDS limit for NBFC FD scheme is till Rs.5000/- interest p.a. In case where the interest amount exceeds Rs. 5,000/- sum of all fixed deposit held with Mahindra finance under single pan number in a financial year, income-tax will be deducted at source.
36. Does MMFSL Fixed Deposit investment provide tax exemption? ▼
No, MMFSL fixed deposit cannot be shown under section 80C for tax deduction.
37. When can I submit Form 15G/H for non-deduction of TDS? ▼
The Form 15G/H needs to be submitted at the beginning of every financial year or at the time of deposit if in case the investment is done during financial year. In case of entities/companies the Lower tax deduction certificate needs to be submitted immediately after the date of issue or before 31st Mar (financial year end) whichever is earlier.
38. What is the difference between a Non-cumulative Fixed deposit and a Cumulative deposit? ▼
For Non-Cumulative Fixed Deposits, the interest is payable on Monthly, Quarterly, Half yearly & Yearly basis. For Cumulative Deposits, the interest is payable at the time of maturity together with the principal amount.