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Mahindra Finance FD | BGN Financial Consultants

Mahindra Finance FD

In these times of uncertain returns, fixed deposits have become the most recommended banking instruments for financial savings. MMFSL's new Fixed Deposit scheme assures you of highly competitive interest rates with this low-risk investment.

Fixed Deposit

In these times of uncertain returns, fixed deposits have become the most recommended banking instruments for financial savings. MMFSL’s new Fixed Deposit scheme assures you of highly competitive interest rates with this low-risk investment.

  • The MMFSL Fixed deposit is given the Crisil rating FAAA which indicates a high level of safety
  • Cumulative as well as non cumulative options are available as per the convenience of the depositor
  • Senior Citizens will get an additional rate of 0.25% per annum

FD Interest Rates

Non Cumulative Scheme:
Period
(Months)
Interest p.a.*#
(Half Yearly)
Interest p.a.*#
(Quarterly)
12 9.00% 8.90%
24 9.75% 9.65%
36 10.00% 9.90%
48, 60 9.50% 9.40%
Minimum
Amount
Rs. 25,000 Rs. 50,000
Cumulative Scheme:
Minimum
Amount
Period
(Months)
Amount
Payable(Rs.)
Interest *
p.a.
Effective
Yield p. a.**
Rs. 10,000@ 12 10,925 9.25% 9.25%
18 11,510 9.75% 10.07%
24 12100 10.00% 10.50%
36 13,401 10.25% 11.34%
48 14,508 9.75% 11.27%
60 15,923 9.75% 11.85%

 

Fixed Deposit – Eligibility & Documentation

For Resident Individuals:

The below documents should be considered for ID proof:

  • Passport
  • PAN Card
  • Driving License
  • Bank Pass book with photo
  • Adhar Card
  • Please note that Adhar Card serves only as ID proof
  • Please find the attached RBI Regulation(have to attach the RBI regulation)

In case the address mentioned in the above document differs from the current address a copy of any one of the following documents should be furnished as proof of residential address.

  • Telephone bill
  • Bank account statement
  • Letter from any recognized public authority
  • Electricity bill
  • Ration card
  • Letter from employer.
  • Know Your Customer to be submitted

For Companies:

  • Name of the company
  • Principal place of business
  • Mailing address of the company
  • Telephone/Fax Number

ACCEPTANCE OF DEPOSITS FROM NON-RESIDENT INDIANS (NRI)

We accept deposits from NRIs on a non-repatriable basis.

The terms and conditions governing the NRI deposits are given hereunder:

  • Acceptance of deposits can be made only by Indian Rupees through NRO Account payable at Chennai.
    • NRI Deposits shall be accepted only through payments made from the depositors NRO A/c in India. NRI Deposits with funds transferred from NRE or FCNR(B) A/cs will not be accepted.
    • NRI Deposits shall not be accepted by any inward remittances from overseas.
    • The NRI Depositor has to give the following declaration:
      The amount deposited with Mahindra and Mahindra Financial Services Ltd. represents amounts transferred from NRO Account. Further this amount does not represent inward remittance from Overseas to NRO account or transfer of funds from NRE/FCNR(B) accounts to NRO account.”.
  • The depositor has to give an undertaking as given in the Appendix -1.
  • The depositor has to furnish his NRO bank a/c No. as both the principal and the interest shall be credited to the depositor’s NRO bank a/c only.
  • Tax will be deducted at the rates prescribed by the Income Tax law in force from time to time from the interest amount irrespective of the quantum of interest.
  • The procedure for submitting the self-declaration form for non-deduction of tax is not applicable to NRI deposits. In case the depositor is not assessable to income tax in India, an exemption certificate to that effect can be produced to us from any of the decentralised Income Tax Offices at Chennai, Bangalore, Kolkata, Hyderabad, New Delhi or from the I.T.O. (N R I Circle), New Marine Lines, Mumbai 400 026 so that no income tax is deductible at source.
  • In case, the depositor is a resident of the country covered under the Double Tax Avoidance Agreement (DTAA), we may deduct tax at the rate prescribed in the DTAA for the country in which the depositor is residing. In order to deduct tax at source at the rate prescribed in the DTAA, the depositor should sign and send us the DTAA form given in Appendix -2.
  • The depositors are requested to furnish details of their Indian and overseas address.
  • No loan against NRI Deposits will be allowed.

For Partnership Firms

  • Legal name
  • Address
  • Names of all partners and their addresses
  • Telephone numbers of the firm and partners

For Trusts and Foundations

  • Names of trustees, settlers, beneficiaries and signatories
  • Names and addresses of the founder, the managers/directors and the beneficiaries
  • Names of all partners and their addresses
  • Telephone/fax numbers

Please note that we accept deposits from registered trust only and our investment has not qualified under Sec 11(5) of IT.

For Investment of Rs 1 cr and above declaration about the source of income.