Good News! Mahindra Finance Launches New Deposit Scheme Offering High Interest Rates

Mahindra Financial Services Limited, popularly called Mahindra Finance, on Wednesday (February 23), launched a special term deposit scheme offering impressive returns to investors. Investors will be able to invest in the scheme via the company’s official website. 

Mahindra Financial Services Limited (Mahindra Finance), a part of the Mahindra Group, announced the launch of a unique deposit scheme for digitally savvy consumers on Wednesday. 

Mahindra Financial Services, which focuses on the rural and semi-urban sectors, will provide the special deposit scheme to depositors via digital mode via the company's website.  

Term Deposit Interest Rate & Maturity Period 

Depositors can place their deposits under these schemes for tenure of 30 and 42 months, with interest rates of 6.20 percent and 6.50 percent, respectively under Mahindra Financial Services. Depositors can choose between cumulative and non-cumulative alternatives, according to the company's press release. 

Special Rate for Senior citizens  

Mahindra Finance also said that the senior citizens will receive 20 bps higher rates on both 30 and 42 months tenures. 

Depositors can interact directly with deposit-taking companies for deposit placement, which is in keeping with today's digital world. To leverage this opportunity, Mahindra Finance announced an innovative scheme that would give 20bps higher interest rates each year on direct deposits, according to the company. This scheme is in addition to the existing deposit schemes that the firm provides to its consumers. 

"The launch of this special deposit scheme is in sync with our bigger vision of supplying numerous financial/investment instruments through digital mode," said Vivek Karve, chief financial officer of Mahindra Finance. CRISIL has assigned FAAA ratings to Mahindra Finance's fixed deposit schemes, indicating the highest level of safety." 

About Mahindra Finance: 

Mahindra & Mahindra Financial Services Limited (MMFSL) is a Mumbai-based Indian rural non-banking financial organization. It is one of the major tractor financiers in India, with over 1000 offices spread across the country.