GOOD NEWS FOR FD INVESTORS: Mahindra Finance launches new deposit scheme with higher interest rates than regular FDs, check details

Mahindra Financial Services Limited, popularly known as Mahindra Finance launched a special term deposit scheme on Wednesday (Feb 23) offering impressive returns to investors. The Mahindra Group will be keeping this scheme available for online depositors across the country. People from all over the country can make their FDs online.

Mahindra Finance said that in today’s digital world, depositors can directly interact with the deposit-taking companies and they have used this opportunity to over 20 bps higher interest rates than regular fixed deposits.

Vivek Karve, chief financial officer, Mahindra Finance said, “The launch of this special deposit scheme is in accordance with our larger vision of offering multiple financial/ investment instruments through digital mode. Mahindra Finance’s fixed deposit schemes are FAAA rated by CRISIL, the credit rating that indicates Highest Safety.”

Term Deposit

The term deposits will range from 30 to 42 months as a part of the new scheme.

Interest Rate

Mahindra Financial Services is offering an interest rate of 6.20% for 30 months and 6.50% for 42 months. You can choose from cumulative or non-cumulative options for the interest rate on the company’s official website.

Interest Rate for Senior Citizens

Mahindra Finance is giving special interest rates to senior citizens. They will get 20 bps higher rates, which mean it will be 6.40% for 30 months and 6.70% for 42 months.

So, if you are planning on investing in FDs, this might be the best deal out there. Check their official website here.

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