फिक्स्ड डिपाजिट ओवरव्यू

You need to send a written application to FD processing centre at Chennai with the proof of the same. On the receipt, the details will be updated within 7 working days.

Yes, the trust can invest in Mahindra Finance FD.

If the trust is not registered or not willing to be registered in future, a letter duly signed by authorised signatories stating the trust is not registered & is not willing to be registered in future is required.

Please note: Mahindra & Mahindra Finance Services is not registered U/S 11(5) of income tax act. Hence, a charitable trust may invest in Mahindra Finance FD at THEIR OWN RISK.

Yes. A company can invest in FDs.

No. There is no brokerage/incentive for deposits.

No. The interest is payable only on a quarterly and half yearly basis.

The interest is directly credited to the bank account via ECS.

All interest warrants are drawn on HDFC Bank, Mumbai, payable at par at all HDFC branches in India without any charges.

No. The interest will be paid to the first depositor only.

In a non-cumulative scheme, the interest will be credited on the 30th of June, 30th of September, 31st of December and the 31st of March of every financial year during the FD tenure.

There will be absolutely no changes as we are obliged to pay the contracted rate till its maturity as per the current rules.

The decision rests solely upon the directives of the Reserve Bank of India. If the Reserve Bank of India is specific that the increase should bear a prospective effect from a particular time, it cannot be done immediately. The revised rates will apply only to fresh deposits and renewals. However, the benefit of the revision can be passed on to the existing depositors by a process of ‘Premature renewal’ subject to RBI rules.

If the estimated annual interest paid/credited or likely to be credited/paid on the deposit/s exceeds or is likely to exceed Rs.5000/- during the financial year, it is obligatory on the part of the deductor of tax to deduct Income Tax at source. However, to avoid such deduction of tax, the investors can furnish self-declaration in Form 15G/H or by submitting the exemption certificate FROM THE PERSPECTIVE INCOME TAX AUTHORITY for every financial year.

Form 15G/15H is a self-declaration by the depositor which can be obtained from the company or can also be downloaded from the company website - http://www.mahindrafinance.com. It is self- declaration which needs no attestation by anybody except in the case of left-hand thumb impression which needs to be attested by a Gazetted Officer/Bank Official. Since a copy has to be retained in our files and one copy has to be sent to the IT dept, it is required to be furnished in Triplicate.

We will send a preprinted Form 15G/15H declaration in the month of March to the existing depositors and the depositors are required to return the same in duplicate duly completed and signed by the depositor. Form 15G/15H is sent to the depositor on the basis of the estimated interest payable for the full financial year.

Declaration in the Form 15G can be made by an individual or a person (not being a company or firm). Hence, a company or firm cannot submit a declaration in the Form 15G or in the Form 15H. Form 15G is meant for resident Individual who is below 60 years of age. 15H is meant for individuals i.e. for a senior citizen i.e. Individual who is of 60 years of age or more during the financial year.

Eligibility for 15G/H if in case of individuals:-

Form 15G:

• The Individual should be less than 60 years of age at the time of furnishing the declaration.
• The total income during the financial year (i.e. year 2016-17) should not exceed the basic exemption limit as per income tax i.e. Rs.2, 50,000/-. If the total income during the financial year exceeds or is likely to exceed Rs. 2, 50,000/- then the individual cannot submit Form 15G.

Form 15H:

• If the individual is 60 years but less than 80 years of age, then the total income during the financial year (i.e. year 2016-17) should not exceed the basic exemption limit as per income tax i.e. Rs. 2,50,000/-

Eligibility for 15G if in case of person other than Individuals:

15G can be submitted by a HUF, Association of persons, Body of individuals & Artificial Juridical Person, if the total income during the financial year does not exceed the basic exemption limit as per the income tax i.e. Rs. 2, 00,000/-.for FY 2016-17.

Yes. Form 15G/H will have to be submitted at the beginning of each financial year covering all the existing deposits and if the deposits are made during the year then a new Form 15G/H will have to be submitted. However, if there are any changes in the Income Tax laws, then a new form 15G/H would be required to be submitted.

For the tax deducted at source, tax deduction certificates in the prescribed form 16A, giving details of the interest remitted to govt.,etc. will be sent on quarterly basis if the deposit is under quarterly scheme, half yearly basis for deposit under half yearly scheme and at the end of the year in case of cumulative deposits.

TDS certificate in form NO.16A are generated quarterly on the basis of details provided in the quarterly TDS statement filled by the deductor of Tax in TIN (Tax Information Network). For deduction of tax at source made on or after 01.04.2011, TDS certificate in Form 16A will be generated by the company through TIN central system and which is downloaded from TIN website with a unique TDS certificate number and shall be authenticated by using the digital signature.

No. As he/she is an assessed, the form 15G/15H cannot be furnished.

No, All deposits held in the same name ,or in the same order of names (in case of joint deposits) are required to be clubbed together for the purpose of calculation of income tax.

According to the direction of the RBI, no withdrawal of deposit can be made within three months from the date of deposit / renewal of deposit.

Yes, a TDS certificate will be generated even for those cases where no tax has been deducted if the investor has submitted the Form 15G/H or submitted an Income Tax Exemption Certificate.

The address printed on the TDS certificate will be the address registered with PAN card authorities at the time when you had made an application for PAN.

If your current communication address is different from the address given for PAN card application then please change the address through NSDL or UTITSL.

• Q1-last week of May
• Q2-last week of October
• Q3-last week of January
• Q4-last week of May

You can view/receive the TDS information from NSDL website (in Form 26AS) by simply registration on NSDL website, please visit the site for further details: https://incometaxindiaefilling.govt.in/portal/login.do

As per the provision of income tax, every person receiving any sum or income from which tax would be deducted should furnish his PAN to the person deducting the tax. Please note if PAN is not furnished then form 15G/H & other Exemption Certificate submitted will be invalid and tax will be deducted at the higher rate as applicable.

In the absence of PAN, no credit of the tax deducted shall be available in Form 26AS on the NSDL website. Also if PAN is not submitted, no TDS certificate will be generated from TIN website for the tax deducted by the company.

No. Since there may be changes in the Income Tax laws, the Form 15G/H is required at the beginning of each financial year or at the time of deposit, where applicable.

According to the direction of RBI, no withdrawal of deposits can be made within three months from the date of deposit / renewal of deposit.

Yes. Premature withdrawal can be made after 3 months from the date of deposit/renewal as per the directions of Reserve Bank of India and the terms and conditions of the company.

No. Premature payments will be made to the first depositor only. Further for more clarifications on death/POA cases (with/without) you may please contact us on 022-66526000 or email on [email protected].

No. Deposit will be paid back only to the corresponding bank account updated.

Yes. The payment can be sent directly to your bank after informing the depositor of the same.

Premature withdrawals are not allowed for non-cumulative quarterly cases from 20th till the last date, during June, September, December and March months owing to quarterly interest payout accounting.

Premature withdrawals are not allowed for non-cumulative half yearly cases from 20th till the last date during September and March owing to half yearly interest payout accounting.

Additionally no premature withdrawal is allowed from March 20th till April 1st of every year owing to annual accounting closure.

A loan may be granted against Mahindra Finance Deposit up to 75% of the deposit amount. A loan will be given to any depositor who has live FD in our company which is more than 3 months old. The FDR will be marked with lien against the release of the loan. However, granting of a loan will be at the sole discretion of the company. No loan will be granted against minor & deposits made by NRIs.

FD investment amount carrying interest at 2% per annum (at half-yearly rest) above the FD interest rate on a cumulative basis.

An attested copy of death certificate, term deposit receipts, will or testamentary disposition, if any, or an attested copy of legal heirship certificate issued by a Tashildar/corporations.

We accept deposits from NRI on a non-repatriation basis. In case of RBI notification "RBI/2004/179 A.P (DIR Series) Circular No. 89 dated on April 24, 2004", deposits by NRIs with person other than authorised dealers / authorised bank by debit to NRO accounts may continue as hitherto provided that the amount deposited with such entities does not represent inward remittances or transfer from NRE/FCNR (B) account into the NRO account.

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

Acceptance of deposits can be made only by Indian Rupee through NRO account.

NRI Deposits shall be accepted only through payments made from the depositors NRO a/c in India.

Deposits with funds transferred from NRE or FCNR (B) a/c will not be accepted.

NRI Deposits shall not be accepted by any inward remittance from overseas.

The NRI deposits have given the following declaration:

The amount deposited with Mahindra & Mahindra Financial Services Ltd. represent amount transferred from NRO account. Further, this amount does not represent inward remittance from overseas to NRO account or transfer of fund from NRE/FCNR(B) account to NRO account.

The depositor has to furnish his NRO bank account no. as both the principal and the interest shall be credited to the depositor’s NRO bank a/c only.

The 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.

INCOME TAX PROVISION RELATING TO FIXED DEPOSITS:

TDS with respect to NRI deposits

• The limit of Rs 5000/- on interest for the purpose of tax is not applicable.
• Declaration u/s 197 in Form 15G/H for non-deduction of tax will not be applicable. However, a lower deduction certificate obtained from the income tax department can be furnished for claiming nil or lower rate of tax.
• Tax rate will be 30.9% as per the provision of section 195 of the Income Tax Act,1961.
• If Double Tax Avoidance Agreement (DTAA) exists with the country of which the investor is a resident, then the applicable tax rate will be lower of DTAA rate or income tax rate. However, to claim the benefit of the DTAA rate, the Tax Residency Certificate will have to be furnished. In the event of non-furnishing of the Tax Residency Certificate, the higher tax rate as per the income tax act will apply. Further, to claim the lower rate as per the DTAA, Indian PAN will also be required otherwise the tax rate will be 30.9% as per the Income Tax Act.

The depositor is requested to furnish details of their Indian and overseas address.

No loan against NRI deposits will be allowed.

Yes, you can invest online by clicking here.

TThe renewal application along with deposit receipt needs to be sent to FD processing center 15 days prior to maturity with revenue stamp & due signatures. The renewed certificate will be sent to the investor within 10 days after maturity. Further, you can renew the deposit online by clicking here

An existing FD investor can renew their deposit either the principal amount or complete maturity amount. However, investor cannot do additional investment while renewing the FD.

Acceptance of pre closure request applications shall be closed between 23rd to 30th /31st of last month of the quarter (business working days)