Explore Features And Benefits Of Fixed Deposit

Generally, the interest you earn from investments in FD is taxable. But, there are tax-saving FDs too that allow you to get tax benefits up to 1.5 lakhs in a financial year on the invested amount. The fixed deposit tax benefit is covered under Section 80C of the Indian Income Tax Act. It is important to understand all benefits of tax saver FD to make smarter financial planning.

Other FD tax benefits include:

• You can appoint a nomination for your tax-saving FD
• If your total annual income does not fall under the taxable bracket, you can submit Form 15H/15G to avoid TDS deductions on the interest earned.
• You can open a tax-saving FD account for your children as well.

Mahindra Finance is one of the leading NBFCs in India that offers a variety of FD schemes to all. You can open an FD account with us and enjoy a range of FD benefits, including:

• High interest rate – One of our fixed deposit benefits is that we offer the most competitive fixed deposit interest rate to all. If you choose an annual interest pay out term, you can get an interest up to 8.05%.
• Flexible Tenure – You can choose to invest in a FD amount for any duration you like from 12 to 60 months, to suit your needs. The longer you stay invested, the higher will be the maturity value. Also, you can open an FD account with an amount as small as Rs. 5000 and invest up to Rs. 25 crore
• Choose your own interest payout term – One of the advantages of fixed deposit account is that you can choose the payout term as you like, it can be monthly, quarterly, half-yearly or annually.

Yes, senior citizens get an additional benefit on fixed deposits in terms of higher interest rate than the interest offered to regular investors. At Mahindra Finance, we offer up to 0.25% more interest rate on FD to senior citizens than others. The high interest rate allows you to grow your savings faster and secure your future.

Apart from high interest, senior citizens investing in the FD scheme can avail of other benefits like flexibility to choose the investment tenure, investment amount, and interest payout term. You can also calculate senior citizen interest rate with the help of our FD calculator.