Our Mutual Fund distribution team started its operation in September 2005, and since then, has spread widely across all parts of the country. The entire effort here is to provide you with end-to-end solutions to help you achieve your financial objectives in a hassle-free manner.
When it comes to investing, we understand that everyone has unique needs based on their own financial objectives and risk profiles. And while many investment avenues are open to investors, it is usually seen that in the longer run, equities typically outperform the others. Which is why, we believe that systematic investment in equity has the potential to help your money reap maximum returns and in turn, create more wealth for you in a shorter span of time.
However, investing in equity requires a thorough understanding of the market and its myriad complexities. This is where we step in with our expertise. Our advisors carefully understand your investment objectives and risk appetite. They accordingly help you allocate your money in schemes that are best suited for your unique needs. This way, you can hang up your boots, lie back and watch your money do all the hard work.
ID & Address proof
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 crore and above, declaration of the source of income is required.
Please note Mahindra & Mahindra Financial Services is not registered U/S 11(5) of income tax act, hence Charitable Trust may invest in Mahindra Finance FD at THEIR OWN RISK.
If the trust is not registered or not willing to be registered in future, a letter duly signed by authorized signatories stating the trust is not registered & not willing to be registered in future is required.
Cumulative as well as non-cumulative schemes are available for deposits.
In a 'non-cumulative scheme' the interest is payable on a half yearly basis. The scheme will be convenient for pensioners who require a periodical interest payment. In the ‘cumulative deposit scheme', the interest is payable at the time of maturity along with the principal. This scheme is suitable for people who do not require periodical interest payments and this can be thought of as a money multiplier scheme.
The minimum deposit for the cumulative deposit scheme is Rs.5,000/- and under the non-cumulative scheme is Rs.25,000/- half yearly and Rs.50,000/- quarterly.
The amount can be tendered by means of cheque/DD issued in favour of MMFSL – FIXED DEPOSIT and submitted to a HDFC Bank & Kotak Mahindra Bank collection centre. Alternatively, the depositor can send the DD payable to the corporate office at Mumbai.
Yes, an application for the deposit should be made on the prescribed form.
Only the person(s) who have been appointed as guardian(s) by the competent court should sign the application. A copy of the court order has to be submitted to us.
Yes. You can make a deposit in the name of minor provided such minor is represented by his natural or legal guardian and the application form for the deposit is signed by the natural/legal guardian, on behalf of the minor. All communication in relation to the deposit shall be addressed to the guardian.
Yes. A copy of the Power Of Attorney is to be obtained and filled by the depositor.
Yes, the senior citizen will get an additional rate of 0.25% per annum.
Yes, a maximum of three people can maintain a joint account which would be payable to "Anyone or Survivor" or "No. 1 or Survivor". ANYONE OR SURVIVOR (A OR S) – On maturity, the deposit receipt can be discharged by anyone of the depositors. However, for a premature payment and loan, all the depositors’ signatures are required.
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:-
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.
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 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)
Mahindra and Mahindra Financial Services Limited
2nd Floor, Sadhana House
Behind Mahindra Tower
570 PB Marg, Worli, Mumbai
Maharashtra- 400018, India
For illustration purpose only
Total Amount Payable