Earn up to 8.05% interest p.a. in 4 easy steps
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Additional 0.25% interest rate for senior citizens.
A lot of investors in India, especially investors with a low-risk appetite, prefer investing in Fixed Deposits or FDs. It is one of the most popular investment options for several reasons.
Firstly, FDs are a safe and secure way to park your surplus funds, and there is zero risk of loss. Secondly, FD offers guaranteed returns on your investments at a fixed rate of interest. Finally, FDs give you the flexibility to choose the investment tenure, the interest credit pay-out period, and the investment amount to suit your financial goals.
A monthly interest pay-out fixed deposit account is just like the traditional FD, but it provides a regular income stream to individuals seeking steady cash flow.
At Mahindra Finance, we offer higher interest rates of up to 8.05% for fixed deposits as compared to other NFBCs, along with the security of your capital, i.e., the principal amount that you have invested. As an investor, you can be assured of getting regular income by investing Rs. 1 Lakh in Fixed Deposit and also build a sizeable corpus in a disciplined manner.
You can easily know the exact monthly interest amount you can get on your deposit using the FD interest rate calculator from our website.
It is a handy tool that also allows you to calculate the maturity amount you can get at the end of the investment tenure. You can easily change the values in the calculator and make an informed investment decision.
At Mahindra Finance, we offer an additional interest rate of 0.25% on Samruddhi Fixed Deposits and 0.10% per annum additional interest on Dhanvruddhi Fixed Deposits to senior citizens, i.e., people how are aged 60 years or more.
The following tables show the interest on 1 Lakh FD offered per month for different durations offered by Mahindra Finance to senior citizen investors, i.e., people who are aged more than 60 years.
| Period (Months) | Minimum Amount (Rs.) | Amount Payable (Rs.) | Interest p.a (yearly) |
|---|---|---|---|
| 15 | 5000 | 5492 | 7.75% |
| 30 | 5000 | 6051 | 7.90% |
| 42 | 5000 | 6561 | 8.05% |
| Period (Months) | Interest p.a #(Monthly) | Interest p.a # (quarterly) | Interest p.a #(Half yearly) | Interest p.a *# (yearly) |
|---|---|---|---|---|
| 15 | 7.25% | 7.35% | 7.50% | 7.75% |
| 30 | 7.40% | 7.50% | 7.65% | 7.90% |
| 42 | 7.50% | 7.60% | 7.80% | 8.05% |
| Period (Months) | Minimum Amount (Rs.) | Amount Payable(Rs.) | Interest p.a* (yearly) |
|---|---|---|---|
| 12 | 5000 | 5380 | 7.60% |
| 24 | 5000 | 5805 | 7.75% |
| 36 | 5000 | 6307 | 8.05% |
| 48 | 5000 | 6815 | 8.05% |
| 60 | 5000 | 7364 | 8.05% |
| Period (Months) | Interest p.a #(Monthly) | Interest p.a # (quarterly) | Interest p.a #(Half yearly) | Interest p.a *# (yearly) |
|---|---|---|---|---|
| 12 | 7.20% | 7.25% | 7.35% | 7.60% |
| 24 | 7.25% | 7.35% | 7.50% | 7.75% |
| 36 | 7.50% | 7.60% | 7.80% | 8.05% |
| 48 | 7.50% | 7.60% | 7.80% | 8.05% |
| 60 | 7.50% | 7.60% | 7.80% | 8.05% |
The additional interest rate on 1 Lakh FD offered to senior citizens is applicable only on deposits up to Rs. 5 Crore.
With Mahindra Finance, you can enjoy a wide range of fixed deposits benefits by investing in a monthly income fd scheme, including:
The monthly income fixed deposit scheme allows you to get regular interest returns, which can act as a second income stream.
As compared to the regular savings bank account, FDs offer a higher interest rate that can go up to 8.05% per annum.
When investing Rs. 1 Lakh in a fixed deposit scheme with Mahindra Finance, you can be assured of getting assured returns at fixed interest rates until the maturity date. Also, since the returns are not linked to the market, the external economic conditions have no bearing on the returns you get, assuring 100% safety of the principal amount you invest.
FD is one of the most flexible investment options you must have in your portfolio. It lets you choose the investment tenure, the interest payout period, and also the investment amount.
The monthly income fixed deposit schemes pay the same interest rate as the usual fixed deposit investments. So, if you are looking to invest Rs. 20 Lakh in FD with a high interest rate, you can consider opening an FD account with Mahindra Finance. Our interest rate on FD starts from 7.20% per annum, and if you are a senior citizen, you can get an additional interest of 0.25%.
Thus, you can be assured of getting higher monthly returns and have a substantial income stream to take care of all your finances. As an investor, you must be aware of the exact interest rate offered by the NBFC before you invest your money and ensure that you get valuable returns, i.e., monthly income.
One of the critical factors to keep in mind while investing in FD is that the interest you get on Rs. 20 Lakh FD is subject to taxation. You must pay the taxes as per the regular tax bracket you fall under.
For instance, if the annual interest you earn from Rs. 20 Lakh FD is less than Rs. 40,00, you need not pay any taxes, and you can take home the entire amount. However, if the annual interest earned is more than Rs. 40,000 and Rs. 50,000 for senior citizens, then the NBFC will deduct a 10% TDS (Tax Deducted at Source) before crediting the interest to your account.
Furthermore, if you don’t have a PAN card, 20% TDS will be applicable on the monthly interest for Rs. 20 Lakh fixed deposit.
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