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Additional 0.25% interest rate for senior citizens.
Over the past few years, the interest rates on fixed deposits offered by different financial institutions have been on a downward slope, and the stock markets have been volatile, which is the result of the overall changing economic conditions in India. This has led to investors getting anxious, especially those depending on their investments for monthly income. This is where Fixed Deposit or FD comes as a smart investment option that offers high interest rates.
You can open a fixed deposit account with Mahindra Finance and deposit any amount you like for a specified period and get fixed interest returns. For example, you can open a Rs. 10 Lakh FD. The interest rate you get is pre-determined at the time of opening the account, and it does not fluctuate till the end of the investment tenure. Therefore, FDs ensure that you get valuable returns, and Rs. 10 Lakh FD continues to grow over time without any risk.
When you invest Rs. 10 Lakh in a monthly income fixed deposit scheme, you can be assured of getting monthly returns. At Mahindra Finance, you get a high-interest rate of up to 8.05%. You can easily know the exact monthly interest amount you can get on your deposit using the FD interest rate calculator from our website.
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 5 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 5 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 benefits by investing in a monthly income fixed deposit 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. 10 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 fixed deposit schemes offering monthly income pay the same interest rate as the traditional fixed deposit investments. At Mahindra Finance, we offer the best interest rate for all individuals opening a fixed deposit account with us; our interest starts from 7.20% per annum.
In addition, we offer senior citizens a 0.25% higher interest rate than the interest offered to regular investors. Thus, if you are aged more than 60 years, you can be assured of getting higher returns and building a sizeable corpus.
As an investor, you must be aware of the tax implications on all your investments, including fixed deposits. If you receive an additional income, i.e., the interest you receive from Rs. 10 Lakh FD investment, you are subject to paying tax on it. You must be aware of the deductions of fixed deposit interest:
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