Frequently Asked Questions - Fixed Deposits

The Form 15G/H needs to be submitted at the beginning of every financial year or at the time of deposit if in case the investment is done during financial year. In case of entities/companies the Lower tax deduction certificate needs to be submitted immediately after the date of issue or before 31st Mar (financial year end) whichever is earlier.

Note:- Form 15G/H is not applicable for cases wherein the deposit interest exceeds the tax exemption limit set by the income tax department. i.e Rs.2.5 lacs for individuals & Rs.3 lacs for senior citizens OR as applicable time to time.

The TDS limit for NBFC FD scheme is till Rs.5000/- interest p.a. In case where the interest amount exceeds Rs. 5,000/- sum of all fixed deposit held with Mahindra finance under single pan number in a financial year, income-tax will be deducted at source.

No, MMFSL fixed deposit cannot be shown under section 80C for tax deduction.

We are a service – oriented organisation with a complete focus on delivering the best experience. Our Depositors get these benefits:

1. A readily available fixed deposit online calculator which will help you plan your investment.

2. Login credentials to access the online customer portal to view your investment portfolio and download the certificates as and when required.

3. Simple and transparent policies.

4. Detailed SMS and email communication to the customers while booking a fixed deposit, from request to maturity.

5. Easily accessible path to raise your query & request for immediate resolution.

No. Since the money is locked in with us for a specific rate and specific period, you will continue to receive that rate till maturity. If you wish to avail the new rate, we suggest you invest in a new fixed deposit with us.

With Submission of clear copy of ID proof (PAN card) & personalized cheque leaf or bank passbook copy along with the FDR no. to help us process the unclaimed payments.

MMFSL has changed the FD rates. Will those new rates be applicable for my existing deposits?

No. Since the money is locked in with us for a specific rate and specific period, you will continue to receive that rate till maturity. If you wish to avail the new rate, we suggest you invest in a new deposit with us.