Frequently Asked Questions - Fixed Deposits

At Mahindra Finance, we have a minimal documentation requirement for all, including senior citizen FD, allowing you to open an FD account without any hassles. You only have to submit a few basic documents, including:

• Passport
• Driving licence
• PAN (Permanent Account Number) Card
• Voter ID card

You can submit any of these documents as identity and address proof. Apart from these papers, you must fill out the application form and sign it. Also, since we offer online services, you need not worry about carrying the physical documents, just scan and upload them on your computer and send us the soft copies.

The documents required for senior citizens are the same as it is for other regular investors. The paperwork may differ only if you want to open an FD account as a company, firm, club, association, charitable trust, etc. You can refer to the documents required section to get a full list of documents needed.

The minimum amount that you can invest in a fixed deposit account varies from one financial institution to another. At Mahindra Finance, we accept investors to open a FD account with an amount as small as Rs. 5000.

You have the flexibility to invest any amount as you want up to Rs. 5 crore. Also, you have the freedom to choose the investment tenure; the maximum period is five years, after which you can renew the account and continue growing your savings.

The most significant benefit of FD is that it carries zero risk and gives you assured returns, allowing you to plan your finances better.

FDs are one of the go-to investment options among investors in India for several reasons, including:

• Anyone can invest in FD online, you need not have any financial knowledge.
• It provides assured returns at fixed interest rate, making it an ideal investment choice for risk-averse investors.
• The prevailing market conditions do not have any effect on the returns.
• You can start investing in FD with as small an amount as Rs. 5000 and invest up to Rs.5 crore
• If you are a senior citizen, you get higher returns
• It is an excellent investment option to secure your retirement and achieve long-term goals
• You can also invest in an FD and keep the amount as an emergency fund while allowing your savings to grow every year.

So, open an fixed deposit with Mahindra Finance, and enjoy all these benefits.

Fixed Deposits are one of the best savings-cum-investment instruments in India that offer assured returns of interest rate. The working of FD is quite simple. You can open an FD account with Mahindra Finance and invest a lump sum amount for a pre-determined period.

At the end of the investment tenure, you get the principal amount and the accrued interest. If you have surplus funds, you can open an FD account Mahindra Finance and get attractive returns, up to 8.10% per annum. If you are a senior citizen, you get up to 0.25% higher interest rate than the interest offered to regular investors.

1. The fund for investment should be received from the first holder account/joint account.

2. In case the funds are received from a third party, upon identifying the source of funds the refund will be processed in the same bank account on or before 7 working days without interest.

3. If the KYC documents are incomplete, the forms will be rejected, and the amount will be returned within 30 days without interest

4. Company reserves the rights:

i) To waive or vary the terms & conditions.

ii) To reject any application for a fresh Deposit or for renewal without assigning any reason

iii) To repay the deposit prematurely before the due date.
Acceptance, renewal, and repayment of fixed deposit shall be subject to the Non–Banking Financial Companies Acceptance of Public Deposit (Reserve Bank) Direction, 1998, as mentioned from time to time.

Kindly note that with a view to complying with the statutory requirements in this regard, we shall initiate necessary action for transfer of the unclaimed principal and interest amount on Fixed Deposit to IEPF.

You are requested to immediately claim your unpaid principal and interest amount to avoid the transfer of the said amount(s) to IEPF by sending the following documents to us.

1. Self-attested copy of Pan Card and address Proof (viz. Aadhar Card, Passport etc.)

2. Copy of Cancelled Cheque.

3. Enclosed Application –cum-Undertaking duly filled and signed.

However, you may claim from IEPF Authority, the amount of unclaimed principal and interest on Fixed Deposit, transferred to IEPF by making an application in Form IEPF-5 online and by sending the physical copy of the same duly signed (as per registered specimen signature) along with requisite documents enumerated in the said Form IEPF-5 to the Company at its Corporate Office or at the Company’s FD Processing Centre at Chennai for verification of your claim. We shall send a verification report to IEPF As per section 125(2) of the Companies Act, 2013 read with Rules, any amount of matured Fixed Deposits along with interest accrued on it, which remains unpaid or unclaimed for a period of seven years from the date of maturity of the Fixed Deposit, shall be transferred by the Company to the Investor Education and Protection Fund (“IEPF”) established by Central Government.

Authority for refund of the unclaimed principal and interest amount on Fixed Deposit, back to the credit of the Fixed Deposit holder.

In case we do not receive any request from you for claiming the principal and interest amount on Fixed Deposit , we shall, in accordance with the requirements of the said Rules, transfer the unclaimed principal and interest amount on Fixed Deposit, to IEPF by the due date as per procedure stipulated in the Rules, without any further notice. Please note that no claim shall lie against the Company in respect of unclaimed principal and interest amount on Fixed Deposit transferred to IEPF Authority pursuant to the said Rules.

The IEPF Rules and the application form (Form IEPF-5), as prescribed by the Ministry of Corporate Affairs for claiming back the unpaid/unclaimed principal amount/interest on Fixed Deposits, are available on the website of the Company at www.mahindrafinance.com as also on the website of the Ministry of Corporate Affairs at www.iepf.gov.in.

Please feel free to contact the Company in case you have any queries at the following address/ email/ telephone numbers:

FD Processing Centre

Mr. N Ananta Narayanan

Mahindra & Mahindra Financial Services Ltd

New No. 244, Old No. 713, 3rd Floor, Level 4,

Rear Block, Carex Center, Anna Salai,

Thousand Lights,

Chennai, Tamil Nadu-600006.

Toll Free no- 180 026 69266

Corporate Office

Ms. Sunita Pawar

Mahindra & Mahindra Financial Services Limited

Sadhana House, 2nd Floor,

570, P. B. Marg, Worli,

Mumbai- 400 018.

Tel:+91-22 - 6652 3500 Extn :- 3966

Fax No:+91- 22- 24984170Email: [email protected]