Frequently Asked Questions - Fixed Deposits

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.

The Company has regularly uploaded on its website as also on the website of the Ministry of Corporate Affairs, Government of India, full details of such unpaid or unclaimed Fixed Deposits along with the interest.

The depositor needs to submit a request letter or send an email from the registered email ID @ mfinfd@mahindra.com along with a copy of personalised cheque leaf/bank statement and valid ID proof to receive the unclaimed payments via NEFT /RTGS mode.

https://www.mahindrafinance.com/customer-service#write-to-us

The terms and conditions governing the NRI deposits are given hereunder:

Acceptance of deposits can be made only by Indian Rupees 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’s will not be accepted

NRI Deposits shall not be accepted by any inward remittances from overseas

Document requirements for NRI FD investments

1) Passport with valid visa

2) Overseas address proof

3) A PIO card to establish Indian Origin, if it is a foreign passport.

4) Pan card

5) A local address proof if different from the passport address

a) Bank account statement or passbook

b) Local Property papers with registration deed

c) EB Bill card

d) Voter Id or Driving License

6) The NRI Depositor has to give the following declaration:

a) The amount deposited with Mahindra and Mahindra Financial Services Ltd. represents amounts transferred from NRO Account. Further this amount does not represent inward remittance from Overseas to NRO account or transfer of funds from NRE/FCNR (B) accounts to NRO account”.

b) “This is to declare that my stay in India during the financial year 2022-23 does not exceed/will not exceed 182 days & hence I will be a non-resident during the said financial year.

If there is a DTAA with the country of which the investor is a resident, then the Tax rate applicable will be the DTAA rate or the Income Tax rate whichever is more beneficial to the assesse /investor. The following additional documents should be provided by the NRI depositor to claim benefit of DTAA rate.

a) Tax Residency Certificate from the Income Tax department of the country the investor is a resident

b) Copy of the passport as of the beginning of the current financial year till date

c) Certificate from the investor as at the end of the financial year regarding his stay in India during Financial year.

We accept deposits from NRIs on a non-repatriation basis. Deposits by NRIs are accepted only when the funds originate from their respective NRO Account.

Download the e-receipt from customer portal login for record purpose. For issue of duplicate FDR we require an indemnity bond on Rs 300/- stamp paper, kindly get the same notarized on Rs 300/- stamp paper from the court or franking from the bank and at the nearest office ( Mumbai – Head Office or Chennai Processing centre).

Loan may be granted against public deposit up to 75% of the deposit amount carrying interest 2% per annum above the FD interest rate and any other additional charges as applicable on such deposit.

Deposits should have run for a minimum period of three months and minimum FD investment of Rs.5,000/-.

Loan disbursement is subject to internal approvals & at the discretion of the company.

To avail for loan online with no submission of documents in just 3 simple steps:

1. Login to the FD Customer Portal. https://fixeddeposit.mahindrafinance.com/WA_FD_EP_PRELOGIN_5/ (as an Existing Depositor)

Click on Fixed Deposit customer login and if Existing Investor, login through user id & password or if you are new investor create login and password as instructions in our website.

2. Click on Avail Loan

3. Complete the OTP & Identity verification and submit loan application

Or

The offline process of loan in which Physical FDR & Loan undertaking letter signed along with cancelled cheque copy are required and mandatory which needs to be sent on email.

You need to provide the physical copies of FDR with sign & Revenue stamp of concern holders with cancelled cheque copy & loan undertaking letter to be sent to our Head Office at Mumbai or Chennai Regional Office.

Attached is the undertaking letter

Please Note:

Post loan provided below is the process of Repayment

The repayment mode is onetime payment or adjustment against maturity.

There is no part payment of loan or EMI facility nor there is any restrictions against tenure as such for repayment of loan.

You can do the complete payment loan amount with interest till date as when required we will be sharing you the coming 3 working days calculation of Amount with the Bank details in which the NEFT/RTGS to be made.

Further you need to do the needful and share the payslip ,screenshot or UTR /Ref no.

Or

Loan amount with interest if not paid before the FD Maturity will be considered as loan amount with interest adjustment form the FD on the maturity date and balance amount any will be transferred to your Bank a/c registered with us.