Mahindra Finance is an Indian non-banking financial company (NBFC) specializing in financial services. The organization offers a fixed deposit program with a CRISIL rating of ‘FAAA’, indicating a strong standard of safety, for investors looking for a fixed deposit account with good returns. For Samridhi Fixed Deposits, Mahindra & Mahindra Financial Services Limited (MMFSL) offers an additional interest rate of 0.25 per cent for older persons and 0.35 per cent additional interest rate for all Mahindra Group Company employees and their families. The corporation recently revised its fixed deposit interest rate on 27th May 2022, and customers will now get a maximum rate of 7% on their deposits as a result of the revision. Dhanvridhi Cumulative Scheme, Dhanvridhi Non-Cumulative Scheme, Samridhi Cumulative and Non-Cumulative Schemes are the four types of fixed deposit schemes offered by Mahindra & Mahindra Financial Services Limited.
Money Growth Cumulative – Fixed Deposit Interest Rates
The corporation offers interest rates of 6.55 per cent and 6.80 per cent on this option, with maturities of 30 and 42 months.
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Dhanvridhi Non-Cumulative Scheme Interest Rates
The Dhanvridhi non-cumulative scheme is available exclusively through the website of Mahindra Finance for deposits up to Rs 50 lakh. The following interest rates are applicable on this deposit program, with maturities of 30 and 42 months.
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Samridhi Cumulative Scheme Interest Rates
This plan is applicable on offline and online deposits up to Rs 50 lakh. The company offers 5.75 percent to 7% interest rate on deposits with tenor of 12 to 60 months.
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Samriddhi Non Cumulative Scheme Interest Rates
The interest rates applicable to this deposit scheme are as follows.
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Senior people will get an additional interest rate of 0.25 per cent per annum for Samridhi Deposit and 0.20 per cent per annum for Dhanvridhi Deposit of Rs. 50 lakh on all the above deposits. HDFC LtdOn the other hand, on June 2, 2022, it changed its interest rates on ‘AAA’ rated fixed deposits. After the change, the corporation now offers a maximum rate of 6.95 per cent to the customers. Despite the fact that corporate fixed deposits are recognized by several rating agencies, they are not insured by the DICGC like bank deposits, hence there is a risk of default.