Mahindra Finance launches special deposit scheme to be offered digitally
Premium- Under these schemes, the depositors can place their deposits for a tenure of 30 and 42 months, which will carry 6.20% and 6.50% interest rate respectively
Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, on Wednesday announced the launch of a special deposit scheme for digitally savvy customers.
Mahindra Financial Services, which is focused on rural and semi-urban sector, will offer the special deposit scheme through digital mode to depositors via the company's website. Under these schemes, the depositors can place their deposits for a tenure of 30 and 42 months, which will carry 6.20% and 6.50% interest rate respectively. Both cumulative and non-cumulative options are available for depositors to choose from, the company said in a release.
Senior citizens shall be eligible for another 20 bps higher rates.
In keeping with today’s digital world, depositors have an opportunity to interact directly with the deposit-taking companies for placement of deposits. To leverage this opportunity, Mahindra Finance announced an innovative scheme that will offer 20 bps higher interest rates per annum on direct deposits, the company said. This scheme is in addition to prevailing deposit schemes which the company is already offering to its customers.
Vivek Karve, chief financial officer, Mahindra Finance said, “The launch of this special deposit scheme is in accordance with our larger vision of offering multiple financial/ investment instruments through digital mode. Mahindra Finance’s fixed deposit schemes are FAAA rated by CRISIL, the credit rating that indicates Highest Safety."
The snapshot of the rates is mentioned below for reference:
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