Mahindra Finance has launched a Special Deposit Scheme aimed specifically at digitally affluent customers as a part of the company’s digitisation drive. In a statement, the company said in today’s digital world depositors have an opportunity to interact directly with the deposit-taking companies for the placement of deposits. To leverage this opportunity, the deposit scheme will offer 20 bps higher interest rate per annum on direct deposits. This scheme is in addition to prevailing deposit schemes which the company is already offering.
Vivek Karve, Chief Financial Officer, Mahindra Finance said, “This special deposit scheme is under our 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. With various digitised and automation backend processes, we are confident of providing a seamless experience to its deposit holders.”
The company will offer these Deposit Schemes through digital mode to depositors via the company website for investment. Under these schemes, the depositors can place their deposits for a tenure of 30 and 42 months, which will carry 6.20 per cent and 6.50 per cent interest rates respectively. Both cumulative and non-cumulative options are available for depositors to choose from.
Further, senior citizens will be eligible for another 20 bps higher rates.
Key features of the scheme;
· The deposit scheme to carry 20 bps higher interest rates per annum
· Deposits for 30 and 42 months to offer 6.20 per cent and 6.50 per cent interest rates respectively
· Scheme keeping with the company’s Digitisation initiatives