What is the process of taking premature withdrawal?
No premature withdrawal will be allowed before the completion three months from the date of receipt as per the directions of the RBI currently in force. In case of request for premature withdrawal after the expiry of three months, the rate given in the table below shall apply.
|
Period exceeding
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But less than
|
Applicable interest rate
|
|
3 months
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6 months
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Nil
|
|
6 months
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Before the date of maturity
|
The interest rate payable shall be 2% lower than the interest rate
applicable for the period for which the deposit has run or if no rate has
been specified for that period, then 3% lower than the minimum rate at which
the public deposits are accepted by Mahindra Finance
|
Premature withdrawals are not allowed for non-cumulative quarterly cases from 20th till the last date, during June, September, December and March months owing to quarterly interest pay-out accounting.
Premature withdrawals are not allowed for non-cumulative half yearly cases from 20th till the last date during September and March owing to half yearly interest pay-out accounting.
Additionally, no premature withdrawal is allowed from March 20th till April 1st of every year owing to annual accounting closure.
Premature closure request should be received 30 days prior to maturity date in physical form and signed by all deposit holders to the designated office of Mahindra Finance as there is no online provision extended by Mahindra Finance for premature withdrawals.
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Can a premature proceeding be paid favouring the second/third depositor?
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