When will the interest be credited in a non-cumulative scheme?

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• What is the difference between a non-cumulative deposit and a cumulative deposit?

  In a 'non-cumulative scheme' the interest is payable at a particular frequency (monthly, quarterly, half-yearly or yearly). This scheme is convenient for pensioners who require a periodical interest payment. In the ‘cumulative deposit scheme', the ...

• What is the minimum deposit amount for the cumulative deposit & the non-cumulative deposit schemes?

  Minimum investment for Mahindra Finance fixed deposit is: Options: Cumulative:  Interest Payable Frequency: None Minimum Investment : ₹ 5,000/- Non-cumulative Interest Payable Frequency: Monthly & Quarterly ₹ 50,000/- Half-year & Yearly ₹ 25,000/-

• What are the modes by which the interest is paid?

  The interest is directly credited to the investor’s bank account via ECS.

• What is the rate of interest chargeable for loans?

  FD investment amount carrying interest @ 2% per annum (at half-yearly rest) above the FD interest rate on a cumulative basis.

• When is Income Tax deducted at source from interest?

  If the estimated annual interest paid/credited or likely to be credited/paid on the deposit/s exceeds or is likely to exceed Rs.5000/- during the financial year, it is obligatory on the part of the deductor of tax to deduct Income Tax at source. ...