Investing through Fintso
Can I renew a Fixed Deposit sourced through another platform?
No, only deposits made through Fintso can be renewed through Fintso.
How can I know my client’s CKYC number?
You can use the ‘Fetch CKYC Number’ feature under the Fixed Deposit section for a client to retrieve the CKYC number. This is facilitated by Mahindra Finance through their integration with the CKYC database. The client does not get any notification ...
Who is an eligible investor?
Only Resident Individuals with a valid CKYC number can invest through Fintso. CKYC number can be fetched using investor’s PAN number. Anyone with a valid KYC compliant bank account shall have a CKYC number. Currently, only single holding pattern is ...
How can I renew the fixed deposit?
All fixed deposits which are due for maturity can be renewed online through Fintso. • The renewal process must be initiated between 10 to 25 days (both inclusive) prior to the existing fixed deposit maturity date. • An online application through ...
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 ...
Will the deposit be paid back in cash?
No. Deposit will be paid back only to the corresponding bank account updated.
Can a premature proceeding be paid favouring the second/third depositor?
No. Premature payments will be made to the first depositor only. Further for more clarifications on death/POA cases (with/without) you may please contact Mahindra Finance (Tel: 022-66526000 or email: mfinfd@mahindra.com)
Are there any charges in case of premature withdrawal of deposit?
In case of premature withdrawal after completion of 6 months the interest rate payable shall be 2% lower than the interest rate applicable for the period for which the deposit has run or if not, rate has been specified for that period, then 3% lower ...
In case there is an urgent need of money, can a withdrawal be made from deposits?
According to the direction of the RBI, no withdrawal of deposit can be made within three months from the date of deposit / renewal of deposit. Subsequently, premature withdrawal can be made after 3 months from the date of deposit/renewal as per the ...
What happens if the prevalent interest rate goes up?
The decision rests solely upon the directives of the Reserve Bank of India. If the Reserve Bank of India is specific that the increase should bear a prospective effect from a particular time, it cannot be done immediately. The revised rates will ...
What happens if the prevalent interest rates come down?
There will be absolutely no change as the issuer is obliged to pay the contracted rate till its maturity as per the current rules.
When will the interest be credited in a non-cumulative scheme?
In a non-cumulative scheme: • Yearly interest will be credited on 31st of March of every year • Half yearly interest will be credited on 30th of September and 31st of March of every year • Quarterly interest will be credited on the 30th of June, 30th ...
What are the modes by which the interest is paid?
The interest is directly credited to the investor’s bank account via ECS.
How do I change the correspondence address and the other personal details for my investor?
For changing the address, your investor needs to follow an offline process. The investor needs to send a written application to Mahindra Finance’s FD processing centre at Chennai with the proof of the same. On the receipt, the details will be updated ...
Is there an extra interest rate for senior citizens?
Yes, senior citizens get an additional interest rate of 0.25% per annum.
When does my investor receive the Fixed Deposit Receipt (FDR)?
Once the payment is successfully done, Mahindra Finance initiates the verification process which takes a maximum of 7 working days. Once the verification is completed, the FDR is issued directly to the investor.
What are payment modes available for paying the Principal Amount of the Fixed Deposit application?
Once the distributor initiates the fixed deposit transaction on Fintso, the investor can transfer money through either Net banking or NEFT/RTGS, depending on what was chosen by the distributor. · If the payment mode chosen is Net Banking, ...
Is there a prescribed form for making a deposit?
The entire process of application for fixed deposit is online. The advisor needs to fill in the basic details such as investment amount, tenure, scheme type (cumulative or non-cumulative), interest pay-out frequency and CKYC number to initiate 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/-