Mahindra Finance, India’s leading rural finance company has announced an upward revision of interest rates on its term deposits with effect from August 23, 2018. Interest rate for deposits upto 12-months have been hiked by 30 basis points to 8.00 percent, while those for 18-months have been increased by 35 basis points to 8.10 percent, and for deposits upto 24-months rates have been hiked by 10 basis points to 8.35 percent. Investors are eligible for 0.25% higher rates, if they choose the online mode of investment with a different tenure.
Mahindra Finance has increased interest rates on fixed deposit for the second time in 2-months this year. Investors can access detailed information on https://fixeddeposit.mahindrafinance.com.
Speaking on the hike in fixed deposit rates, V Ravi, Executive Director and Chief Financial Officer, Mahindra Finance said, “Fixed deposits have become the most preferred investment instruments for planning a financially worry-free future. We believe the interest rate environment is likely to remain firm going forward. Mahindra Finance’s Fixed Deposits are specially designed to suit all segments of depositors, providing assured returns with a very low-risk.”
