Mahindra Finance, a leading Non-Banking Finance Company (NBFC) focused on rural and semi-urban markets, has announced an upward revision of interest rates on its term deposits. In order to encourage paperless and depositor friendly transactions, Mahindra Finance is offering additional 25 basis points (bps) or 0.25 percent interest on online deposits.
Customers will now get a fixed deposit rate of upto 8.75% p.a. for online deposits and upto 8.50% p.a. for offline deposits.
Speaking on the hike in fixed deposit rates, Mr. V. Ravi, Executive Director and Chief Financial Officer, Mahindra Finance said, “Fixed Deposits have always been an evergreen investment solution and forms part of the mix of most investment portfolios. We would like to extend this attractive investment option to our customers. We are confident that an increasing number would also avail of the additional benefit by investing online.”