Mahindra Finance has launched a Special Deposit Scheme aimed specifically at digitally affluent clients as a part of the organization’s digitization drive.
In a statement, the organization said in the present digital world depositors have a chance to interact directly with the deposit-taking organizations for the placement of deposits. To use this opportunity, the deposit scheme will offer 20 bps higher loan cost per annum on direct deposits. This scheme is in addition to prevailing deposit schemes which the organization is already offering.
Vivek Karve, Chief Financial Officer, Mahindra Finance said, “This special deposit scheme is under our multiple financial/investment instruments through digital mode. Mahindra Finance’s decent store plans are FAAA rated by CRISIL, the credit score that demonstrates Highest Safety. With various digitized and automation backend processes, we are confident for providing a seamless experience to its deposit holders.”
The organization will offer these Deposit Schemes through digital mode to investors via the organization’s website for investment. Under these schemes, the depositors can place the deposits for a tenure of 30 and 42 months, which will carry 6.20 percent and 6.50 percent interest rates respectively.
Both cumulative and non-cumulative options are available for depositors to choose from. Further, senior citizens will be eligible for another 20 bps higher rates.