M&M Finance launches special deposit schemes

Mahindra & Mahindra Financial Services on Wednesday announced the launch of a special deposit scheme for digitally affluent customers.

M&M Finance said the scheme is aimed specifically for digitally affluent customers and is part of the company's digitisation drive. Depositors will have an opportunity to interact directly with the deposit taking companies for placement of deposits.

To leverage the opportunity, Mahindra Finance is announcing an innovative scheme that will offer 20 bps higher interest rates per annum on direct deposits. The scheme is also in addition to prevailing deposit schemes which the company is already offering to its customers.

Vivek Karve, CFO of Mahindra Finance said, The launch of this special deposit schemes is in accordance with our larger vision of offering multiple financial/ investment instruments through digital mode. Mahindra Finance's fixed deposit schemes are FAAA rated by CRISIL, the credit rating that indicates Highest Safety.

Under the schemes, the depositors can place their deposits for a tenure of 30 and 42 months, which will carry 6.2% and 6.5% interest rate respectively. Both cumulative and non-cumulative options are available for depositors.

Shares of M&M Financial Services were trading 0.76% higher at Rs 152.95 on BSE.

Mahindra & Mahindra Financial Services (Mahindra Finance), part of the Mahindra Group, is a non-banking finance company. The company is a vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits and is focused on the rural and semi-urban sector.

The NBFC said it reported a standalone net profit of Rs 894 crore in Q3 FY22 as against a net loss of Rs 274 crore in Q3 FY21. Total Income was at Rs 2,543 crore for the quarter, a decline of 1% YoY.

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