Mahindra Finance stock soars 2% after introduction of Special Deposit Schemes

23 Feb 2022 , 01:46 PM

Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, and one of India’s leading non-banking finance companies announced the launch of a Special Deposit Scheme. This scheme targets the digitally affluent customers is part of the company’s Digitisation drive.

Vivek Karve, Chief Financial Officer, Mahindra Finance said: “The launch of this special deposit scheme is in line with our larger vision of offering multiple financial/ investment instruments through digital mode. Mahindra Finance’s fixed deposit schemes are rated by CRISIL as FAAA, indicating the Highest Safety.

In keeping with today’s digital world, deposit taking companies provide opportunities to the depositors to interact directly with them for placement of deposits. To provide investors the best of this opportunity, Mahindra Finance is announcing an innovative scheme that will offer 20 bps higher interest rates per annum on direct deposits.

These schemes will be available through digital modes through the company’s website. The company has provided options for tenure for 30 and 42 months, carrying interest rates of 6.20% and 6.50% respectively. Further, senior citizens get 20 bps more on these deposits.

Mahindra Finance was trading 1.52% higher in today’s trade at Rs154.05 against its previous closing price of Rs151.75 on NSE. Its intraday high and low were Rs154.40 and Rs151.85 respectively.