Mudra Fixed Deposit

What is a Fixed Deposit?

A fixed deposit signifies an investment pattern that Co-op Credit societies, banks, post-offices, and other non-banking financial institutions provide. FDs offer superior returns on the principal invested when equated to the returns produced from a regular savings account.

In FDs, you invest for a fixed amount of time and get a fixed interest rate, hence the name. Based on a consumer’s investment portfolio, the FD investment period can either be short-term or long-term. The interest rates on fixed deposits may vary from one financial institution to another.

Fixed deposit investors cannot withdraw money before maturity without any financial repercussions. In emergencies, early withdrawal is possible after the payment of penalties. In today’s times of increasing market volatilities, investing in a Mudra Fixed Deposit can help you get secure returns and stable growth of capital so you can build your savings with absolutely no effect of market uncertainties.

Who offers a Fixed Deposit?

As stated earlier, fixed deposit investments are offered by Co-op Credit societies, banks, post-offices, and other non-banking financial companies. In India, investors have numerous options to open fixed deposit accounts. However, they must compare the interest rates, the credibility of the financial institution, and other features before depositing their funds.

What are the Prevailing FD Rates?

There is no one fixed rate on FD investments across the financial domain. The rate of return for an investor greatly depends on the Co-op Credit society, bank or financial institution offering the investment option. Each one provides different interest rates on deposits. Moreover, the return rate also depends on the age of the investor. Senior citizen investors can expect greater returns when compared to individuals below 60 years. At Mudra, you get attractive FD interest rates of up to 12%, so you can save for your goals easily. Investing in a Mudra Fixed Deposit is easy, as you can invest from the comfort of your home through an end-to-end paperless online investment process in 3 easy steps.

Who should invest in Fixed Deposit?

Fixed deposits are perfect investment tools for investors across a varied profile, objective and age groups. Further, gain seeking, risk-averse individuals can benefit significantly from such schemes. Since FDs offer assured returns, there is no risk involved.

Why consider FD for a diversified Portfolio?

Investors may be prone to risks when they invest in market-linked instruments to earn higher returns. Hence, to ensure equalized financial growth, investors need to seek safer investment options as well. Fixed deposits are safe and lead to guaranteed returns, as opposed to risk-prone instruments. Therefore, even when an investor loses money on other investment instruments, they can recover a portion of their losses from the FD investments.

Fixed Deposit investors expect the following benefits from their investment

• Fixed returns – Unlike most other investment plans, FDs offer assured returns on the deposited amount. So, no matter how interest rates move or economy acts, you will get the returns promised at the time of investing.

• Assurance: At the end of the investment tenure, you get back the amount you put in along with the accumulated interest.

• Flexibility – The best FD plans offer flexibility when it comes to the tenure of the plan. Based on the investment goals, you can either open short-term FD accounts or long-term FD accounts. Most financial institutions offer maturity tenures extending from 31 days to 5 years.

• Higher interest for Senior Citizens: For Senior citizens pursuing safe investment avenues to invest their life savings, there are several benefits of Mudra fixed deposit. As a senior citizen, you can easily gain additional rate benefit of 0.5% over and above the regular interest rate.

• A surplus source of income – The investor can select the frequency of interest payout for non-cumulative fixed deposit plans. Therefore, they can act as an added source of income.

Exclusive features of Mudra Fixed Deposit:

End-to-End Paperless Online application in 3 easy steps

You can now invest in a Mudra Fixed Deposit online through an easy 3 steps online application process that saves you time and distress. Save the hassle of submitting extensive documentation, or waiting in queues to open your Fixed Deposit.

Highest interest rate

Mudra Fixed Deposit offers a lucrative interest rate of up to 12%, which can go up to 9.5% for senior citizens. Investing in this FD can help you accrue your wealth and grow your corpus, with assured returns.

A minimum deposit of Rs. 10,000

The minimum deposit required to invest in a Mudra Fixed Deposit is Rs. 10,000, With such a minimum investment amount you can start investing any time, without having to wait to accumulate a larger corpus. Even with a lesser deposit amount, you can earn better returns.

There is no maximum limit on how much you can invest.

Flexible Tenures

When investing in a Mudra Fixed Deposit, you can choose the tenure between 31 days and 60 months, to suit your financial goals. This can help you with your liquidity needs, and you can appreciate your savings to enjoy a higher cash inflow.

Fixed Deposit Calculator

If you’d like to know your maturity amount and returns on your FD in advance, consider using FD Calculator to plan your finances beforehand.

Auto-renewal

When filling your FD application form, you can choose to auto-renew your FD and save the hassle of filling in the renewal form again during maturity.

More Assurance, More credibility

Mudra is among one of the few Co-op. credit societies accredited with Grade-A ratings Registered under Maharashtra Co-operative Society Act of 1960. Mudra Fixed Deposit is one of the safest investment options for investors, regardless of their profile.

The following list of individuals are eligible to open a fixed deposit account in the state of Maharashtra –

Resident of Maharashtra

• Individuals or joint investors (2 or more individuals)

• Senior citizens

• Minors

• Sole proprietorship

Essential Documents for Fixed Deposit Investment:

Investors need to submit certain papers regarding their identity and residential address to invest in FD schemes successfully.

Identity Proof (Any One)

• Passport

• Voter ID card

• PAN card

• Aadhaar card

• Driving license

Address Proof (Any One)

• Electricity bill

• Telephone bill

• Leave & License Agreement

Senior citizens and minor investors need to submit age proof documents as well, which includes a matriculation certificate, birth certificate, etc.

Book a Mudra Fixed Deposit and get a Personal Accident Insurance cover worth twice the amount invested in FD. Insurance is underwritten by ICICI Lombard General Insurance.

• Accidental Hospitalization Benefit

• Loss of Job Benefit

• Child Education Benefit

Mudra Care 2x offer is valid only on new Fixed Deposits booked from 1st November 2020 onwards subject to all of the following:

• By participating in the offer/campaign, Users (hereinafter defined) shall be deemed to have read, understood, accepted, and agree to be bound by these Terms & Conditions.

• “Users” for the purpose of these Terms and Conditions shall mean such new Fixed Deposit account holders of Mudra Co-op. credit society ltd residing in Maharashtra who will book Mudra FD on and after 1st November 2020.

• Offer Details: Open a new Fixed Deposit through the Mudra FD webpage or by visiting any Mudra Branch and through Mudra authorized personnel and distribution channels, during the campaign period, starting from 01/11/2020 (mentioned day inclusive).

• This campaign/offer is valid and applicable ONLY in Maharashtra and ONLY for the Residents of the state of Maharashtra, between the age of 18 years to 65 years.

• The minimum insurance cover offered is Rs. 50,000 and the maximum insurance cover is Rs. 50 Lakhs.

• The offer is applicable on minimum investment tenure of 12 months.

• The offer benefits are applicable for a period of 12 months from the issuance of the policy.

• The offer is applicable only if FD is active for the entire Tenure.

• This offer is also valid on the renewals of Fixed Deposit.

Campaign Terms and Conditions:

• The benefits of this offer cannot be transferred for value or redeemed for the cash.

• The policy issued will be non-transferable.

• The policy coverage will start on the 1st day of a subsequent month from the date of completion of the Customer onboarding process.

• Qualified customers will receive the Insurance policy from ICICI Lombard General Insurance on the registered Email ID.

• In the case of joint holders, only the primary holder will be the Policy Holder.

• The cumulative cover across multiple Fixed Deposits in the case of one particular individual cannot exceed Rs. 50 lacs.

• The customer shall be responsible for reviewing the Term and Conditions of the Mudra & ICICI Lombard General Insurance & shall be deemed to have accepted the Terms and Conditions on accepting the offer.

• Mudra reserves the right to alter any of the terms and conditions of the offer or to withdraw the offer completely at any time without prior notice.