Mahindra & Mahindra Financial Services,a non-banking finance unit of auto major Mahindra & Mahindra, has invited fixed deposits from the public, for the first time after 3 years.
The minimum amount which an investor can invest is Rs 10,000. This is in line with a recent trend where various conglomerates, including the Tatas, have invited the public for fixed deposits, as traditional sources of funds are drying up. The fixed deposits have been rated as FAA+ by CRISIL, which indicates high safety. The yield on a 3-year fixed deposit interest rate is 13.5%. The rates are 11%, 11.5% and 12% for 12 months, 24 months and 36 months respectively.
MMFSL provides Finance for utility vehicles, tractors and cars with a focus on rural areas. It currently has a network of 442 offices and total assets under management of Rs 8,303 crores. It had a net profit of Rs 177 crore in March 2008.
Source: Economictimes
No comments:
Post a Comment