If you are considering opening their online Fixed Deposit with this co. relying on reasons like I did, read on:
-Mahindra is a known brand -Automobiles for a long enough time
-Credit Rating was strong(when I opened the FD)
-they were offering 0.25-0.5% more than their competition
Their online FD application process was pretty simple.
All documents required were collected as soft copies.
Money was taken from my bank a/c very easily.
And that’s as far as the impressive experience lasted!
The FD receipt did not get generated and the online application ended up in an error after the money was taken from my bank a/c!
Emailing to their customer support resulted in them in asking for the documents again, via email.
Telling them that the docs were already submitted did not help. They neither acknowledged it nor looked into it -as if it did not matter!
The Customer Support team & the Accounting team are also evidently not aware that email is not a secure means to exchange sensitive documents like PAN card etc.
After many email exchanges, I finally received the FD receipt after more than 2 months! No matter what questions I asked, their responses were template responses, as if the questions did not matter! In the worst case, it felt at times, I might have to go to their Chennai office and sit in front of them!
To their credit, they honored their repayment commitment to FD maturity.
Nevertheless, an average overall experience, with an ample dose of frustration & anxiety, against expectations from a known brand like Mahindra!
My suggestion if you want to open an FD with them: See if you have a local Mahindra Finance office with an FD-specific contact person, where you get your issues resolved. If not, beware!