If you plan to invest a substantial amount of money in a fixed deposit, take advantage of the many flexible payout options offered by issuers. Depending on the amount invested, you can choose to utilise the returns to fulfil various financial obligations.
On maturity, these interest earnings could be quite substantial due to the large sum deposited of say, ₹10 Lakhs. By opting for a monthly interest payout, you can earn income regularly, which can be used for many of your short-term financial obligations. These can include paying education fees, vehicle repair expenses, and miscellaneous household expenses, among others.
Learn more about the applicable interest rates offered by various banks and NBFCs in the following sections.
Deposit Amount
₹
Tenure
Months
Interest Rate
%
Interest Payout
Your Total Maturity Amount is
Your Total Maturity Amount is
Total Investment
Total Interest Earned
Monthly Interest on ₹10 Lakh Fixed Deposit
The table below indicates the monthly interest payout on a ₹10 Lakh fixed deposit you could earn across different banks and NBFCs for a tenor of 5 years:
Bank/NBFC/HFC | Non-Senior Citizen (p.a.) | Monthly Interest Payout | Senior Citizen (p.a.) | Monthly Interest Payout |
Bajaj Finance Ltd. | 8.05% | ₹ 6,708 | 8.30% | ₹ 6,917 |
PNB Housing Finance Ltd. | 7.39% | ₹ 6,158 | 7.69% | ₹ 6,408 |
Mahindra Finance Ltd. | 8.05% | ₹ 6,708 | 8.30% | ₹ 6,917 |
LIC Housing Finance | 7.75% | ₹ 6,458 | 8.00% | ₹ 6,667 |
Shriram Finance | 8.27% | ₹ 6,892 | 8.77% | ₹ 7,308 |
ICICI Bank | 7.00% | ₹ 5,833 | 7.50% | ₹ 6,250 |
HDFC Bank | 7.00% | ₹ 5,833 | 7.50% | ₹ 6,250 |
IDFC First Bank | 7.00% | ₹ 5,833 | 7.50% | ₹ 6,250 |
Axis Bank | 7.00% | ₹ 5,833 | 7.75% | ₹ 6,458 |
IndusInd Bank | 7.25% | ₹ 6,042 | 8.00% | ₹ 6,667 |
YES Bank | 7.25% | ₹ 6,042 | 8.00% | ₹ 6,667 |
Jana Small Finance Bank | 7.25% | ₹ 6,042 | 7.75% | ₹ 6,458 |
Kotak Mahindra Bank | 6.20% | ₹ 5,167 | 6.25% | ₹ 5,208 |
SBI | 6.50% | ₹ 5,417 | 7.50% | ₹ 6,250 |
AU Small Finance Bank | 7.25% | ₹ 6,042 | 7.75% | ₹ 6,458 |
Ujjivan Small Finance Bank | 7.20% | ₹6,000 | 7.70% | ₹6,417 |
*Disclaimer: The above-mentioned rates are effective as of 20 October 2023, and are subject to change at the issuer’s discretion.
Monthly Interest for ₹10 Lakh in Fixed Deposit
The following is an estimate of the monthly interest payout you would receive on a ₹10 Lakh fixed deposit spread across different interest rates:
Deposit Amount | Interest Rate (p.a.) | Monthly Interest Payout |
₹10 Lakh | 3.00% | ₹ 2,500 |
₹10 Lakh | 3.50% | ₹ 2,917 |
₹10 Lakh | 4.00% | ₹ 3,333 |
₹10 Lakh | 4.50% | ₹ 3,750 |
₹10 Lakh | 5.00% | ₹ 4,167 |
₹10 Lakh | 5.50% | ₹ 4,583 |
₹10 Lakh | 6.00% | ₹ 5,000 |
₹10 Lakh | 6.50% | ₹ 5,417 |
₹10 Lakh | 7.00% | ₹ 5,833 |
₹10 Lakh | 7.50% | ₹ 6,250 |
₹10 Lakh | 8.00% | ₹ 6,667 |
₹10 Lakh | 8.50% | ₹ 7,083 |
₹10 Lakh | 9.00% | ₹ 7,500 |
₹10 Lakh | 9.50% | ₹ 7,917 |
₹10 Lakh | 10.00% | ₹ 8,333 |
Now that you have a better understanding of the potential returns you could earn on a ₹10 Lakh FD, choose an issuer of your choice. On Bajaj Markets, you can browse from multiple FD issuers who offer competitive interest rates.
Moreover, you can also make use of the FD interest calculator to determine the potential returns you could earn on your fixed deposit investment.
Check Monthly Interest Rates on Your Fixed Deposits | ||
Monthly Interest on ₹10 Crores FD | Monthly Interest on ₹5 Crore FD | Monthly Interest on ₹3 Crores FD |
Monthly Interest on ₹2 Crore FD | Monthly Interest on ₹1.5 Crore FD | Monthly Interest on ₹1 Crore FD |
Monthly Interest on ₹80 Lakh FD | Monthly Interest on ₹70 Lakhs FD | Monthly Interest on ₹60 Lakhs FD |
Monthly Interest on ₹50 Lakh FD | Monthly interest on ₹40 Lakh FD | Monthly Interest on ₹35 Lakh FD |
Monthly Interest on ₹30 Lakhs FD | Monthly Interest on ₹25 Lakh FD | Monthly interest on ₹20 Lakh FD |
Monthly interest on ₹15 Lakh FD | Monthly Interest on ₹8 Lakh FD | Monthly Interest on ₹6 Lakhs FD |
Monthly Interest on ₹5 Lakhs FD | Monthly Interest on ₹4 Lakhs FD | Monthly Interest on ₹3 Lakhs FD |
Monthly interest on ₹2 Lakh FD | Monthly Interest on ₹1 Lakh FD | Monthly Interest on ₹10000 FD |
Disclaimer
The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circ*mstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsem*nt of any sort
The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.
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FAQs on Monthly Interest for a ₹10 Lakh Fixed Deposit
Can NRIs open a ₹10 Lakh FD?
Yes, NRIs can open a ₹10 Lakh FD either in a bank or an NBFC that offers this facility.
Are ₹10 Lakh FDs taxable?
Yes, the returns earned annually on a ₹10 Lakh FD are taxable as per the applicable income tax slab rate.
Is there a minimum and maximum cap on the interest rate for a fixed deposit of ₹10 Lakhs?
No, there is no official cap on the interest rate for a ₹10 Lakh fixed deposit. The rates vary between banks and NBFCs and are subject to change.
What are the documents required for a ₹10 Lakh fixed deposit in a bank?
Documents required for a ₹10 Lakh FD include identity proof, signature proof, and address proof. These include passport, voter ID card, Aadhaar card, ration card, driving licence, etc. Senior citizens may need to submit age proof along with Form 15H.
What are the eligibility criteria for a ₹10 Lakh fixed deposit?
To invest in a ₹10 Lakh fixed deposit, you must be at least 18 years old and hold a PAN card. Members of Hindu Undivided Families (HUFs) must have a separate PAN card in their name. Minors can open an FD with a guardian's assistance.
How to calculate FD interest on ₹10 Lakhs?
You can calculate monthly interest on a ₹10 Lakh FD using an FD calculator online. Simply select your customer and deposit type, enter the FD amount and maturity period, and the calculator will provide the interest payout based on the applicable FD rate.
How much interest can I earn monthly on a ₹10 Lakh fixed deposit?
The monthly interest you can earn on a ₹10 Lakh fixed deposit depends on the interest rate offered by the bank or NBFC. Typically, you can expect to earn anywhere from around ₹5,000 to ₹8,000 per month, depending on the prevailing interest rate.
Is there a penalty for withdrawing the ₹10 Lakh fixed deposit before maturity?
Yes, there may be penalties for premature withdrawal of a ₹10 Lakh fixed deposit before its maturity date. These penalties vary among banks and financial institutions and are usually a percentage of the interest earned or a fixed amount.
Can I take a loan against my ₹10 Lakh fixed deposit?
Yes, many banks offer loans against fixed deposits as collateral. The loan amount you can avail of typically ranges from 70% to 90% of the fixed deposit's principal amount. Interest rates on such loans are generally lower than other types of loans.
What happens if I do not renew my ₹10 Lakh FD after maturity?
If you do not renew your ₹10 Lakh fixed deposit after maturity, the funds, including the interest earned, will be transferred to your linked savings account. Some banks may automatically renew the FD for the same tenor unless you instruct them otherwise.
Is my ₹10 Lakh fixed deposit amount insured?
Deposits up to ₹5 Lakh in a bank, including fixed deposits, are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme. Therefore, your ₹10 Lakh fixed deposit is insured up to ₹5 Lakh, and any amount above that is not covered by insurance.