Keeping your total corpus parked in a savings bank account will not be fruitful to your wealth creation journey. If you wish to see your money grow, you should diversify into other investment avenues. A fixed deposit account may be ideal for risk-averse investors who wish to grow their savings over time but are sceptical of market-linked plans. While savings bank account interest rates can range from 4%-5%, FD plans can offer up to 6 percent interest on ₹1 Lakh deposits. 

 

Thus, if you have a corpus of ₹1 Lakh, a 6% interest yield on the amount can make quite a significant difference to your total returns. Additionally, you can earn higher returns on your ₹1 Lakh deposit if the money is invested for a tenor of 60 months. The manual interest calculation on n FD can be time-consuming and tedious. Determine the maturity amount you shall receive on your investment with the Fixed Deposit Calculator - an easy and free-to-use tool that will calculate your FD returns instantly.

List of NBFC Offering 6 Percent Interest on ₹1 Lakh FD

The FD interest rates offered by non-banking financial companies (NBFCs) tend to be 1%-2% higher than banks. Apart from higher rates of return, NBFCs also offer flexible deposit tenors ranging from 12-60 months, coupled with a completely digitised application process. While the risk associated with investing in an NBFC FD is slightly higher, you can easily bypass this risk by opting for a CRISIL-rated company with a proven legacy of creditworthiness. Thus, if you’re looking to earn  6 percent interest on your ₹1 Lakh fixed deposit, you should invest the amount in an NBFC FD

 

The following table shows your returns for a 6 percent or more interest on ₹1 Lakh FD deposit. While the table shows return projections for a 12-month investment period, you will earn higher monthly returns if the money is deposited for a longer tenor of 60 months. 

NBFC

Interest Rate

Interest Earned*

Maturity Amount

Bajaj Finance FD

7.40%

₹7,400

₹1,07,400

Mahindra Finance FD

7.40%

₹7,400

₹1,07,400

PNB Housing Finance FD

7.45%

₹7,350

₹1,07,350  

*Figures represent the interest earned by Indian citizens under 60 years of age. The earnings for senior citizens will be slightly higher. 

List of Banks Offering 6 Percent Interest on ₹1 Lakh FD

Bank FDs have served as the safest and most favoured investment tool for generations. With the revisions to the Deposit Insurance norms in 2021, the safety quotient of bank FDs has been extended further. As per these changes, all bank FDs now come with a ₹5-Lakh protection cover issued by the DICGC (an RBI subsidiary). In other words, if the bank defaults, you will still be eligible to get back your FD deposits (up to ₹5 Lakhs). 

 

Therefore, a bank FD is perfect for those looking to park a surplus of ₹1 Lakh into a safe - and guaranteed- investment plan. The rising rates of inflation have also pushed FD interest rates closer to the ones offered by leading NBFCs. However, to earn 6 percent interest on a ₹1 Lakh FD, you will have to invest the money for a minimum tenor of 12 months. The following table represents a comprehensive list of all banks currently offering 6 percent interest on ₹1 Lakh FDs: 

Bank

Tenor

Interest Earned*

Maturity Amount

Axis Bank

12 months

₹6,241 

₹1,6241 

Canara Bank

12 months

₹6,600

₹1,06,600

Yes Bank

12 months

₹6,398

₹1,06,398

RBL Bank

12 months

₹6,600

₹1,06,600

IDFC First

12 months

₹6,398

₹1,06,398

Union Bank of India

12 months

₹6,450

₹1,06,450

Disclaimer

The information provided by BFDL is related to the rates provided by Banks and Deposit taking NBFCs as available from public domain and under no circumstances is intended to be source of advice or recommendation of any financial investment advice or endorsement of any sort. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers and use of such 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. Display of any intellectual property along with the related product information does not imply BFDL’s partnership with the owner of the intellectual property of such products and is solely for the purpose of information, unless otherwise provided by BFDL.

FAQs

What is the safest investment option to earn 6% interest for ₹1 Lakh?

There are various ways to earn 6% interest on a ₹1 Lakh investment. However, the safest way to earn this high rate of interest would be to invest the money in a fixed deposit account. Since FDs are immune to market-linked changes, your money will remain safe while you keep enjoying high investment returns. Additionally, if you opt for a longer FD tenor, say 3-5 years, you can earn a higher rate of return on the amount.

Can I get 6% interest on ₹1 Lakh FD?

Yes. There are several banks and NBFCs that offer 6% interest on a deposit of ₹1 Lakh. For instance, if you open an FD account with Bajaj Finance, you can enjoy FD interest rates starting from 6.55% p.a. Thus, by investing ₹1 Lakh in your Bajaj Finance FD account for 12 months, you can earn 6,055 as interest payout. Additionally, if you happen to be above 60 years of age, you can enjoy 0.25% to .50% higher return rates.

What is the maximum interest rate receivable for ₹1 Lakh FD?

Regular citizens can gain up to 7.40% p.a. Interest on an invested sum of ₹1 Lakh. This rate is slightly higher for senior citizens who can earn up to 7.65% p.a. Interest on a ₹1 Lakh FD. To enjoy such a high rate of return, you will have to invest your money in a Bajaj Finance FD. However, this high rate of return is only applicable for ₹1 Lakh FDs with a 5-year tenor. FDs with shorter tenors will yield lower interests. If you wish to invest your money for shorter durations, you can settle for up to 6% interest for a ₹1 Lakh FD.

How to calculate interest for ₹1 Lakh in FD?

To manually calculate interest for a ₹1 Lakh FD, you can use the following formula:

A = P ((1 + R/N) ^ (N x T)

Where, A is the amount due on maturity, 

P is the principal amount

R is the rate of interest

T is the tenor of the deposit

and N is the compounding frequency

 

However, such manual calculations have a high margin for errors and are also time-consuming. Instead, you can use an online interest calculator to review interest rates on ₹1 Lakh FDs. To use an online FD calculator, you have to select the customer type (regular/senior), enter your deposit amount, pick an FD type (cumulative/non-cumulative) and choose an FD tenor. Once that’s done, the FD calculator will automatically display your interest rates on your ₹1 Lakh FD.

Home
active_tab
Loan Offer
active_tab
Download App
active_tab
CIBIL Score
active_tab