If you plan to invest a substantial amount, like ₹10 Lakhs, in a fixed deposit (FD), you need to compare the interest rates across issuers and choose a suitable tenor. After all, your interest earnings depend on the tenor you choose and the FD rate. For instance, the interest per month on a fixed deposit of ₹10 Lakhs at 8% for a tenor of 5 years will be ₹6,666.

 

Likewise, choosing a tenor of 3 years for the same FD amount at 8% will generate a monthly interest payout of ₹4,000. As you can see, the interest income reduces when you choose a shorter timeline.

Deposit Amount

Interest Rate

Tenure

Months

Interest Payout

At Maturity
At Maturity
Monthly
Quaterly
Half Yearly
Yearly

Invest Amount

Interest Rate

Total Interest Amount

Total Payout Principal + Interest

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Monthly Interest Payout on a Fixed Deposit of ₹10 Lakhs

The following is an estimate of the monthly interest on an FD of ₹10 Lakhs for a tenor of 5 years that you can earn across different interest rates:

Deposit Amount

Interest Rate (p.a.)

Monthly Interest Payout

₹10 Lakhs

6.00%

₹5,000

₹10 Lakhs

6.50%

₹5,416

₹10 Lakhs

7.00%

₹5,833

₹10 Lakhs

7.50%

₹6,250

₹10 Lakhs

8.00%

₹6,666

₹10 Lakhs

8.50%

₹7,083

₹10 Lakhs

9.00%

₹7,500

₹10 Lakhs

9.50%

₹7,917

₹10 Lakhs

10.00%

₹8,333

Note: The monthly interest payouts mentioned above are indicative, and your actual returns will vary depending on the issuer’s policies.

Monthly Interest on an FD of ₹10 Lakhs Offered by Banks and NBFCs

The table below indicates the monthly interest payout that you can earn on a fixed deposit of ₹10 Lakhs for 5 years across different banks and NBFCs:

Bank/NBFC/HFC

Non-Senior Citizen (p.a.)

Monthly Interest Payout

Senior Citizen (p.a.)

Monthly Interest Payout

Bajaj Finance Ltd. 

7.81%

₹6,508

8.05%

₹6,708

PNB Housing Finance Ltd. 

7.39%

₹6,158

7.59%

₹6,325

Mahindra Finance Ltd.

7.55%

₹6,291

7.80%

₹6,500

LIC Housing Finance

7.50%

₹6,250

7.75%

₹6,458

Shriram Finance

8.47%

₹7,058

8.97%

₹7,475

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%

₹ 6,041

7.75%

₹6,458

YES Bank

7.25%

₹ 6,041

8.00%

₹6,666

Jana Small Finance Bank 

7.25%

₹6,041

7.75%

₹6,458

Kotak Mahindra Bank

6.20%

₹5,166

6.70%

₹5,583

SBI

6.50%

₹ 5,416

7.50%

₹6,250

AU Small Finance Bank

7.21%

₹6,008

7.70%

₹6,416

Ujjivan Small Finance Bank

7.20%

₹6,000

7.70%

₹6,416

Note: The above-mentioned rates are subject to change at the issuer’s discretion. Now that you have a better understanding of the potential returns you could earn on an FD of ₹10 Lakhs, pick a financial institution of your choice. On Bajaj Markets, you can compare multiple issuers and choose one offering the highest FD interest rates in India.

 

You can also use the FD interest calculator to determine the potential returns you could earn on your fixed deposit investment.

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 circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement 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 the Monthly Interest for an FD of ₹10 Lakhs

Can NRIs open an FD of ₹10 Lakhs?

Yes, NRIs can open an FD of ₹10 Lakhs either in a bank or an NBFC that offers this facility and earn attractive interest on fixed deposits in India.

Are FDs of ₹10 Lakhs taxable?

Yes, the returns earned annually on an FD of ₹10 Lakhs 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 FD interest rates for ₹10 Lakhs. The rates vary between banks and NBFCs and are subject to change.

What are the documents required for a fixed deposit of ₹10 Lakhs in a bank?

The documents required for an FD of ₹10 Lakhs include your 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 required to book a fixed deposit of ₹10 Lakhs?

To invest in a fixed deposit of ₹10 Lakhs, 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 along with an adult guardian.

How to calculate the FD interest on ₹10 Lakhs?

You can calculate monthly interest on an FD of ₹10 Lakhs using an FD calculator online. Simply enter the amount, maturity period, and the fixed deposit interest rate to get the results within seconds.

How much interest can I earn monthly on a fixed deposit of ₹10 Lakhs?

The monthly interest you can earn on a fixed deposit of ₹10 Lakhs depends on the interest rate offered by the bank or NBFC. For instance, with an interest rate of 6% and a tenor of 5 years, the monthly interest payout will be ₹5,000.

Is there a penalty for withdrawing a fixed deposit of ₹10 Lakhs before maturity?

Yes, there may be penalties for premature withdrawal of an FD of ₹10 Lakhs 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 fixed deposit of ₹10 Lakhs?

Yes, many banks offer loans against fixed deposits as collateral. The loan amount you can borrow 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 FD of ₹10 Lakhs after maturity?

If you do not renew your fixed deposit of ₹10 Lakhs 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 fixed deposit of ₹10 Lakhs insured?

Deposits up to ₹5 Lakhs in a bank, including fixed deposits, are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme. Therefore, your fixed deposit of ₹10 Lakhs is insured up to ₹5 Lakhs, and any amount above that is not covered by insurance.

Can I take FD interest monthly?

Yes, you can choose monthly interest payouts on your fixed deposit.

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