Monthly Interest for ₹10 Lakh FD

Fixed deposit, also known as FD, is a safe and risk-averse form of investment that can provide you a regular monthly income. In this article, we will explore details and benefits of availing ₹10 lakh FD interest per month. To get the best returns on your investment it is necessary to compare the fixed deposit rates offered by various financial institutions. The table given below will help you understand the range of interest rate (per annum) from the shortest tenor to the longest.

Let us take a look at the monthly interest for Rs. 10 Lakh in banks, first.

Disclaimer: The aforementioned Bank FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per bank announcements.

If you are thinking of investing Rs. 10 Lakhs to get monthly income from an NBFC (non-banking financial company) then the annual rates and monthly amount can be found in the table provided below.

Disclaimer: The aforementioned NBFC FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per NBFC announcements.

Senior citizens (people above the age of 60) in India, get an additional interest on fixed deposits. In the table below, you can find the per annum interest rates and monthly interest amount for them.

Disclaimer: The aforementioned Bank FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per bank announcements.

Disclaimer: The aforementioned NBFC FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per NBFC announcements.

Monthly Interest for Rs. 10 Lakh Fixed Deposit in Bajaj Finance

Here’s a look at the monthly interest payouts for Rs. 10 Lakh Fixed Deposit in Bajaj Finance:

Disclaimer: The aforementioned FD interest rates are valid as of 10-May-2022, and may be subject to change as per company policies.

As a senior citizen, you can stand to get 0.25% higher interest rates on your fixed deposit of Rs. 10 Lakh. The monthly interest will look like shown in this table.

Disclaimer: The aforementioned FD interest rates are valid as of 10-May-2022, and may be subject to change as per company policies.

Monthly Interest on Special Fixed Deposits for Rs. 10 Lakh Fixed Deposit in Bajaj Finance

While the interest rates offered by Bajaj Finance on FDs are certainly attractive, you can get an even better deal if you opt for Special Fixed Deposits. For example, if you make a regular FD with a tenor of between 12-23 months, you get an interest rate of 5.75%, however, a special FD with a tenor of 18 months gives you an interest rate of 6.10%. Details about the monthly interest payouts for such Special FDs are shared below for your reference.

Disclaimer: The aforementioned FD interest rates are valid as of 10-May-2022, and may be subject to change as per company policies.

As a senior citizen, you can earn 0.25% higher interest rates on your Special FDs as well. The monthly interest payouts you can earn are as per the table below.

Disclaimer: The aforementioned FD interest rates are valid as of 10-May-2022, and may be subject to change as per company policies.

How to Calculate FD Interest on Rs. 10 Lakh FD

Before opting to invest, you should calculate the amount that you stand to earn as Rs. 10 Lakhs interest, per month. This can be conveniently done using the online FD calculator on Bajaj MARKETS. Here, you have to select your investor category from the options of senior and non-senior citizens applying offline. Then you have to provide the variables of the fixed deposit amount, tenor, applicable interest rate and the interest payout options. You can then view the interest payouts along with the total amount due on maturity.

If you are more comfortably calculating manually, then you can use the formula:

M= P + P {(1 + i/100) t – 1};

• where P is the principal amount,

• i is the rate of interest per period, and

• t is the tenor

Check Monthly Interest Rate on your Fixed Deposits

Why Should You Invest in Bajaj Finance Fixed Deposits?

Investing in Bajaj Finance FDs can provide you with multiple benefits. Here’s a look:

1. Attractive rates of interest: Bajaj Finance FD can provide you high FD interest rates of up to 7.35% per annum. As you can see from the tables provided above, this is the highest among other NBFCs and banks.

2. Additional Interest for Senior Citizens: As a senior citizen you get 0.25% additional interest rate on your deposit, which makes it 7.60%.

3. Reliability and safety: With ICRA’s MAAA (stable) rating and CRISIL’s FAAA/Stable rating, the Bajaj Finance FD is among the most reliable investment instruments.

4. Flexibility: You can choose to invest your FD amount in different tenors, ranging from 12 months to 60 months.

5. Convenient Application: The Bajaj Finance FD comes with a hassle-free online application, renewal and redemption process.

Eligibility Criteria for Rs. 10 Lakh Fixed Deposit

The eligibility requirements for investing your money in a fixed deposit are rather straightforward, as mentioned below:

• Age: You need to be at least 18 years of age to open this FD.

• Nationality: You need to be a resident of India. NRIs, Overseas Citizens of India (OCI) and Person of Indian Origin (PIO), can only invest in NRI FDs, having a maximum tenure of 36 months.

• Individual categories: Along with salaried individuals, self-employed professionals and non-professionals can apply for the Bajaj Finance FD.

• Entities: Non-individuals, such as Hindu Undivided Family (HUF), sole proprietorships, partnership firms, companies, clubs, associations, family trusts and societies, are eligible to apply for the Bajaj Finance fixed deposit.

Note: The above mentioned eligibility criteria is based on general information and can be changed by the bank/NBFC based on the scheme offered.

Documents Required for Rs. 10 Lakh Fixed Deposit

The documents required to start a fixed deposit are given below:

• Pan card or a declaration in Form Number 60/61, according to the Income Tax Act

• Photo ID proof such as Aadhaar card, passport, etc.

• Address proof such as ration card, utility bills, passport, etc.

• Age proof such as birth certificate, matriculation certificate, etc.

• Passport-size photographs

Note: The above mentioned documents requirement is based on general information and can be changed by the bank/NBFC based on the scheme offered

How to Apply Online for Bajaj Finance Fixed Deposit?

The application process for opening Bajaj Finance fixed deposit is simple and convenient. Since it is entirely online, it is quick and paperless as well. You are required to follow these steps:

1. Provide your personal details in the online Bajaj Finance FD application form

2. Choose your FD type, tenor, payout frequency, and investment amount

3. Identify if you are a senior citizen or not, and upload the requisite documents

4. Once you submit the form, you need to deposit the FD amount

5. You have now completed the steps required to open the Bajaj Finance FD. You can now track your FD returns online, anytime and from anywhere.