Monthly Interest for ₹10 Lakh FD

Yes, the returns you earn every year on a ₹10 Lakh FD is taxable as per the income tax slab rate applicable to you.

No, there is no official cap on the ₹10 Lakh fixed deposit interest rate. The rates vary from one bank or NBFC to another and are subject to change from time to time.

The documents required for a ₹10 lakh FD include your identity proof, signature proof and address proof. These documents generally include your passport, voter ID card, Aadhaar card, ration card, driving licence, etc. 

For your address proof, you can submit these documents or your utility bills. If you are a senior citizen, you need to submit your age proof along with Form 15H to verify your eligibility as a senior citizen to get a higher FD interest.

For investing in a ₹10 Lakh fixed deposit, you must be at least 18 years old, and you need to have a PAN card. If you are a member of a Hindu Undivided Family (HUF), you must have a separate PAN card issued in your name. You can open a ₹10 Lakh fixed deposit even if you are a minor, but you need a guardian.

You can calculate the monthly interest on a ₹5 Lakhs FD online using an FD calculator or manually. While manual calculation can be cumbersome, you can get accurate results instantly with an FD calculator. 

First, select your customer type and the deposit type. Then, enter the FD amount and maturity period, and the calculator shows the interest payout and your total maturity amount depending on the applicable FD rate fixed by the institution. 

You can also calculate your interest manually using the formula:

A = P (1 + r/n) ^(n*t)

Where A refers to the maturity amount, P refers to the principal amount, r is the interest rate, n is the compounding frequency, and t refers to the years.