Fixed deposits can be useful as a secure savings tool for earning stable returns on your invested sum. However, the interest rate and tenor you choose impacts your monthly interest payouts.

 

Depending on the amount deposited, the monthly returns on an FD could help you manage certain recurring expenses. Alternatively, you can let these funds remain idle in your FD account for an extended period to benefit from the power of compounding over the years. 

Deposit Amount

Interest Rate

Tenure

Months

Interest Payout

At Maturity
At Maturity
Monthly
Quaterly
Half Yearly
Yearly

Investment Amount

Interest Rate

Total Interest Amount

Total Payout (Principal + Interest)

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Monthly Interest Payout for an FD of ₹10,000

Here is an estimate of the monthly interest payout you could receive on a fixed deposit of ₹10,000 with a tenor of 5 years:

Deposit Amount

Interest Rate (p.a.)

Monthly Interest Payout

₹10,000

6.00%

₹50

₹10,000

6.50%

₹54

₹10,000

7.00%

₹58

₹10,000

7.50%

₹63

₹10,000

8.00%

₹67

₹10,000

8.50%

₹71

₹10,000

9.00%

₹75

₹10,000

9.50%

₹79

₹10,000

10.00%

₹83

Note: The monthly interest payouts mentioned above are indicative and will depend on the issuer’s policies.

Monthly Interest Payout on an FD of ₹10,000 Offered by Banks and NBFCs

The table below indicates the monthly interest payout on an FD of ₹10,000 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.

8.10%

₹68

8.35%

₹70

PNB Housing Finance Ltd.

7.65%

₹64

7.85%

₹65

Mahindra Finance Ltd. 

8.10%

₹62

8.35%

₹70

LIC Housing Finance

7.75%

₹65

8.00%

₹67

Shriram Finance

8.47%

₹71

8.97%

₹75

ICICI Bank 

7.00%

₹58

7.50%

₹63

HDFC Bank 

7.00%

₹58

7.50%

₹63

IDFC First Bank 

7.00%

₹58

7.50%

₹63

Axis Bank 

7.10%

₹59

7.60%

₹63

IndusInd Bank 

7.25%

₹60

7.75%

₹65

YES Bank

7.25%

₹60

8.00%

₹67

Jana Small Finance Bank 

7.25%

₹60

7.75%

₹65

Kotak Mahindra Bank

6.20%

₹52

6.70%

₹56

SBI

6.50%

₹54

7.50%

₹63

AU Small Finance Bank

7.25%

₹60

7.75%

₹65

Ujjivan Small Finance Bank 

7.20%

₹60

7.70%

₹64

Note: The rates are effective as of April 2024 and are subject to change at the issuer’s discretion.

 

With a better insight into the potential returns you could earn on an FD of ₹10,000, you can choose your preferred issuer. On Bajaj Markets, you can select from multiple FD issuers offering competitive interest rates. 

 

In addition, you can also make use of the FD interest calculator to determine the potential returns you could earn on your fixed deposit investment.

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.

Frequently Asked Questions

What is the maximum interest I can get every month on an FD of ₹10,000?

The monthly interest amount for a fixed deposit of ₹10,000 depends on the interest rate offered by the issuer and the chosen tenor. You can use an FD calculator to compare different offers and maximise your returns.

What is the TDS charged on the interest earned on an FD of ₹10,000?

As per Section 194A of the Income Tax Act, your annual interest income will be subject to TDS if it exceeds ₹40,000 (₹50,000 for senior citizens). 

How to calculate interest on an FD of ₹10,000?

You can use a fixed deposit interest calculator to know your interest earnings. Enter the investment amount, investment tenor, payout option, and the interest rate. The calculator will automatically generate your interest payout at maturity or per month for a fixed deposit of ₹10,000.

What are the documents required for a fixed deposit of ₹10,000?

To invest in an FD, you need to submit your ID proof, PAN card, KYC documents, and photographs. The specific requirements may vary depending on the issuer you choose. You can get the updated information from the issuer’s website.

Is there a penalty for withdrawing the fixed deposit of ₹10,000 before maturity?

Typically, banks and NBFCs may impose a penalty for premature withdrawal of fixed deposits. However, the penalty amount varies depending on the issuer’s terms and conditions and the remaining tenor of the fixed deposit.

What happens if I do not renew my FD of ₹10,000 after maturity?

If you do not renew your fixed deposit of ₹10,000 after maturity, the principal sum and the interest will be credited to your linked bank account. Some issuers may automatically renew the FD for the same or different tenor unless instructed otherwise.

Can I add more money to my fixed deposit of ₹10,000 during the tenor?

No, you cannot add more money to an existing fixed deposit during the tenor. Fixed deposits are designed for a one-time deposit, and the principal amount remains the same throughout the tenor. If you wish to invest additional funds, you may open a new fixed deposit account.

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