Earn interest up to 7.95% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

In case you have a lump sum amount of ₹15 Lakhs or so in hand, you may be keen on figuring out the best way to invest these funds. If you want guaranteed returns over a given period, it may be ideal to invest the ₹15 Lakhs in a fixed deposit. The monthly interest for ₹15 Lakhs fixed deposits can be quite significant, allowing you to supplement your primary source of income over the investment tenor. 


For a ₹15 Lakhs FD, the interest per month depends on the rate of interest offered by the bank or NBFC that you choose. Get to know more about the interest rates prevailing in the market right now and see for yourself what the monthly interest for ₹15 Lakhs in bank FDs and NBFC deposits will be. 

List of NBFC Fixed Deposit Interest Rates for ₹15 Lakhs 

NBFCs or Non-Banking Financial Companies offer fixed deposit facilities for interested investors who are looking for safe yet fruitful investment avenues. Fixed deposits by NBFCs may carry a slightly higher interest rate than bank FDs.


Check out the table below to get a better idea of the interest rates, monthly interest amount and the maturity amount for ₹15 Lakhs FDs offered by the top NBFCs. The metrics shown below are for deposits with an investment tenor of 5 years. 


Interest Rate for Monthly Payout Option

Monthly Interest Amount

Cumulative Interest Rate

Maturity Amount

Bajaj Finance

7.16 %  p.a.

₹ 8,950

7.40% p.a.

₹ 21,43,447

PNB Housing Finance

7.16 % p.a.

₹ 8,950

7.40% p.a.

₹ 21,43,447

Mahindra Finance

6.80 % p.a.

₹ 8,500

7.25% p.a.

₹ 21,28,520

Disclaimer: These are the fixed deposit rates as of October, 2022 and they may be subject to change at the company’s discretion. 

List of Banks Fixed Deposit Interest Rates for ₹15 Lakhs 

If you want to earn interest per month on a ₹15 Lakhs FD, you can choose to open an FD with a bank instead. Bank FDs are considered slightly safer than NBFC fixed deposits, although the interest rates may be a tad bit lower. 


The table below shows you the interest rates, monthly interest and the maturity amounts for the bank FDs of ₹15 Lakhs. The interest rates shown are for deposits with an investment tenor of 5 years. 


Interest Rates

Monthly Interest Amount

Maturity Amount

State Bank of India

5.85 % p.a.

₹ 7,313

₹ 20,05,407

Punjab National Bank

6.10 % p.a.

₹ 7,625

₹ 20,30,258

Axis Bank

6.10 % p.a.

₹ 7,625

₹ 20,30,258

Disclaimer: These are the fixed deposit rates as of October, 2022 and they may be subject to change at the bank’s discretion. 

Why you should choose monthly interest for a ₹15 Lakhs FD 

When you invest a lump sum such as ₹15 Lakhs in an FD, you can choose to reinvest the interest (as in the case of a cumulative FD) or you can choose to have it paid out to you regularly (as in the case of a non-cumulative FD). If you choose the latter, you can even select the frequency of the payout, such as monthly, quarterly, half-yearly or annual payments. 


Here are some key reasons to choose the option of earning interest per month on your ₹15 Lakhs FD.

  • Better Returns 

You can earn higher interest on your ₹15 Lakhs FD than on your savings account, because fixed deposits carry a higher rate of interest than savings account interest rates. 

  • Flexible Tenor

Since fixed deposits typically have flexible tenor options ranging from 7 days to 10 years or more, you can get regular income over the long term via your ₹15 Lakhs FD interest per month.

  • Higher Rates for Senior Citizens

Senior citizens get the benefit of nominally higher interest rates on fixed deposits. So, if you are a retired person looking for a steady source of pension, this feature can benefit you greatly.

  • Guaranteed Returns 

The interest per month on ₹15 Lakhs FDs is also guaranteed and unaffected by market movements. This makes FDs a good choice for conservative investors. 

Check Monthly Interest Rate on your Fixed Deposits 

Monthly interest on ₹1 Lakh FD

Monthly interest on ₹2 Lakhs FD

Monthly interest on ₹5 Lakhs FD

Monthly interest on ₹10 Lakhs FD

Monthly interest on ₹20 Lakhs FD

Monthly interest on ₹30 Lakhs FD

Monthly interest on ₹1 Crore FD

Monthly interest on ₹50 Lakhs FD

Monthly interest on ₹5 Crores FD


This sums up the essential details about earning monthly interest on your ₹15 Lakhs fixed deposit. You can make use of the information provided above to take an informed investment decision. Keep in mind that the rates on fixed deposits may vary from time to time. So, check the latest interest rates before you invest. 


  • ✔️Is there a minimum and maximum cap to the monthly interest for a ₹15 Lakh fixed deposit?

    The monthly interest for ₹15 Lakh in bank or NBFC deposits depends entirely on the rate of interest offered by the entity. Since there is no cap on the interest rates either way, there is also no cap on the monthly interest you can earn. The higher the interest rate, the higher the monthly interest (and vice versa).

  • ✔️Are ₹15 Lakh FDs taxable?

    The interest that you earn on your ₹15 Lakh fixed deposit is subject to tax under the head ‘Income From Other Sources.’ The rate of tax applicable is the same as the income tax slab rate that you fall under.

  • ✔️What are the documents required for a ₹15 Lakh fixed deposit?

    To open a ₹15 Lakh fixed deposit with any bank or NBFC, you need to submit the following documents. 

    • Proof of identity (such as your PAN, Aadhaar card, voter’s ID or passport)

    • Proof of address (such as your Aadhaar card, voter’s ID, driving licence or passport)

    • Passport size photographs

    • Any other KYC documents required by the entity

  • ✔️What is the eligibility criteria for a ₹15 Lakh fixed deposit?

    The eligibility criteria for a fixed deposit may vary slightly from one bank or NBFC to another. Broadly speaking, different categories of persons are eligible to open a fixed deposit. These categories include resident Indians, non-resident Indians, HUFs, trusts, sole proprietorships, partnership firms and more. 

  • ✔️How to calculate the FD interest on a ₹15 Lakh deposit?

    If the interest on your ₹15 Lakh deposit is paid out on a monthly basis, it is a case of simple interest, which is computed using the following formula. 


    Simple interest = (P x R x T) ÷ 100


    Here, P is the investment amount, R is the rate of interest and T is the tenor in years. 


    On the other hand, if you opt for a cumulative FD, you earn the benefit of compound interest, which is computed using the formula shown below. 


    Compound interest = P (1 + r/n)nt - P


    Here, P is the principal amount, r is the rate of interest, n is the number of times the interest is compounded per year and t is the investment period in years.

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