If you are looking to earn a monthly income by investing your Rs. 15 lakhs, you can choose one of the best investment tools - a fixed deposit. Opening a fixed deposit will secure your money and will help earn an attractive interest income. The monthly interest amount from your fixed deposit will be quite enough to take care of your monthly expenses.
Let us take a look at the details of the Rs. 15 lakh fixed deposit interest per month in various banks.
Banks |
Interest Rate on Rs. 15 Lakh |
Rs. 15 Lakh FD Interest Per Month |
SBI |
2.90% - 5.50% |
Rs. 3625 - Rs. 6750 |
Punjab National Bank |
2.90% - 5.25% |
Rs. 3625 - Rs. 6625 |
HDFC Bank |
2.50% - 5.60% |
Rs. 3125 - Rs. 6875 |
Axis Bank |
2.50% - 5.75% |
Rs. 3125 - Rs. 7250 |
IDFC Bank |
2.50% - 6.00% |
Rs. 3125 - Rs. 7500 |
Bank of India |
2.85% - 5.05% |
Rs. 3625 - Rs. 6375 |
The Bank FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per the bank's discretion.
Now, let us take a look at the details of the 15 lakh fixed deposit interest per month in various NBFCs.
NBFCs |
Interest Rate on Rs. 15 Lakh |
Rs. 15 Lakh FD Interest Per Month |
Bajaj Finance |
6.03% - 7.75% |
Rs. 7,538 - 9,363 |
Sundaram Finance |
5.50% - 5.80% |
Rs. 6875 - Rs. 7250 |
LIC Housing Finance |
5.15% - 6.00% |
Rs. 6500 - Rs. 7500 |
The NBFC FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per NBFC’s discretion.
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.
Banks |
Interest Rate on Rs. 15 Lakh for Senior Citizens |
Rs. 15 Lakh FD Interest Per Month for Senior Citizens |
SBI |
3.40% - 6.30% |
Rs. 4250 - Rs. 7875 |
Punjab National Bank |
3.40% - 6.30% |
Rs. 4250 - Rs. 7875 |
HDFC Bank |
3.00% - 6.35% |
Rs. 3750 - Rs. 8000 |
Axis Bank |
2.50% - 6.50% |
Rs. 3125 - Rs. 8125 |
IDFC Bank |
3.00% - 6.50% |
Rs. 3750 - Rs. 8125 |
Bank of India |
3.35% - 5.55% |
Rs. 4125 - Rs. 7000 |
The Bank FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per the bank's discretion.
NBFCs |
Interest Rate on Rs. 15 Lakh for Senior Citizens
|
Rs. 15 Lakh FD Interest Per Month for Senior Citizens |
Bajaj Finance |
6.27% - 7.75% |
Rs. 7,838 - 9,363 |
Sundaram Finance |
6.00% - 6.30% |
Rs. 7500 - Rs. 7875 |
LIC Housing Finance |
5.40% - 6.25% |
Rs. 6750 - Rs. 7875 |
The NBFC FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per NBFC’s discretion.
If you deposit Rs. 15 lakh in a NBFC, you can earn a good amount as interest. The tenor of your fixed deposit and interest rate determines the monthly interest. The interest rates offered by Bajaj Finance Fixed Deposit on Bajaj MARKETS are as high as 7.75%.
Check out the table given below showing the monthly interest and maturity amount you could get if you make a Rs. 15 lakh fixed deposit in Bajaj Finance.
Tenor |
Interest Rates of FD |
Rs. 15 Lakh Fixed Deposit Interest Per Month |
Total Interest Amount for Rs. 15 Lakh |
Maturity Amount for Rs. 15 Lakh |
1 year |
6.45% |
Rs. 7,838 |
Rs. 96,750 |
Rs. 15,96750 |
2 years |
7.20% |
Rs. 8,713 |
Rs. 2,23,776 |
Rs. 17,23,776 |
3 years |
7.65% |
Rs. 9,238 |
Rs. 3,71,257 |
Rs. 18,71,257 |
4 years |
7.65% |
Rs. 9,238 |
Rs. 5,14,408 |
Rs. 20,14,408 |
5 years |
7.65% |
Rs. 9,238 |
Rs. 6,68,510 |
Rs. 21,68,510 |
*The NBFC FD interest rates are valid as of 10-May-2022, and may be subject to change as per the NBFC’s discretion.
Tenor |
Interest Rates of FD |
Rs. 15 Lakh Fixed Deposit Interest Per Month |
Total Interest Amount for Rs. 15 Lakh |
Maturity Amount for Rs. 15 Lakh |
1 year |
6.20% |
Rs. 7,538 |
Rs. 93,000 |
Rs. 15,93,000 |
2 years |
6.95% |
Rs. 8,425 |
Rs. 2,15,745 |
Rs. 17,15,745 |
3 years |
7.40% |
Rs. 8,950 |
Rs. 3,58,250 |
Rs. 18,58,250 |
4 years |
7.40% |
Rs. 8,950 |
Rs. 4,95,760 |
Rs. 19,95,760 |
5 years |
7.40% |
Rs. 8,950 |
Rs. 6,43,447 |
Rs. 21,43,447 |
The NBFC FD interest rates are valid as of 10-May-2022, and may be subject to change as per the NBFC’s discretion.
The interest rates offered by Bajaj Finance on FDs are attractive, but you can get an even better deal if you opt for Special Fixed Deposits. For instance, if you make a Regular FD with a tenor of between 12-23 months, you get an interest rate of 6.03%, however, a Special FD with a tenor of 15 months gives you an interest rate of 6.05%. Details about the interest rates and maturity amounts for a Rs. 15 lakh fixed deposit in Bajaj Finance have been provided below.
Tenor |
Interest Rates of FD |
Rs. 15 Lakh Fixed Deposit Interest Per Month |
Total Interest Amount for Rs. 15 Lakh |
Maturity Amount for Rs. 15 Lakh |
15 months |
6.46% |
Rs. 8,075 |
Rs. 1,25,707 |
Rs. 16,25,707 |
18 months |
6.55% |
Rs. 8,188 |
Rs. 1,54,410 |
Rs. 16,54,410 |
22 months |
6.69% |
Rs. 8,363 |
Rs. 1,95,185 |
Rs. 16,95,185 |
30 months |
7.07% |
Rs. 8,838 |
Rs. 2,88,919 |
Rs. 17,88,919 |
33 months |
7.16% |
Rs. 8,950 |
Rs. 3,25,379 |
Rs. 18,25,379 |
44 months |
7.49% |
Rs. 9,363 |
Rs. 4,72,217 |
Rs. 19,72,217 |
Disclaimer: The aforementioned FD interest rates are valid as of 10 May 2022, and may be subject to change as per company policies.
Tenor |
Interest Rates of FD |
Rs. 15 Lakh Fixed Deposit Interest Per Month |
Total Interest Amount for Rs. 15 Lakh |
Maturity Amount for Rs. 15 Lakh |
15 months |
5.89% |
Rs. 7,363 |
Rs. 1,14,283 |
Rs. 16,14,283 |
18 months |
5.98% |
Rs. 7,475 |
Rs. 1,40,481 |
Rs. 16,40,481 |
22 months |
6.13% |
Rs. 7,663 |
Rs. 1,77,782 |
Rs. 16,77,782 |
30 months |
6.50% |
Rs. 8,125 |
Rs. 2,64,015 |
Rs. 17,64,015 |
33 months |
6.74% |
Rs. 8,425 |
Rs. 3,04,423 |
Rs. 18,04,423 |
44 months |
7.11% |
Rs. 8,888 |
Rs. 4,45,504 |
Rs. 19,45,504 |
Disclaimer: The aforementioned FD interest rates are valid as of 10 May 2022, and may be subject to change as per company policies.
There are two methods used to calculate interest on a fixed deposit. They are:
Simple Interest
Compound Interest.
Banks and NBFCs may use both depending on the tenure and the amount of the fixed deposit.
Simple Interest
To calculate simple interest, you can use the formula:
Simple interest = (P x R x T)/100
Where P stands for Principal amount, R for Rate of interest per annum and T for no. of periods (in years).
Let’s take an example. If you invest Rs. 50,000 at 7% per annum for 5 years; you can calculate the interest like this.
Simple interest = (50000 x 7 x 5)/100
= Rs. 17,500
So, the interest you earn for 5 years is Rs. 17,500.
Therefore, if you invest Rs. 50,000 in a fixed deposit with 7% p.a. simple interest, you will get back Rs. 67,500 at the end of 5 years.
Similarly, you can calculate the same for Rs. 15 lakh FD.
2. Compound Interest
In this case, you can earn interest on the principal, and you earn interest on the interest also.
You can use a simple formula to calculate the compound interest.
Compound interest = P ( 1 + r/n)nt - P
Where P stands for Principal amount, n for no. of times the interest is compounded annually, r for rate of interest per period and t for overall tenure.
Let us take an example. If you invest Rs. 50,000 at 7% per annum for 5 years; you can calculate the interest like this.
Compound interest = [50000 x ( 1+ 0.07/12)12 x 5] - 50000
= Rs. 20,881.
So, the interest you earn for 5 years is Rs. 20,881.
Therefore, if you invest Rs. 50,000 in a fixed deposit with 7% p.a. compound interest, you will get back Rs. 70,881 at the end of 5 years.
Similarly, you can calculate the same for Rs. 15 lakh FD.
You can use the Bajaj Finance FD interest calculator to easily carry out these operations in a second. To use the calculator, you just have to enter all values, including tenure, interest rate, etc.
Let’s take a look at the reasons to invest in Bajaj Finance Fixed Deposits.
1. Safe and secure: Bajaj Finance Fixed Deposits is one of the safest fixed deposit options available in the market. You don’t want to waste your hard-earned money by depositing in some unsecured FD. Bajaj Finance FD has an MAAA rating by ICRA and FAAA rating by CRISIL, which guarantees the highest safety to your deposit.
2. High interest rates and flexible tenors: Bajaj Finance offers high interest rates compared to others and very flexible deposit tenors ranging from 12 months to 5 years. The rates are as high as 7. 75% for senior citizens and 7.00% for non-seniors. Also, there are periodic interest payout options.
3. Easy Process: The process of opening a fixed deposit is easy and can be done online. In addition, a facility for doorstep document collection is also available. You can also take a loan against FD of up to 75% of your FD amount for any emergency expenditures.
You can enjoy these benefits by opening a Bajaj Finance Fixed Deposit and solving your most confusing query - how to invest 15 lakhs for monthly income. So, don’t think twice before investing your Rs. 15 lakh as a fixed deposit in Bajaj Finance FD to earn the best monthly interests.
To invest in Bajaj Finance FD, you have to fulfil certain eligibility criteria. They are:
Nationality: Should be a resident Indian/person of Indian origin/non-resident Indian/overseas citizen of India.
Age: Should be above 18 years.
Minimum Amount: Rs. 15000
Tenure: Minimum- 1 year and Maximum - 5 years
Following are the documents required for a Bajaj Finance Fixed Deposit.
KYC of all applicants
PAN card
Aadhaar card/Voter’s ID/Driving Licence/Passport
Latest passport size photograph
You can follow the steps mentioned below to deposit Rs. 15 lakh FD in Bajaj Finance at Bajaj MARKETS.
Visit the website of Bajaj MARKETS
Click on ‘Investments’ in the menu bar
Choose ‘Fixed Deposit’. You will be redirected to a fresh page
Enter your mobile number, date of birth and verify OTP to continue
Enter deposit amount, tenure and interest payout type, and bank account details
Complete your KYC by providing the PAN or Aadhaar or simply upload documents
Choose to pay the amount via NetBanking or UPI
Upon successful payment, your deposit will be booked, and you will receive an acknowledgement via email and SMS within 15 minutes
The interest income on a Rs. 15 lakh fixed deposit depends on the tenor of the investment. A higher tenor comes with a higher rate of interest. In Bajaj Finance FD, the interest rate on Rs. 15 lakh fixed deposit is as high as 7.00%. The interest income on Rs. 15 lakh fixed deposit at 7.00% for a tenor of five years will be Rs. 6,03,828.
Monthly interest for Rs. 15 lakh fixed deposit depends on the tenor of your investment. Higher the tenor, the higher the interest rates offered. The monthly interest amount will be at the pre-decided interest rate that is set at the time of starting your FD.
The interest income earned on a Rs. 15 lakh FD is fully taxable as it comes under the ‘Income from Other Sources’. There would be a 10% TDS deduction if the annual interest income is above Rs. 40,000.
The monthly FD interest rates can be easily calculated by using an online FD calculator. You will just have to enter the investment amount and tenor in Bajaj Finance FD and select the type of customer. By doing so, you can easily calculate the monthly FD interest rates.
The SBI interest rate starts at 2.90%, with the highest interest rate being 5.50%. Therefore, the highest monthly interest for Rs. 15 lakh FD in SBI will be Rs. 6875.
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