Monthly Interest for 15 Lakh Fixed Deposit

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.

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.

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.

The Bank FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per the bank's discretion.

The NBFC FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per NBFC’s discretion.

Monthly Interest for Rs. 15 Lakh Fixed Deposit in Bajaj Finance

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.

1. For Senior Citizens

*The NBFC FD interest rates are valid as of 10-May-2022, and may be subject to change as per the NBFC’s discretion.

2. For Non-Senior Citizens

The NBFC FD interest rates are valid as of 10-May-2022, and may be subject to change as per the NBFC’s discretion.

Monthly Interest Payout for Special Fixed Deposits on Rs. 15 Lakh Fixed Deposit in Bajaj Finance

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.

1. For Senior Citizens

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

2. For Non-Senior Citizens

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. 15 Lakh FD

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.

1. 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.

Check Monthly Interest Rate on Your Fixed Deposit

Why Should You Invest in Bajaj Finance Fixed Deposits?

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.

Eligibility Criteria for Rs. 15 Lakh Fixed Deposit

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

Documents Required for Rs. 15 Lakh Fixed Deposit

Following are the documents required for a Bajaj Finance Fixed Deposit.

• KYC of all applicants

1. PAN card

2. Aadhaar card/Voter’s ID/Driving Licence/Passport

• Latest passport size photograph

How to Apply Online for Bajaj Finance Fixed Deposit?

You can follow the steps mentioned below to deposit Rs. 15 lakh FD in Bajaj Finance at Bajaj MARKETS.

1. Visit the website of Bajaj MARKETS

2. Click on ‘Investments’ in the menu bar

3. Choose ‘Fixed Deposit’. You will be redirected to a fresh page

4. Enter your mobile number, date of birth and verify OTP to continue

5. Enter deposit amount, tenure and interest payout type, and bank account details

6. Complete your KYC by providing the PAN or Aadhaar or simply upload documents

7. Choose to pay the amount via NetBanking or UPI

8. Upon successful payment, your deposit will be booked, and you will receive an acknowledgement via email and SMS within 15 minutes