Monthly Interest for ₹5 Crore FD

You can extend the tenor of an FD of ₹5 Crores upon maturity or opt for auto-renewal. With the latter, the bank/NBFC  automatically renews it for the same term and interest rate.

Some FD issuers may offer senior citizens special interest rates when booking a fixed deposit. These interest rates are typically higher than those offered to non-senior citizens.

To open an FD of ₹5 Crores, you must be at least 18 years old, and an Indian resident or NRI. Both salaried and self-employed individuals qualify for this as well. However, these terms may vary across issuers.

You need identity proofs like a driving license, an Aadhar card, or voter's ID, along with address proofs like utility bills or a passport. Entities must provide additional documents such as registration certificates and bank statements.

Yes, the interest earned on a ₹5 Crore FD is taxable. Depending on the total interest earned in a financial year, tax deduction at source (TDS) may be applicable as per income tax regulations.

Several factors impact the monthly interest earned on a ₹5 Crore FD. These include the prevailing interest rate, the chosen tenor, the frequency of interest payouts (monthly, quarterly, or annual), and any applicable additional interest rates for senior citizens.

Opting for monthly interest payouts on a ₹5 Crore FD provides a regular source of income, which can be beneficial for meeting expenses and more. Additionally, it ensures liquidity as you receive a portion of the interest regularly without waiting for the maturity of the FD.