While making your investment decisions, you should always choose a secure investment option in which your savings stay safe and interest rates don’t fluctuate according to the market downfall or elevations.
A fixed deposit is one of the safest and stable investment options that offer guaranteed returns on a monthly, quarterly, yearly or cumulative basis. While banks and NBFCs offer competitive interest rates on fixed deposits, senior citizens are offered slightly higher rates. Here is all you need to know about the interest per month on a ₹5 Lakhs FD in different financial institutions like banks and NBFCs.
List of NBFC Fixed Deposit Interest Rates for ₹5 Lakhs
If you want to know the monthly interest on a ₹5 Lakhs fixed deposit, offered by various NBFCs and the maturity amount after an investment tenor of 5 years, here is your guide.
NBFC |
Interest Rates |
Monthly Interest Amount |
Maturity Amount |
7.63% |
₹3,179 |
₹7,31,269 |
|
7.75% |
₹3,088 |
₹7,26,200 |
|
8.00% |
₹3,125 |
₹7,34,664 |
Note: The maturity amount of the given interest rate pertains to the monthly rate.
Disclaimer: The aforementioned FD interest rates are valid as of 4th March, 2023, and may be subject to change as per the NBFCs discretion.
List of Banks Fixed Deposit Interest Rates for ₹5 Lakhs
If you want to know the monthly interest on ₹5 Lakhs in the bank and the maturity amount you can earn after investing in an FD for a tenor of 5 years, here is your guide.
Banks |
Interest rates |
Monthly Interest Amount |
Maturity Amount |
SBI |
6.75% |
₹3,399 |
₹7,03,995 |
ICICI Bank |
6.75% |
₹3,399 |
₹7,03,995 |
HDFC Bank |
7.50% |
₹3,853 |
₹7,31,188 |
Axis Bank |
7.75% |
₹4,008 |
₹7,40,480 |
Note: The maturity amount of the given interest rate pertains to the monthly rate.
Disclaimer: The aforementioned Bank FD interest rates are valid as of 22 December 2022, and may be subject to change as per bank announcements.
Why Should You Invest ₹5 Lakhs in an FD?
A fixed deposit is an excellent investment choice when current market rates and economic conditions are to be considered, where irrespective of market conditions you get reasonable interest rates and assured returns. Likewise, interest per month on a ₹5 Lakhs FD lets you earn a steady income without worrying about market fluctuations. Use the online FD compound interest calculator to get a better understanding of the returns that you can expect from a fixed deposit. On investing in an avenue such as a ₹5 Lakh FD, the interest per month, will let you attain your investment goals without any hassles.
Check Monthly Interest Rate on your Fixed Deposits
FAQs
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✔️What are the documents required for a ₹5 Lakhs fixed deposit?
For ₹5 Lakhs fixed deposit in your bank you will be required to submit your proof of identity where you can submit PAN card, Aadhaar card, driving licence, voter’s id etc. Also, you will be required to submit proof of address, including passport, registered rent agreement, bank passbook with photo, electricity bill, etc. If you are an entity like companies or HUFs, you will be required to submit relevant documents, such as HUF deed, certificate of registration, articles/memorandum of association, partnership deed etc.
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✔️What is the eligibility criteria for a ₹5 Lakhs fixed deposit?
For investing ₹5 Lakhs in fixed deposit with the bank you need to fulfil conditions like: minimum age to invest in fixed deposit, you should be above 18 years. You should be a resident of India.
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✔️How to calculate FD interest on ₹5 Lakhs?
It’s very simple to calculate interest per month on a ₹5 Lakhs FD. One option to do so is to use automatic calculators that are available online and follow the steps:
Choose your customer type, i.e. customers below the age of 60 (investing offline or online) or senior citizen
Choose the type of fixed deposit you want, i.e. cumulative or non-cumulative
Choose your fixed deposit amount
Choose the preferred tenor of the fixed deposit
The fixed deposit interest calculator will automatically display your interest payout and the total amount earned at maturity.
You can also calculate your interest on ₹5 Lakhs FD manually by applying this calculation formula: A=P(1+r/n)^n*t where A is the maturity amount, P is Principal Amount, r is the rate of interest, n is the compounded interest frequency and t is the number of years.
