Monthly Interest for 50 Lakh FD

Monthly Interest for Rs. 50 Lakh Fixed Deposit

Wondering about what to do with Rs. 50 lakh after retirement? Should you keep it in a bank or make an investment?

One of the safest investment mediums with minimal risks involved is fixed deposits. The Rs. 50 lakh fixed deposit interest per month that will take care of your monthly expenses and will keep your funds secured.

Check out the details of Rs. 50 lakh fixed deposit interest per month offered by various banks -

Top Banks Fixed Deposit Interest Rates

Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the banks.

Non-Banking Financial Companies also offer Rs. 50 lakh fixed deposit interest per month to investors. Check out the table below to find out the details -

Top NBFCs Fixed Deposit Interest Rates

Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the NBFCs.

As per RBI guidelines, senior citizens should be offered Rs. 50 lakh fixed deposit interest per month at special rates by banks and NBFCs. Check out the tables below to find out the interest amount.

Top Banks Fixed Deposit Interest Rates for Senior Citizens

Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the banks.

Top NBFCs Fixed Deposit Interest Rates for Senior Citizens

Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the NBFCs.

Monthly Interest for Rs. 50 Lakh Fixed Deposit in Bajaj Finance

The investors can earn a good interest amount by investing in Non-Banking Financial Companies. The Rs. 50 lakh fixed deposit interest per month earned by the investors depends upon the tenure of the fixed deposit.

Check out the table below to find out the details like total interest amount, maturity amount, etc.

For All Citizens

Note - The interest rates mentioned above are valid as of 10 May 2022 and might differ with the change in the norms and policies of the NBFCs.

Senior Citizens

Note - The interest rates mentioned above are valid as of 10 May 2022 and might differ with the change in the norms and policies of the NBFCs.

Monthly Special Fixed Deposit Interest for Rs. 50 Lakh Fixed Deposit in Bajaj Finance

Bajaj Finance offers the most competitive FD interest rates, however, you can get a better interest rate if you opt for a Special Fixed Deposit. Special FDs offer better interest rates for a specific tenor.

For example, if you create a Regular FD with a tenor between 12 - 23 months you will receive interest at the rate of 5.75%. However a 18 month Special FD will yield an interest of 6.1%

The table below shows the monthly interest you could earn if you open a Rs. 50 lakh Special fixed deposit with Bajaj Finance.

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.

Senior Citizens

All senior citizens receive a benefit of an additional 0.25% on interest rates.

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. 50 Lakh FD

To calculate Rs. 50 lakh fixed deposit interest per month, the investor can either choose the Simple Interest formula or Compound Interest formula.

• Simple Interest Formula

Rs. 50 lakh fixed deposit interest per month can be calculated via the simple interest formula -

Simple Interest Formula = (P x R x T)/100

In the above formula -

P stands for the Principal amount

R is the interest rate

T is the tenure of the fixed deposit

Let’s apply the formula in an example -

Mr X wants to invest his savings of Rs. 1,00,000 in a fixed deposit for three years. The bank is offering an interest rate of 5%. Mr A then calculates the interest using simple interest formula -

SI = (P x R x T)/100

SI = (1,00,000 x 5 x 3) /100

SI = Rs. 15,000

Mr X will earn an interest of Rs. 15,000 on his savings of Rs. 1 lakh FD in three years.

• Compound Interest

Compound Interest formula offers interest on the principal amount and the accrued interest. The formula to calculate interest via compound interest formula is -

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

In the above formula -

P stands for the Principal amount

R is the interest rate

T is the tenure of the fixed deposit

N is referred to as a number of times the interest will be compounded in a year

Let’s apply the formula in an example -

Mr X wants to invest his savings of Rs. 50,000 in fixed deposit for five years. The bank is offering an interest rate of 7%. Mr. A then calculates the interest using compound interest formula -

CI = P ( 1 + r/n)nt - P

CI = [50,000 x ( 1+ 0.07/12)12 x 5] - 50,000

CI = Rs. 20,881

Mr X will earn an interest of Rs. 20,881 on his savings of Rs. 50,000 FD in five years.

You can easily calculate Rs. 50 lakh fixed deposit interest per month using these formulas, however, to save time and energy from manual calculations, you can use an online interest calculator.

All you have to do is insert the principal amount, interest, and tenure values on the interest calculator and the value of Rs. 50 lakh FD interest per month will be displayed on the screen within seconds.

Check Monthly Interest Rate on your Fixed Deposits

Why Should You Invest in Bajaj Finance Fixed Deposits?

There are various perks and benefits an investor enjoys after investing their funds in Bajaj Finance fixed deposits -

• Lucrative Interest Rates - With an interest rate of 7.00% for all citizens and 7.25% for senior citizens, the investors enjoy the lucrative interest rate in fixed deposits with Bajaj Finance.

• Safe Platform - Bajaj Finance is awarded the highest credibility ratings from CRISIL and ICRA, ensuring the security and safety of your funds.

• Comfortable Tenure Selection - The investors can choose the FD tenure as per their goals. Bajaj Finance offers tenure flexibility from 12 months to 5 years

• Easy Online Process - The investor can make an FD investment online at any point in time. The procedure to open an online FD is quick and simple.

• Financial Assistance - Bajaj Finance offers financial assistance to its investors during emergencies by offering a loan of up to 75% of the fixed deposit amount against their FD.

Eligibility Criteria for Rs. 50 Lakh Fixed Deposit

Check out the eligibility criteria mandated by Bajaj Finance for fixed deposit investment -

• The applicant can be an Indian resident, Non-resident of India or overseas citizen of India

• The minimum age to independently hold a fixed deposit is 18 years

• The minimum amount for a fixed deposit investment is Rs. 15,000

• The minimum tenure for a fixed deposit tenure is 12 months and a maximum of 5 years

Documents Required for Rs. 50 Lakh Fixed Deposit

To make a fixed deposit of Rs. 50 lakh with Bajaj Finance, there are certain documents -

• Passport-size Photographs

• KYC

• PAN Card

• Identity Proof - Aadhaar Card, Driving License, etc.

How to Apply Online for Bajaj Finance Fixed Deposit?

To make a fixed deposit investment of Rs. 50 lakh with Bajaj Finance, follow these quick and simple steps -

• Open the Bajaj MARKETS app or visit the official portal

• Under the ‘Investments’ menu, select the ‘fixed deposit’ option

• The platform will ask you to enter your mobile number and will a send an OTP

• Enter your OTP to verify your account

• The next step is to enter your fixed deposit amount, interest rate, and FD tenure.

• You will also have to enter your bank account details

• Upload your documents and complete your KYC

• Select payment gateway to transfer the amount

• Once the transaction is completed, you will receive a notification on your registered contact details.