Earn interest up to 7.95% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

When you want to invest your savings, you always consider the options of safe investment and minimal risks. That is where Fixed Deposit, or FD, becomes beneficial. An investment in FD is not only safe and almost risk-free, but it also ensures you guaranteed monthly returns. So if you want to invest your lifetime savings, for example at the time of retirement you have ₹50 Lakhs, you will receive a significant monthly interest on ₹50 Lakhs FD. The monthly interest on ₹50 Lakhs FD will cover your monthly expenses while keeping your savings intact.

 

While planning to invest in a Fixed Deposit, you should research the interest rate offered by the banks and the Non-Banking Financial Companies (NBFCs). Here is all you would need to know about monthly interest for ₹50 Lakhs fixed deposit offered by different NBFCs and banks.

List of NBFC Fixed Deposit Interest Rates for ₹50 Lakhs 

If you are planning to invest ₹50 Lakhs in FD, here is a list of interest rates offered by the NBFCs. Also check out the monthly interest on ₹50 Lakhs FD and maturity amount.

 

The interest rates shown below are for NBFC FDs with an investment tenor of 5 years.

NBFC

Interest Rates 

Monthly Interest Amount

Maturity Amount

PNB Housing Finance

7.16%

₹29,833

₹67,90,000

Bajaj Finance

7.16%

₹29,833

₹67,90,000

Mahindra Finance

6.90%

₹28,750

₹67,25,000

Disclaimer:  The interest rates mentioned are valid for non-senior citizens and are valid as of 7th October 2022 and might differ with the change in the norms and policies of the NBFC. Interest rates for senior citizens are slightly higher.

List of Banks Fixed Deposit Interest Rates for ₹50 Lakhs 

Here is the list of interest rates offered by various banks. Also, check out the monthly interest for a ₹50 Lakhs FD in bank and the maturity amount. Please note that the interest rate offered by the banks for senior citizens is slightly higher.

 

The interest rates shown below are for bank FDs with an investment tenor of 5 years. 

Bank

Interest Rates 

Monthly Interest Amount (₹)

Maturity Amount

State Bank of India

5.85%

₹24,375

₹64,62,500

Punjab National Bank

5.65%

₹23,542

₹64,12,500

HDFC Bank

6.00%

₹25,000

₹65,00,000

Axis Bank

6.10%

₹25,417

₹65,25,000

IDFC Bank

6.00%

₹25,000

₹65,00,000

Bank of India

5.75%

₹23,958

₹64,37,500

Disclaimer: The interest rates mentioned above are for non-senior citizens and are valid as of 1st March 2022 and might differ with the change in the norms and policies of the banks. The interest rates for senior citizens are slightly higher.

Why to Invest in ₹50 Lakhs FD?

If you invest in a ₹50 Lakhs FD, you are sure to receive a wide range of benefits and a significant monthly interest on ₹50 Lakhs FD. The FD is also one of the safe investment options and involves least risks, which ensure you guaranteed monthly returns. Here are the reasons why you should invest in a ₹50 Lakhs FD.

 

  • Lucrative Interest Rates: While banks offer interest rates of up to 6 percent and NBFCs offer interest rates of up to 7.6 percent, you can enjoy a good amount of monthly interest on a ₹50 Lakhs FD.

  • Safe Investment:  An FD is one of the safest investments, unlike other investment options which involve high risks. So, if you invest in a ₹50 Lakhs FD, you can stay assured that your savings are safe.

  • Comfortable Tenor Selection: You can choose your FD tenor as per your requirement and needs. For example, Bajaj Finance offers tenor flexibility for FD from 12 months to 5 years.

Check Monthly Interest Rate on your Fixed Deposits 

Here you can check the monthly interest rate on your Fixed Deposit investments.

FAQs

  • ✔️Is there a tax applicable on the interest of ₹50 Lakh FD?

    As per the Income Tax Act, if the annual income generated from the FD interest is above  ₹40,000, a minimum of 10% TDS will be deducted.

  • ✔️How much interest will I get on ₹50 Lakh fixed deposit?

    The ₹50 lakh FD interest per month will depend on the interest rate offered by the bank or the NBFC. The interest will also depend on the tenor of the fixed deposit.

  • ✔️ What are the documents required for a ₹50 Lakh fixed deposit?

    There are a few documents that you must carry with you when planning to invest in ₹50 Lakh fixed deposit. The documents needed are as follows-

    • PAN Card

    • KYC 

    • Identity Proof 

    • Passport size photographs

  • ✔️What are the eligibility criteria for a ₹50 Lakh fixed deposit?

    By fulfilling some of the basic eligibility criteria, you can easily open a ₹50 Lakh FD. These criteria are-

    • You have to be a citizen of India, Non-resident citizen of India, or overseas citizen of India

    • The minimum required age is 18 years 

    • A minimum of ₹15,000 needs to be invested for opening an FD account

    • The shortest FD tenor is 12 months and the maximum tenor is 5 years

  • ✔️How to calculate FD interest on ₹50 Lakh?

    You can calculate monthly interest for ₹50 Lakh fixed deposit via simple interest or compound interest formula. Check the formulas below-

    • Simple-Interest Method

    The formula for the simple-interest method is (P x R x T)/100. Here P is the principal amount, R is the interest rate, and T is the tenor of the FD deposit. 

     

    Suppose if you want to open an FD account of ₹50 Lakh for a tenor of 3 years with an interest rate of 6%. The interest earned on it, when calculated via simple-interest method, will be as follows-

    (P x R x T)/100

    (50,00,000 x 6 x 3)/100

    So, the interests earned over 3 years on a FD of ₹50,00,000 will be ₹9,00,000

     

    • Compound Interest Method

    The formula for the compound-interest method is P ( 1 + r/n)nt - P. Here, P is the principal amount, R is the interest rate, T is the tenor of the FD deposit, and N is the number of compound interest calculations in a year. 

     

    If you want to make an FD investment of ₹50,00,000 for a tenor of 5 years with the interest rate of 7%, then the interest earned will be-

    P ( 1 + r/n)nt - P

    [50,00,000 x ( 1+ 0.07/12)12 x 5] - 50,00,000

    ₹20,73,891

    So, the interests earned over 5 years on a FD of ₹50,00,000 will be ₹20,73,891

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