While the monthly payout option in FDs offers a secure option to get regular income, it is important to ensure that you get an adequate amount. For this, you need to compare FD rates various issuers offer.

 

For instance, investing ₹6 Lakhs at an interest rate of 8% will generate a monthly payout of ₹4,000 for a tenor of 5 years. Similarly, if you book an FD for the same amount and tenor at a higher rate of 9.50%, you can earn up to ₹4,750. 

 

So, comparing rates will help you select the best FD plan that lets you maximise your earnings.

Deposit Amount

Interest Rate

Tenure

Months

Interest Payout

At Maturity
At Maturity
Monthly
Quaterly
Half Yearly
Yearly

Invest Amount

Interest Rate

Total Interest Amount

Total Payout Principal + Interest

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Monthly Interest Payout for an FD of ₹6 Lakhs

The monthly interest income varies depending on the prevailing rate of interest. The table below highlights the monthly interest on an FD of ₹6 Lakhs with a tenor of 5 years across different interest rates:

Deposit Amount

Interest Rate (p.a.)

Monthly Interest Payout

₹6 Lakhs

6.00%

₹3,000

₹6 Lakhs

6.50%

₹3,250

₹6 Lakhs

7.00%

₹3,500

₹6 Lakhs

7.50%

₹3,570

₹6 Lakhs

8.00%

₹4,000

₹6 Lakhs

8.50%

₹4,250

₹6 Lakhs

9.00%

₹4,500

₹6 Lakhs

9.50%

₹4,750

₹6 Lakhs

10.00%

₹5,000

Note: The above-mentioned results are indicative and it is recommended to check the actual returns before investing. 

Monthly Interest Payout for an FD of ₹6 Lakhs Offered by Banks and NBFCs

By comparing the interest rates offered by different issuers on an FD of ₹6 Lakhs, you can choose the best option. Refer to the table below for the amount you could receive as interest per month on a fixed deposit of ₹6 Lakhs for a tenor of 5 years.

Bank/NBFC/HFC

Non-senior Citizen (p.a.)

Monthly Interest Payout

Senior Citizen (p.a.)

Monthly Interest Payout

Bajaj Finance Ltd.

8.10%

₹4,050

8.35%

₹4,175

PNB Housing Finance Ltd. 

7.65%

₹3,825

7.85%

₹3,925

Mahindra Finance Ltd. 

8.10%

₹4,050

8.35%

₹4,175

LIC Housing Finance Ltd

7.75%

₹3,875

8.00%

₹4,000

Shriram Finance

8.47%

₹4,235

8.97%

₹4,485

ICICI Bank 

7.00%

₹3,500

7.50%

₹3,750

HDFC Bank 

7.00%

₹3,500

7.50%

₹3,750

IDFC First Bank 

7.00%

₹3,500

7.50%

₹3,750

Axis Bank 

7.10%

₹3,550

7.60%

₹3,800

IndusInd Bank 

7.25%

₹3,625

7.75%

₹3,875

YES Bank 

7.25%

₹3,625

8.00%

₹4,000

Jana Small Finance Bank 

7.25%

₹3,625

7.75%

₹3,875

Ujjivan Small Finance Bank

7.20%

₹3,600

7.70%

₹3,850

Kotak Mahindra Bank

6.20%

₹3,100

6.70%

₹3,350

SBI

6.50%

₹3,250

7.50%

₹3,750

AU Small Finance Bank

7.25%

₹3,625

7.75%

₹3,875

Note: The above-mentioned rates are as of April 2024 and are subject to change at the issuer’s discretion.

 

By carefully considering current interest rates across different issuers, you can make informed decisions. This ensures that your hard-earned money is not just preserved but also has the potential for steady growth over time. On Bajaj Markets, you can explore various FD options from a number of issuers.

Disclaimer

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort. 

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products. 

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Frequently Asked Questions

How much tax will I have to pay on an FD of ₹6 Lakhs?

As per Section 194A of the Income Tax Act, 1961, you will be charged 10% TDS if the annual interest returns exceed ₹40,000.

What are the eligibility criteria to open an FD account?

To open an FD account, you must meet the eligibility criteria established by the issuing bank or NBFC. Typically, you need to be an Indian citizen aged 18 or above to invest in a fixed deposit.

What are the documents required to open an FD account?

You may need to submit your PAN card, KYC documents, proof of identity, and passport-sized photographs to the FD issuer when opening an FD account. These parameters differ across issuers.

How much monthly interest on an FD of ₹6 Lakhs can I earn?

The interest per month on a fixed deposit of ₹6 Lakhs you can earn depends on the interest rate offered by the issuer. For instance, at an annual interest rate of 6%, the monthly interest for an FD of 5 years would be approximately ₹3,000.

Is there a penalty for withdrawing an FD of ₹6 Lakhs before maturity?

Penalties for premature withdrawal of an FD of ₹6 Lakhs vary depending on the terms set by the bank or NBFC. Generally, such withdrawals may lead to a reduction in the interest rate earned.

What happens if I do not renew my FD of ₹6 Lakhs after maturity?

If you do not renew your FD of ₹6 Lakhs after maturity, the funds will usually be transferred to a savings account or another account specified by you. However, it's essential to check with your bank or NBFC for their specific procedures regarding the maturity of FDs.

Can I add more money to my FD of ₹6 Lakhs during the tenor?

No, issuers do not allow additional deposits during the tenor. Instead, you can invest the money by opening a new FD account with a suitable tenor.

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