Investing in a ₹6 lakh fixed deposit (FD) could be a great way to ensure financial stability and growth. FDs offer a secure avenue for parking funds, providing a fixed interest rate over a specified period.
However, it's essential to check current interest rates across various issuers before investing, as rates can vary. This diligence ensures that you maximise your returns and make an informed decision tailored to prevailing market conditions, ultimately optimising the potential gains from your investment.
Refer to the table below for the monthly interest payout you could earn 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. |
8.05% |
₹4,025 |
8.30% |
₹4,150 |
PNB Housing Finance Ltd. |
7.65% |
₹3,825 |
7.95% |
₹3,975 |
Mahindra Finance Ltd. |
8.05% |
₹4,025 |
8.30% |
₹4,150 |
LIC Housing Finance Ltd |
7.50% |
₹3,750 |
7.75% |
₹3,875 |
Shriram Finance |
8.60% |
₹4,300 |
9.14% |
₹4,570 |
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 |
7.00% |
₹3,500 |
7.75% |
₹3,875 |
IndusInd Bank |
7.25% |
₹3,625 |
8.00% |
₹4,000 |
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 |
Disclaimer: The above-mentioned rates are effective as of 15th November 2023 and are subject to change as per the issuer’s discretion.
The monthly interest income varies considerably depending on the prevailing rate of interest. The table below highlights the payout you could receive on an FD of ₹6 Lakhs 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% |
₹4,800 |
A fixed deposit can serve as a reliable and secure investment option, fostering stability and growth. The fixed interest rates offered by FDs provide a predictable income stream, making them an ideal choice for risk-averse investors. By carefully considering current interest rates across different issuers , individuals can make informed decisions. This ensures that their hard-earned money is not just preserved but also has the potential for modest yet steady expansion over time.
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FAQs on Monthly Interest for ₹6 Lakh FD
According to Section 194A of the Income Tax Act, you will have to pay 10% TDS on your fixed deposit returns if the annual interest income goes beyond ₹40,000.
To open a fixed deposit account, you need to fulfil the eligibility criteria set out by the FD issuer bank or NBFC. Most financial institutions issuing FDs require you to be an Indian citizen above 18 years of age to invest.
To open a fixed deposit account, you are required to submit your PAN card, required KYC documents, identity proof, as well as your passport-sized photographs to the FD issuer.
The amount of monthly interest for a ₹6 Lakh fixed deposit you can expect is around ₹3,400, if you invest for 5 years. This does depend on the issuer, the rate you get, and the tenor you choose when investing.
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