Investing in fixed deposits is a good move for those looking for a regular stream of income. While FDs offer stable and assured returns, the opting for monthly interest payout could help supplement your income. 


The monthly interest on an FD of ₹60 Lakhs when booked at an interest rate of 7% is approximately ₹35,000. This value has been calculated by considering a tenor of 5 years.  However, compare the FD rates of various issuers before booking a deposit.

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 Income for an FD of ₹60 Lakhs

Here is a breakdown of the amount receivable as interest per month on an FD of ₹60 Lakhs if you invest for 5 years:

Deposit Amount

Interest Rate (p.a.)

Monthly Interest Payout

₹60 Lakhs

6.00%

₹30,000

₹60 Lakhs

6.50%

₹32,500

₹60 Lakhs

7.00%

₹35,000

₹60 Lakhs

7.50%

₹37,500

₹60 Lakhs

8.00%

₹40,000

₹60 Lakhs

8.50%

₹42,500

₹60 Lakhs

9.00%

₹45,000

₹60 Lakhs

9.50%

₹47,500

₹60 Lakhs

10.00%

₹50,000

Note: The interest payouts mentioned above are indicative in nature and will depend on the issuer’s policies.

Monthly Interest Payouts for an FD of ₹60 Lakhs from Banks/NBFCs

The monthly interest on an FD of ₹60 Lakhs is higher if the issuer offers a competitive interest rate. The following table provides the details of the monthly payouts you could receive when you book a fixed deposit for a tenor of 5 years:

Bank/NBFC

Non-senior Citizen (p.a.)

Monthly Interest Payout

Senior Citizen (p.a.)

Monthly Interest Payout

Bajaj Finance Ltd.

8.10%

₹40,500

8.35%

₹41,750

PNB Housing Finance Ltd.

7.65%

₹38,250

7.85%

₹39,250

Mahindra Finance Ltd.

8.10%

₹40,500

8.35%

₹41,750

LIC Housing Finance Ltd

7.75%

₹38,750

8.00%

₹40,000

Shriram Finance

8.47%

₹42,350

8.97%

₹44,850

ICICI Bank 

7.00%

₹35,000

7.50%

₹37,500

HDFC Bank 

7.00%

₹35,000

7.50%

₹37,500

IDFC First Bank 

7.00%

₹35,000

7.50%

₹37,500

Axis Bank 

7.10%

₹35,500

7.60%

₹38,000

IndusInd Bank 

7.25%

₹36,250

7.75%

₹38,750

YES Bank 

7.25%

₹36,250

8.00%

₹40,000

Jana Small Finance Bank 

7.25%

₹36,250

7.75%

₹38,750

Ujjivan Small Finance Bank

7.20%

₹36,000

7.70%

₹38,500

Kotak Mahindra Bank

6.20%

₹31,000

6.70%

₹33,500

SBI

6.50%

₹32,500

7.50%

₹37,500

AU Small Finance Bank

7.25%

₹36,250

7.75%

₹38,750

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

 

Secure your investments by comparing different offers and booking your fixed deposit on Bajaj Markets. You can also use the FD calculator to determine the returns you could earn on your investment. 

 

All you need to do is enter values such as the deposit amount, investment tenor, and expected rate of interest. The tool will calculate the expected returns based on your inputs.

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 interest can I earn on an FD of ₹60 Lakhs?

The interest earned on an FD of ₹60 Lakhs depends on various factors. These include the prevailing interest rates, the chosen tenor, and the type of FD.

What are the eligibility requirements to apply for an FD of ₹60 Lakhs?

Both resident and non-resident Indians over 18 years are eligible to apply for an FD, provided they meet the basic eligibility criteria. However, the exact parameters may differ across issuers.

What documents are required to invest in an FD of ₹60 Lakhs?

To invest in an FD of ₹60 Lakhs, you must provide KYC documents at the time of application. While the documentation requirements may vary among issuers, the basic documents include a PAN card, proof of identity and address, and passport-size photographs.

What are my tax obligations on the FD interest on a deposited sum of ₹60 Lakhs?

As per Section 194A of the Income Tax Act, 1961, the interest earned on an FD is subject to TDS. If the annual interest income exceeds ₹40,000 (₹50,000 for senior citizens), a 10% TDS is deducted.

What are the benefits of opting for monthly interest payouts on an FD of ₹60 Lakhs?

An FD of ₹60 Lakhs with monthly payouts offers a regular stream of income, helping you manage your expenses.

Can I set up automatic reinvestment of the monthly interest earned from my FD of ₹60 Lakhs?

Yes, many banks and NBFCs offer the option to automatically reinvest the monthly interest earned from an FD. This is also known as a cumulative FD. This ensures that you can enjoy compounding earnings, potentially leading to higher returns over time.

Can I change the frequency of interest payouts on my FD of ₹60 Lakhs?

In some cases, you may be able to change the frequency of interest payouts on your FD, depending on the issuer’s terms and conditions. Most issuers offer you a choice between cumulative and non-cumulative FD. 

Are there any penalties for premature withdrawal of an FD of ₹60 Lakhs with monthly interest payouts?

Premature withdrawal may incur penalties, depending on the terms of the FD agreement. These penalties could result in a reduction of the interest earned or other charges imposed by the bank or NBFC. 

 

It is recommended to review the terms and conditions of your FD carefully before making any premature withdrawals.

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