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Maturity Amount
₹12,64,264
Interest Earned
₹2,64,264
Deposit Amount
₹10,00,000
ROI
8.15%
p.a.
Maturity Month
Feb 2028
Fixed deposits can be a suitable option if you are looking for a regular income stream while keeping your capital invested. Choosing the monthly payout option allows you to receive interest at fixed intervals instead of waiting until maturity.
For instance, the monthly interest for ₹60 lakh fixed deposit at an interest rate of 7.5% p.a. is approximately ₹37,500, assuming a tenure of 5 years. If the interest rate is 9% p.a. for the same amount and tenure, the monthly payout increases to ₹45,000.
Since returns vary based on the applicable fixed deposit interest rates, it is important to compare FD options across issuers before investing.
If you plan to use your FD as a source of regular income, understanding the potential payouts at different interest rates can help you choose a suitable option.
Check the ₹60 lakh FD interest per month at different rates for a tenure of 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 mentioned above are indicative. Your actual returns may vary as per the bank and NBFCs policies.
The table below shows the monthly interest for ₹60 lakh fixed deposit investments based on the interest rates offered by select banks and NBFCs for a tenure of 5 years:
| Bank/NBFC | Non-Senior Citizen (p.a.) | Monthly Payout | Senior Citizen (p.a.) | Monthly Payout |
|---|---|---|---|---|
Bajaj Finance Ltd. |
7.40% |
₹37,000 |
7.75% p.a. |
₹38,750 |
Mahindra Finance Ltd. |
7.00% |
₹35,000 |
7.25% p.a. |
₹36,250 |
Shriram Finance |
7.60% |
₹38,000 |
8.15% p.a. |
₹39,000 |
Note: The above rates are subject to change at the discretion of the bank or NBFC.
Here’s a table detailing the maturity amounts for a ₹60 Lakh FD at an interest rate of 7.00% p.a., with a breakdown across different tenures:
| Tenure | Yearly Payout |
|---|---|
1 Year (12 Months) |
₹64,20,000 |
2 Years (24 Months) |
₹68,69,400 |
3 Years (36 Months) |
₹73,50,258 |
4 Years (48 Months) |
₹78,64,776 |
5 Years (60 Months) |
₹84,15,310 |
Note: The above-mentioned rates are subject to change at the bank or NBFC's discretion.
Non-resident Indians (NRIs) can invest large amounts like ₹60 Lakhs FDs through Non-resident External (NRE) and Non-resident Ordinary (NRO) accounts. The table below outlines the interest rates available for NRO and NRE fixed deposits:
| Bank/NBFC/HFC | NRO | NRE |
|---|---|---|
Bajaj Finance Ltd. |
8.35% |
- |
ICICI Bank |
7.25% |
7.25% |
HDFC Bank |
7.40% |
7.40% |
IDFC First Bank |
7.75% |
7.75% |
Axis Bank |
7.10% |
7.10% |
IndusInd Bank |
7.99% |
7.99% |
YES Bank |
8.00% |
8.00% |
Jana Small Finance Bank |
8.25% |
8.25% |
Kotak Mahindra Bank |
7.50% |
7.50% |
SBI |
7.25% |
7.25% |
Ujjivan Small Finance Bank |
8.25% |
8.25% |
Note: The above-mentioned rates are subject to change at the bank or NBFC's discretion.
Here are the tax deduction rules on the interest on a ₹60 Lakh fixed deposit you need to know about:
The ₹60 Lakh FD interest payout is exempt from TDS deduction if the annual amount does not exceed ₹40,000.
Senior citizens have a higher TDS exemption limit on interest on a ₹60 Lakh FD of up to ₹50,000.
The bank or NBFC will deduct TDS at the rate of 10% if you have furnished PAN details
TDS is levied at 20% in case you fail to submit your PAN card details
If your annual income is below the basic income tax limit, it is exempt from TDS deductions
To avoid TDS, in case your annual income is exempt from taxation, you will have to submit Form 15H/G to the bank or NBFC
With the help of an online FD interest calculator, you can compute the ₹60 Lakh fixed deposit interest per month at various tenures.
Principal amount
Investment tenures
Interest rate
Using an FD calculator may be preferred by many since it is free and easy to use.
Here’s how to calculate the monthly interest for a fixed deposit of ₹60 Lakhs at an interest rate of 8.50% p.a. over a period of 3 years (36 months):
Monthly Interest = Principal × Interest Rate / 12
Monthly Interest = ₹60,00,000 × 8.50% / 12
Monthly Interest = ₹60,00,000 × 0.085 / 12
Monthly Interest = ₹5,10,000 / 12
Monthly Interest = ₹42,500
Thus, the ₹60 Lakh fixed deposit interest per month earned at 8.50% p.a. would be ₹42,500.
Total Interest Earned Upon Maturity
Total Interest = Monthly Interest × Number of Months
Total Interest = ₹42,500 × 36
Total Interest = ₹15,30,000
The total interest accumulated over the 3-year tenure would amount to ₹15,30,000, with a monthly payout of ₹42,500
Note: These figures are estimates, and actual amounts may vary based on the bank or NBFC’s specific calculation methods and terms.
Many banks and NBFCs allow premature withdrawal of fixed deposits, but it often comes with certain conditions. The interest rate originally offered on the deposit may be reduced if you withdraw before maturity. Additionally, a premature withdrawal fee is usually charged, which can impact the overall returns on your investment.
You invest ₹60 Lakhs in an FD at 7.20% p.a. for 3 years but decided to withdraw after 1 year. The interest rate drops to 6.20% p.a. for the 1-year period. After a 1% penalty, the final rate reduces to 5.20% p.a., resulting in lower returns than expected.
| Parameter | Details |
|---|---|
Principal Amount Invested |
₹60,00,000 |
Maturity After 3 Year |
₹74,92,574 |
Interest Rate at the Time of Booking |
7.20% p.a. |
Effective Interest Rate for 1 Year Tenure |
6.20% p.a. |
Premature Withdrawal Penalty Rate |
1.00% |
Final Interest Rate |
5.20% p.a. |
Final Amount Payable |
₹63,12,000 |
Note: The figures above are for illustration purposes only. The actual penalty charges may vary depending on the bank or NBFC’s policies.
|
The interest earned on an FD of ₹60 Lakhs depends on several factors, including the applicable fixed deposit interest rates, the chosen tenure, and the type of FD.
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.
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.
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.
An FD of ₹60 Lakhs with monthly payouts offers a regular stream of income, helping you manage recurring expenses. It can work similarly to an FD monthly income scheme, allowing you to receive interest at fixed intervals while keeping your principal invested.
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.
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 a choice between cumulative and non-cumulative FDs, allowing you to select an option based on whether you prefer ₹60 lakh FD interest per month or interest paid at maturity.
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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