Choosing the monthly interest payout option from an FD can generate regular income. Saving this amount over a period could help you manage unexpected expenses. Say you invest ₹8 Lakhs for 5 years at 8% p.a., the interest you could receive every month can be up to ₹5,333. 

 

This will depend on the issuer and tenor, among other factors. All you need to do is choose an issuer and plan your investment to earn assured monthly income. 

Deposit Amount

Interest Rate

Tenure

Months

Interest Payout

At Maturity
At Maturity
Monthly
Quaterly
Half Yearly
Yearly

Investment Amount

Interest Rate

Total Interest Amount

Total Payout (Principal + Interest)

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Monthly Interest Income for an FD of ₹8 Lakhs

Given below is an overview of the monthly interest on an FD of ₹8 Lakhs across different interest rates for a tenor of 5 years:

Deposit Amount

Interest Rate (p.a.)

Monthly Interest Payout

₹8 Lakhs

6.00%

₹4,000

₹8 Lakhs

6.50%

₹4,333

₹8 Lakhs

7.00%

₹4,667

₹8 Lakhs

7.50%

₹5,000

₹8 Lakhs

8.00%

₹5,333

₹8 Lakhs

8.50%

₹5,667

₹8 Lakhs

9.00%

₹6,000

₹8 Lakhs

9.50%

₹6,333

₹8 Lakhs

10.00%

₹6,667

Note: The monthly interest payouts mentioned above are indicative and actual returns may vary. 

Monthly Interest Payout for an FD of ₹8 Lakhs from Banks and NBFCs

The amount you can earn as interest per month on a fixed deposit of ₹8 Lakhs differs depending on the issuer and the interest rate they offer. Check the monthly payouts for an FD of ₹8 Lakhs booked for 5 years with certain banks and NBFCs:

Bank/NBFC/HFC

Non-senior Citizen (p.a.)

Monthly Interest Payout

Senior Citizen (p.a.)

Monthly Interest Payout

Bajaj Finance Ltd.

8.10%

₹5,400

8.35%

₹5,567

PNB Housing Finance Ltd.

7.65%

₹5,100

7.85%

₹5,233

Mahindra Finance Ltd.

8.10%

₹5,000

8.35%

₹5,567

LIC Housing Finance Ltd

7.75%

₹5,167

8.00%

₹5,333

Shriram Finance

8.47%

₹5,647

8.97%

₹5,980

ICICI Bank 

7.00%

₹4,667

7.50%

₹5,000

HDFC Bank 

7.00%

₹4,667

7.50%

₹5,000

IDFC First Bank 

7.00%

₹4,667

7.50%

₹5,000

Axis Bank 

7.10%

₹4,733

7.60%

₹5,067

IndusInd Bank 

7.25%

₹4,833

7.75%

₹5,167

YES Bank 

7.25%

₹4,833

8.00%

₹5,333

Jana Small Finance Bank 

7.25%

₹4,833

7.75%

₹5,167

Ujjivan Small Finance Bank

7.20%

₹4,800

7.70%

₹5,133

Kotak Mahindra Bank

6.20%

₹4,133

6.70%

₹4,467

SBI

6.50%

₹4,333

7.50%

₹5,000

AU Small Finance Bank

7.25%

₹4,833

7.75%

₹5,167

Note: The rates mentioned above are subject to change at the issuer’s discretion. 

 

Considering these prospective earnings, you could invest ₹8 Lakhs or more in a fixed deposit of your choice. If you have a monthly goal in mind, use an FD calculator to estimate your returns. On Bajaj Markets, you can book an FD online from different issuers in a hassle-free manner. 

Disclaimer

The information provided by BFDL is related to the rates provided by Banks and Deposit taking NBFCs as available from public domain and under no circumstances is intended to be source of advice or recommendation of any financial investment advice or endorsement of any sort. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers and use of such 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. Display of any intellectual property along with the related product information does not imply BFDL’s partnership with the owner of the intellectual property of such products and is solely for the purpose of information, unless otherwise provided by BFDL.

Frequently Asked Questions

Do I have to pay tax on the interest earned on my FD of ₹8 Lakhs?

Yes. If the annual interest exceeds ₹40,000 (or ₹50,000 for senior citizens), TDS will apply as per Section 194A of the Income Tax Act, 1961.

What earnings can I expect with a fixed deposit of ₹8 Lakhs?

Earnings from your FD of ₹8 Lakhs depend on various factors, including the interest rate, investment tenor, and payout option. For instance, the monthly interest on an FD of ₹8 Lakhs amounts to ₹4,667 if you invest for 5 years at 7% p.a.

What are the documents required to book an FD of ₹8 Lakhs?

To open an FD account, you typically need to provide your PAN card, other KYC documents, and passport-sized photographs. However, these requirements may differ as per the policies of the bank/NBFC you choose to invest with.

What are the eligibility criteria to book a fixed deposit of ₹8 Lakhs?

To open an FD account, most issuers require you to be an Indian citizen over 18 years. Some issuers even allow non-resident Indians (NRIs) to apply for a fixed deposit.

Is there a penalty for withdrawing the ₹8 Lakh FD before maturity?

Yes. However, penalties for premature withdrawal of an FD vary across banks and NBFCs. Generally, withdrawing FDs before maturity results in a reduction of interest earned. You may also have to pay a premature withdrawal fee as per the issuer’s terms and conditions.

What happens if I do not renew my FD of ₹8 Lakhs after maturity?

If you do not renew your FD after maturity, the issuer may renew it for the same tenor or transfer the amount to a savings account linked to your FD account. The process differs based on the issuer.

Can I add more money to my fixed deposit of ₹8 Lakhs during the tenor?

No, typically, you cannot add funds to an existing FD during its tenor. However, some banks offer flexible FD schemes. These allow partial withdrawals or premature closure followed by reinvestment of the remaining balance, including additional funds.

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