If you are an individual seeking financial stability while fostering growth, a ₹8 lakh fixed deposit (FD) could prove to be a viable option. Offering a safe haven for funds, FDs guarantee a fixed interest rate within a specified timeframe.
Yet, it is imperative to examine the current interest rates from different issuers before booking an FD. This due diligence ensures the assured returns, allowing for well-informed decisions that align with the ever-changing market conditions. This ultimately optimises the potential gains from your investment.
Refer to the table below for the monthly interest payout you could earn on a fixed deposit of ₹8 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% |
₹5,367 |
8.30% |
₹5,333 |
PNB Housing Finance Ltd. |
7.65% |
₹5,100 |
7.95% |
₹5,300 |
Mahindra Finance Ltd. |
8.05% |
₹5,367 |
8.30% |
₹5,333 |
LIC Housing Finance Ltd |
7.50% |
₹5,000 |
7.75% |
₹5,167 |
Shriram Finance |
8.60% |
₹5,733 |
9.14% |
₹6,093 |
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 |
7.00% |
₹4,667 |
7.75% |
₹5,167 |
IndusInd Bank |
7.25% |
₹4,833 |
8.00% |
₹5,333 |
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 |
Disclaimer: The above-mentioned rates are effective as of 15th November 2023 and are subject to change as per the issuer’s discretion.
The below mentioned table below the monthly interest income you could earn on an FD of ₹8 Lakhs across different interest rates:
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 |
Now that you have an understanding of the potential returns you could earn from an ₹8 Lakhs fixed deposit, secure your investment by booking an FD on Bajaj Markets. The process is quite straightforward and hassle-free, allowing you to complete it entirely online.
Check the Monthly Interest Rate on your Fixed Deposits |
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Yes. If the annual interest income from your ₹8 Lakhs fixed deposit surpasses ₹40,000 (₹50,000 if senior citizen), you are liable to pay TDS as per Section 194A of the Income Tax Act. The TDS rate will be 10% if you have a valid PAN and 20% if you do not.
Earnings on your FD depend on the rate offered. Given the current rates by top issuers, you can earn up to ₹5,180 as monthly interest for an ₹8 Lakhs fixed deposit with a tenor of 5 years. Your earnings will also depend on your investment tenor, amount, payout option, and other factors.
You generally need to submit your PAN card, KYC documents, ID proof, and passport-sized photographs to the fixed deposit issuers at the time of investment.
Financial institutions offering fixed deposits require you to be of the minimum age (generally 18) and a citizen of India (resident or otherwise).