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Earn interest up to 7.75% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

Your monthly interest for Rs. 1 lakh in FD depends on the rate fixed by the financial institution offering the fixed deposit account. In essence, the interest rate or the extra returns you earn every month depends on the rate fixed at the start of the fixed deposit account. The rates are higher for senior citizens.

The monthly interest for 1 lakh in banks across India are given the table below:

Financial institutions provide varying FD interest rates for Rs.1 Lakh fixed deposit. Typically, the interest rate ranges from 2.50% to 6.00%.

You can refer to the table given below for the interest given by bank based FDs:

Interest Amount on Fixed Deposit for non-Senior citizens from Banks

Banks

Interest Rates

Interest Per Month

Punjab National Bank

2.90% to 5.25%

Rs. 242 - Rs. 442

SBI

2.90% to 5.50%

Rs. 242 - Rs. 458

HDFC Bank

2.50% to 5.60%

Rs. 208 - Rs. 467

Axis Bank

2.50% to 5.75%

Rs. 208 - Rs. 484

IDFC Bank

2.50% to 6.00%

Rs. 208 - Rs. 500

Bank of India

2.85% to 5.05%

Rs. 242 - Rs.425

Canara Bank

2.90% to 5.50%

Rs.242- Rs. 458

Punjab National Bank

2.90% to 5.25%

Rs. 242 - Rs. 442

Disclaimer: The aforementioned Bank standard FD interest rates (upto Rs. 1 Lakh) are valid as of 01-Mar-2022, and may be subject to change as per bank announcements.

The following table lists the interest rates NBFCs that specialize in providing fixed deposit accounts:

Interest Amount on Fixed Deposit for non-Senior citizens from NBFCs

NBFC

Interest Rates

Interest Per Month

Bajaj Finance Ltd

5.70% - 7.11%

Rs. 475 - Rs. 593

Sundaram Finance

5.50% - 5.80%

Rs. 458 - Rs. 484

LIC Housing Finance

5.15% - 6.00%

Rs. 433 - Rs. 500

Disclaimer: The aforementioned Bank standard FD interest rates (upto Rs. 1 Lakh) are valid as of 01-Mar-2022, and may be subject to change as per bank announcements.

As you can observe from the table above, the monthly interest for 1 lakh fixed deposit is the highest in Bajaj Finance. However it is advised that you understand the terms and conditions of all the fixed deposit accounts before deciding.

The following table shows the monthly interests for 1 lakh fixed deposits for senior citizens:

Interest Amount on Fixed Deposit for Senior citizens from Banks

Banks

Interest Rates

Interest Per Month

Punjab National Bank

3.40% to 5.75%

Rs. 283 - Rs. 484

SBI

3.40% to 6.30%

Rs. 283 - Rs. 525

HDFC Bank

3.00% to 6.35%

Rs. 208 - Rs. 541

Axis Bank

2.50% to 6.50%

Rs. 208 - Rs. 558

IDFC Bank

3.00% to 6.50%

Rs. 250 - Rs. 558

Bank of India

3.35% to 5.55%

Rs. 282 - Rs. 467

Canara Bank

2.90% to 6.00%

Rs.242 - Rs. 500

Punjab National Bank

3.40% to 5.75%

Rs. 283 - Rs. 484

Disclaimer: The aforementioned Bank standard FD interest rates (upto Rs. 1 Lakh) are valid as of 01-Mar-2022, and may be subject to change as per bank announcements.

Here are the FD rates and per month interest amount earned at major NBFCs:

Interest Amount on Fixed Deposit for Senior citizens from NBFCs

NBFC

Interest Rates

Interest Per Month

Bajaj Finance Ltd

6.10% to 7.60%

Rs. 495 - Rs. 613

Sundaram Finance

6.00% to 6.30%

Rs. 500 - Rs. 585

LIC Housing Finance

5.40% to 6.25%

Rs. 450 -Rs. 525

Disclaimer: The aforementioned Bank standard FD interest rates (upto Rs. 1 Lakh) are valid as of 01-Mar-2022, and may be subject to change as per bank announcements.

Monthly Interest for Rs. 1 Lakh Fixed Deposit in Bajaj Finance

The following table details the various rates of monthly interest for 1 lakh fixed deposit at Bajaj Finance:

For Non-Senior Citizens

Here are the FD rates and per month interest amount earned at Bajaj Finance:

Interest Amount on Fixed Deposit for non-Senior citizens from Bajaj Finance

Tenor

Interest Rate

Interest Amount per month

Total Interest

Sum at Maturity

1 year

5.70%

Rs. 475

Rs. 5,700

Rs. 1,05,700

2 years

6.41%

Rs. 534

Rs. 12,820

Rs. 1,12,820

3 years

6.97%

Rs. 581

Rs. 20,910

Rs. 1,20,910

4 years

6.97%

Rs. 581

Rs. 27,880

Rs. 1,27,880

5 years

6.97%

Rs. 581

Rs. 34,850

Rs. 1,34,850

Disclaimer: The aforementioned Bank standard FD interest rates (upto Rs. 1 Lakh) are valid as of 10-May-2022, and may be subject to change as per bank announcements.

For Senior Citizens:

Here are the FD rates and per month interest amount earned at Bajaj Finance:

Interest Amount on Fixed Deposit for Senior citizens from Bajaj Finance

Tenor

Interest Rate

Interest Amount per month

Total Interest

Sum at Maturity

1 year

5.94%

Rs. 495

Rs. 5,940

Rs. 1,05,940

2 years

6.64%

Rs. 553

Rs. 13,280

Rs. 1,13,280

3 years

7.21%

Rs. 601

Rs. 21,630

Rs. 1,21,630

4 years

7.21%

Rs. 601

Rs. 28,840

Rs. 1,28,840

5 years

7.21%

Rs. 601

Rs. 36,050

Rs. 1,36,050

Disclaimer: The aforementioned Bank standard FD interest rates (upto Rs. 1 Lakh) are valid as of 10-May-2022, and may be subject to change as per bank announcements.

The maturity amount increases along with the interest rate if you take a longer fixed deposit scheme. This will ensure the highest possible returns for your investment. At Bajaj Finance, the minimum rate of interest is 5.70% for a fixed deposit of 12 months. While it is pegged at 7.60% for a 44 months fixed deposit policy.

Monthly Special Fixed Deposit Interest for Rs. 1 Lakh Fixed Deposit in Bajaj Finance

You can benefit from even higher interest rates if you choose to go ahead with Special FDs by Bajaj Finance. For example, you can get an interest rate of 5.70% if you invest in a Regular FD with a tenor of between 12-23 months. However, a Special FD with a tenor of 22 months gives you an interest rate of 6.13%. Details about the interest rates and maturity amounts for a Rs. 1 lakh fixed deposit in Bajaj Finance have been provided below.

For Non-Senior Citizens

Here are the FD rates and per month interest amount earned at Bajaj Finance:

Interest Amount on Fixed Deposit for Non-Senior Citizens from Bajaj Finance

Tenor (months)

Interest Rate

Interest Amount per Month

Total Interest

Sum at Maturity

15

5.89%

Rs. 491

Rs. 7,555

Rs. 1,07,363

18

5.98%

Rs. 498

Rs. 9,288

Rs. 1,08,970

22

6.13%

Rs. 511

Rs. 11,756

Rs. 1,11,238

30

6.50%

Rs. 542

Rs. 17,051

Rs. 1,61,250

33

6.74%

Rs. 562

Rs. 19,677

Rs. 1,18,535

44

7.11%

Rs. 593

Rs. 29,037

Rs. 1,26,070

Disclaimer: The aforementioned Bank standard FD interest rates are valid as of 10-May-2022, and may be subject to change as per bank announcements.

For Senior Citizens:

Here are the FD rates and per month interest amount earned at Bajaj Finance in case you are a senior citizen:

Interest Amount on Fixed Deposit for Senior Citizens from Bajaj Finance

Tenor (months)

Interest Rate

Interest Amount per Month

Total Interest

Sum at Maturity

15

6.13%

Rs. 511

Rs. 7,663

Rs. 1,07,663

18

6.22%

Rs. 518

Rs. 9,330

Rs. 1,09,333

22

6.36%

Rs. 530

Rs. 11,660

Rs. 1,11,660

30

6.74%

Rs. 562

Rs. 16,850

Rs. 1,16,850

33

6.97%

Rs. 681

Rs. 19,168

Rs. 1,19,168

44

7.35%

Rs. 613

Rs. 26,950

Rs. 1,26,950

Disclaimer: The aforementioned Bank standard FD interest rates are valid as of 14-June-2022, and may be subject to change as per bank announcements.

How to Calculate FD Interest on Rs. 1 Lakh FD

There are a myriad of ways to calculate the interest earned on your fixed deposit investment. You can use the online Bajaj Finance Fixed Deposit Calculator on the Bajaj MARKETS webpage to calculate the interest earned on Rs. 1 Lakh FD.

Here are the steps you need to follow to calculate the interest earned on a fixed deposit of Rs. 1 lakh:

 

Step 1: Open the calculator widget on the Bajaj MARKETS page and select your customer category- whether senior citizen or non-senior citizen.

 

Step 2: Choose your type of deposit from the options given - whether cumulative FD or a non-cumulative FD.

 

Step 3: Enter your initial investment amount which is Rs.1 Lakh in this case.

 

Step 4: Enter your selected tenure for the maturity. This is how long the deposit will remain fixed with the bank.

 

Step 5: Click on submit and you will see the interest amount earned and the maturity amount being displayed online. Take a screenshot for future use.

This interest rate is compounded annually in most cases using the fundamental compound interest formula. This formula is:

M= P + P {(1 + i/100) t – 1};

  • where M is the maturity amount,

  • P is the principal invested,

  • i is the rate of interest per period, and

  • t is the duration

Check Monthly Interest Rate on your Fixed Deposits

The following table details the various rates of interest on 1 lakh rupees per month you will earn at Bajaj Finance for different tenures:

Why Should You Invest in Bajaj Finance Fixed Deposits?

There are several perks and benefits of investing in fixed deposits at Bajaj Finance. A few of the most significant ones have been discussed in the points below:

  • Highest interest rate: The Bajaj Finance interest rate is set at 7.00%, which is one of the highest rates offered in the market.

  • Multiple Options: You get to choose between cumulative FDs and non-cumulative FDs. Cumulative FDs are the ones in which the interest is compounded annually until maturity. Whereas non-cumulative FDs allow you to opt for a monthly, quarterly, bi-yearly or annual payment of the interests.

  • Easy application: Simple application process that is hassle-free, fast and easy for the users. It is completely online and secure. You can also track your deposit and interests via SMS, email or the website.

  • Flexible Tenor: Offers enough flexibility in terms of the tenure of the fixed deposit. You can invest for a period of 12 months to five years.

  • Customer Support: Round the clock support system from Bajaj Finance to resolve all your queries.

Eligibility Criteria for Rs. 1 Lakh Fixed Deposit

Here are the main eligibility requirements to open a fixed deposit account for Rs. 1 lakh:

  • You should be an adult, in essence, over the age of 18 years.

  • You need to be a resident of India or a Non Resident Indian with valid tax documents and identity proofs.

  • You must be a salaried or self-employed person.

  • Entities such as businesses, HUFs, trusts and societies are also eligible to open fixed deposit accounts.

You can visit your bank’s website to know more about the eligibility requirements to request special exemptions.

Documents Required for Rs. 1 Lakh Fixed Deposit

There are a few types of verification documents you need to furnish while applying for a fixed deposit account of 1 lakh rupees. Here are a few of these documents listed in the table below:

Type of Proof

Accepted Documents

Identity Proof

AADHAR Card

 

Valid Driver’s License

 

PAN Card

 

Voter ID Card

Address Proof

House Electricity Bill

 

Telephone Bill with Address

 

Passport

 

Registered Rental Agreement

Identity or Establishment proof for non-individuals

HUF deed

 

Certificate of incorporation or registration

 

Board resolution

 

Memorandum/articles of association

 

Partnership deed


Nowadays this document submission process is usually performed online and takes less than an hour to finish. You can consult with the bank manager in case you have other documents instead of the ones listed above.

How to Apply Online for Bajaj Finance Fixed Deposit?

You can now apply for a fixed deposit account with Bajaj Finance online. This process is simple and efficient. The following are the steps to apply for a fixed deposit account with Bajaj Finance online:

 

Step 1: Visit the official Bajaj MARKETS website and select Fixed Deposit on the tabs displayed on the home page.

 

Step 2: Enter the account opening details and verify your phone number by entering the OTP and then submit this form.

 

Step 3: Select on the ‘Apply Now’ button on this tab and wait for the application window to load.

 

Step 4: Once the application panel is open enter your personal and financial details such as your name, date of birth, address, registered phone number, et al.

 

Step 5: You will be redirected to another section wherein you have to upload your verification proofs such as your address and identity proof.

 

Step 6: Enter your deposit amount, the type of FD account, tenure, and other such details.

 

Step 7: On the next section of this online form you will have to link your bank account through net banking or UPI and then transfer the funds to the FD account created.

 

Step 8: You will receive the confirmation of verification and the statement of account opening via email and SMS. You may also track this from the Bajaj MARKETS website.

Frequently Asked Questions

✔️How much interest will I get on Rs. 1 Lakh fixed deposit?

The interest amount earned on a Rs. 1 lakh fixed deposit depends on the tenor of the FD investment. A longer tenor has a higher rate of interest. In Bajaj Finance, the interest rate goes as high as 7.00%.

✔️Is there a minimum and maximum cap to the monthly interest for Rs. 1 Lakh fixed deposit?

The interest earned on 1 lakh fixed deposit depends on the tenor of the fixed deposit account. It is usually higher with longer tenors. There is no such cap to the maximum or minimum interests you can earn as it also depends on the banks and NBFCs.

✔️Are Rs. 1 Lakh interest fixed deposit taxable?

Yes, the Rs. 1 lakh interest amount on fixed deposit accounts are taxable beyond a certain threshold. If the interest income goes beyond Rs. 40,000 per year, than a 10% TDS is deducted.

✔️How to calculate monthly FD interest rates?

You can use an online fixed deposit interest calculator to easily calculate the interest earned per month and your overall maturity amounts. You just need to enter your initial principle, tenor or duration of the fixed deposit and the interest rate charged. 

✔️How much interest is for Rs. 1 lakh in SBI per month?

The interest rate for Rs. 1 lakh fixed deposit in SBI depends on the tenor of the FD account. It can range from 2.9% to 5.5% for general citizens. It is a little higher for senior citizens and set at 3.4% to 6.3%.