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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)

Monthly Interest for Rs. 2 Lakhs Fixed Deposit

If you have Rs. 2 lakh with you and don’t need it anytime soon, opening a fixed deposit account will be the ideal way of securing and investing the amount simultaneously. The amount you receive as monthly interest for Rs. 2 lakh in the bank will be an aid to you in the monthly expenses.

Let us look at the details of the Rs. 2 lakh FD interest in various banks.

 

Banks

 

Interest Rate on Rs. 2 Lakh

 

Rs. 2 Lakh FD Interest Per Month

SBI

2.90% - 5.50%

Rs. 483 - Rs. 916

Punjab National Bank

2.90% - 5.25%

Rs. 483 - Rs. 883

HDFC Bank

2.50% - 5.60%

Rs. 416 - Rs. 933

Axis Bank

2.50% - 5.75%

Rs. 416 - Rs. 966

IDFC Bank

2.50% - 6.00%

Rs. 416 - Rs. 1000

Bank of India

2.85% - 5.05%

Rs. 483 - Rs. 850

 

*The Bank FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per bank’s discretion.

Now, let us take a look at the details of the Rs. 2 lakh FD interest per month in various NBFCs.

 

NBFCs

 

Interest Rate on Rs. 2 Lakh

 

Rs. 2 Lakh FD Interest Per Month

Bajaj Finance

5.75% - 7.00%

Rs. 958 - Rs. 1342

Sundaram Finance

5.50% - 5.80%

Rs. 916 - Rs. 966

LIC Housing Finance

5.15% - 6.00%

Rs. 866 - Rs. 1000

 

*The NBFC FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per NBFC’s discretion.

In India, senior citizens (people above 60) get an additional interest on fixed deposits. In the table below, you can find the per annum interest rates and monthly interest amounts.

 

Banks

 

Interest Rate on Rs. 2 Lakh for Senior Citizens

 

Rs. 2 Lakh FD Interest Per Month for Senior Citizens

SBI

3.40% - 6.30%

Rs. 566 - Rs. 1050

Punjab National Bank

3.40% - 6.30%

Rs. 566 - Rs. 1050

HDFC Bank

3.00% - 6.35%

Rs. 500 - Rs. 1066

Axis Bank

2.50% - 6.50%

Rs. 416 - Rs. 1083

IDFC Bank

3.00% - 6.50%

Rs. 500 - Rs. 1083

Bank of India

3.35% - 5.55%

Rs. 566 - Rs. 933

 

*The Bank FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per bank’s discretion.

 

NBFCs

 

Interest Rate on Rs. 2 Lakh

for Senior Citizens

 

Rs. 2 Lakh FD Interest Per Month for Senior Citizens

Bajaj Finance

6.00% - 7.45%

Rs. 1000 - Rs. 1397

Sundaram Finance

6.00% - 6.30%

Rs. 1000 - Rs. 1050

LIC Housing Finance

5.40% - 6.25%

Rs. 900 - Rs. 1000

 

*The NBFC FD interest rates are valid as of 01-Mar-2022, and may be subject to change as per NBFC’s discretion.

Monthly Interest for Rs. 2 Lakh Fixed Deposit in Bajaj Finance

If you deposit Rs. 2 lakh in Bajaj Finance FD, you will get good returns on your investment, as the interest rates offered by Bajaj Finance Fixed Deposit on Bajaj MARKETS are as high as 7.20%.

Tables below show the monthly interest a senior citizen and a non-senior citizen could earn if he/she opens a Rs. 2 lakh fixed deposit in Bajaj Finance.

1. For Senior Citizens

Tenor

Interest Rates of FD

Interest Per Month for Rs. 2 Lakh Fixed Deposit

Total Interest Amount for Rs. 2 Lakh

Maturity Amount for Rs. 2 Lakh

1 year

5.75%

Rs. 958

Rs. 11,500

Rs. 2,11,500

2 years

6.40%

Rs. 1,101

Rs. 26,419

Rs. 2,26,419

3 years

7.00%

Rs. 1,250

Rs. 45,009

Rs. 2,45,009

4 years

7.00%

Rs. 1,295

Rs. 62,159

Rs. 2,62,159

5 years

7.00%

Rs. 1,342

Rs. 80,510

Rs. 2,80,510

 

*The NBFC FD interest rates are valid as of 10-May-2022, and may be subject to change as per NBFC’s discretion.

2. For Non-Senior Citizens

Tenor

Interest Rates of FD

Interest Per Month for Rs. 2 Lakh Fixed Deposit

Total Interest Amount for Rs. 2 Lakh

Maturity Amount for Rs. 2 Lakh

1 year

6.00%

Rs. 1,000

Rs. 12,000

Rs. 2,12,000

2 years

6.65%

Rs. 1,145

Rs. 27,484

Rs. 2,27,484

3 years

7.25%

Rs. 1,298

Rs. 46,730

Rs. 2,46,730

4 years

7.25%

Rs. 1,346

Rs. 64,618

Rs. 2,64,618

5 years

7.25%

Rs. 1,397

Rs. 83,803

Rs. 2,83,803

 

*The NBFC FD interest rates are valid as of 10-May-2022, and may be subject to change as per NBFC’s discretion.

Monthly Special Fixed Deposit Interest for Rs. 2 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. A Regular FD having a tenor of 12-23 months will provide you with an interest rate of 5.75%, but a Special FD with a tenor of 15 months can earn you interest at a rate of 6.00%. Details about the interest rates and maturity amounts for a Rs. 2 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:

Tenor

(in months)

Interest Rates of FD

Interest Per Month for Rs. 2 Lakh Fixed Deposit

Total Interest Amount for Rs. 2 Lakh

Maturity Amount for Rs. 2 Lakh

15

6.00%

Rs. 1,007

Rs. 15,111

Rs. 2,15,111

18

6.10%

Rs. 1,032

Rs. 18,576

Rs. 2,18,576

22

6.25%

Rs. 1,069

Rs. 23,511

Rs. 2,23,511

30

6.50%

Rs. 1,137

Rs. 34,101

Rs. 2,34,101

33

6.75%

Rs. 1,193

Rs. 39,355

Rs. 2,39,355

44

7.20%

Rs. 1,320

Rs. 58,074

Rs. 2,58,074

 

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:

Tenor

(in months)

Interest Rates of FD

Interest Per Month for Rs. 2 Lakh Fixed Deposit

Total Interest Amount for Rs. 2 Lakh

Maturity Amount for Rs. 2 Lakh

15

6.25%

Rs. 1,050

Rs. 15,745

Rs. 2,15,745

18

6.35%

Rs. 1,075

Rs. 19,349

Rs. 2,19,349

22

6.50%

Rs. 1,113

Rs. 24,477

Rs. 2,24,477

30

6.75%

Rs. 1,183

Rs. 35,478

Rs. 2,35,478

33

7.00%

Rs. 1,239

Rs. 40,899

Rs. 2,40,899

44

7.45%

Rs. 1,370

Rs. 60,288

Rs. 2,60,288

 

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.

How to Calculate FD Interest on Rs. 2 Lakh FD

Simple interest and compound interest are the two methods used to calculate interest on a fixed deposit. Banks and NBFCs may use both depending on the tenure and the fixed deposit amount.

1. Simple Interest

To calculate simple interest, you can use the formula:

Simple interest = (P x R x T)/100

Where P stands for Principal amount, R for Rate of interest per annum and T for no. of periods (in years).

Let’s take an example. If you invest Rs. 25000 at 6% per annum for 5 years; you can calculate the interest like this:

Simple interest = (25000 x 6 x 5)/100

= Rs. 7500

So, the interest you earn for 5 years is Rs. 7500.

Therefore, if you invest Rs. 25000 in a fixed deposit with 6% p.a. simple interest, you will get back Rs. 32,500 at the end of 5 years.

Similarly, you can calculate the same for Rs. 2 lakh FD.

2. Compound Interest

In this case, you can earn interest on the principal, and you earn interest on the interest also.

You can use a simple formula to calculate the compound interest.

Compound interest = P ( 1 + r/n)nt - P

Where P stands for Principal amount, n for no. of times the interest is compounded annually, r for rate of interest per period and t for overall tenure.

Let us take an example. If you invest Rs. 25,000 at 6% per annum for 5 years; you can calculate the interest like this.

Compound interest = [25000 x ( 1+ 0.06/12)12 x 5] - 25000

= Rs. 8721.

So, the interest you earn for 5 years is Rs. 8721.

Therefore, if you invest Rs. 25,000 in a fixed deposit with 6% p.a. compound interest, you will get back Rs. 33,721 at the end of 5 years.

Similarly, you can calculate the same for Rs. 2 lakh FD.

If you are getting confused with these calculations, don’t worry! If you know all values, including tenure, interest rate, etc., you can use the Bajaj Finance FD interest calculator available at Bajaj MARKETS to carry out these operations easily. 

Check Monthly Interest Rate on your Fixed Deposits

 

Why Should You Invest in Bajaj Finance Fixed Deposits?

Here is a list of reasons you should invest your Rs. 2 lakh in Bajaj Finance Fixed Deposits.

  • Offers comparatively higher FD interest rates. The rates are as high as 7.45% for senior citizens and 7.20% for non-seniors.

  • One of the safest fixed deposit options available. It has an MAAA rating by ICRA and FAAA rating by CRISIL that assures the highest safety for your deposit.

  • Offers flexible deposit tenors ranging from 12 months to 5 years. Periodic interest payout options are also available.

  • The process of opening a fixed deposit is easy and can be done online. In addition, a facility for doorstep document collection is also available.

  • You can also avail of a loan against Bajaj Finance FD. Amounts of up to 75% of your FD can be taken as a loan for any emergency expenditures.

These features and benefits make Bajaj Finance Fixed Deposit, the best way to invest your money. So, don’t think twice, this is your best chance!

Eligibility Criteria for Rs. 2 Lakh Fixed Deposit

To invest in Bajaj Finance FD, you have to fulfil certain eligibility criteria. They are:

  • You must be a resident Indian/person of Indian origin/non-resident Indian/overseas citizen of India.

  • You must be above 18 years.

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

  • You must have a minimum FD amount of Rs. 15,000.

  • You must choose between the tenors 1 year and 5 year.

Documents Required for Rs. 2 Lakh Fixed Deposit

Following are the documents required for a Bajaj Finance Fixed Deposit.

  • Latest passport size photograph of the applicant

  • KYC of all applicants

  1. PAN card

  2. Aadhaar card/Voter’s ID/Driving Licence/Passport

How to Apply Online for Bajaj Finance Fixed Deposit?

You can follow the steps mentioned below to open a fixed deposit of Rs. 2 lakh in Bajaj Finance at Bajaj MARKETS.

  1. Go to the Bajaj MARKETS website or app.

  2. Select the option for ‘Investments’.

  3. Click on the ‘Fixed Deposit’ page.

  4. Enter your mobile number and date of birth.

  5. Verify your account by typing in the OTP.

  6. After verification, enter deposit amount, tenure and interest payout type, and bank account details.

  7. Complete your KYC by providing PAN or Aadhaar else, upload documents.

  8. Choose to pay the amount via NetBanking or UPI.

  9. Upon successful payment, your deposit will be booked, and you will receive an acknowledgement via email and SMS within 15 minutes.

FAQs

✔️What is the maximum interest I can get from a Rs. 2 lakh fixed deposit?

The interest income on a Rs. 2 lakh fixed deposit depends on the tenor of the investment. A higher tenor comes with a higher rate of interest. In Bajaj Finance FD, the interest rate on Rs. 2 lakh fixed deposit is as high as 7.25%. The interest income on Rs. 2 lakh fixed deposit at 7.25% for a tenor of five years will be Rs. 83,803.

✔️Do monthly interest for Rs. 2 lakh fixed deposit depend on the tenor?

Monthly interest for Rs. 2 lakh fixed deposit depends on the tenor of your investment. Higher the tenor, the higher the interest rates offered. The monthly interest amount will be at the pre-decided interest rate that is set at the time of starting your FD.

✔️How can you calculate monthly FD interest rates?

The monthly FD interest rates can be easily calculated by using an online FD calculator. You will just have to enter the investment amount and tenor in Bajaj Finance FD and select the type of customer. By doing so, you can easily calculate the monthly FD interest rates.

✔️How much can you earn as monthly interest from Rs. 2 lakh FD in SBI?

The SBI interest rate starts at 2.90%, with the highest interest rate being 5.50%. Therefore, the highest monthly interest for Rs. 2 lakh FD in SBI will be Rs. 916.

✔️What is the TDS on Rs. 2 lakh FD interest income?

The interest income earned on a Rs. 2 lakh FD will not be taxed since it is lower than the minimum limit for ‘Income from other sources’. There would be a 10% TDS deduction if the annual interest income is above Rs. 40,000.