The monthly interest on a ₹2 Lakh fixed deposit varies between banks and NBFCs. Senior citizens may enjoy higher interest rates, often with an additional 50 basis points.

Yes, the interest earned on a ₹2 Lakh FD does depend on the chosen tenor. Generally, longer tenors yield higher interest rates for the same principal amount.

TDS (Tax Deducted at Source) is applicable if the interest income from your ₹2 Lakh FD exceeds the threshold set by the Income Tax Department. The bank deducts TDS before crediting the interest to your account.

To open a ₹2 Lakh fixed deposit account, you'll need identity proof (such as PAN card, Aadhaar card), address proof (like passport, utility bills), and signature proof (like PAN card or driving license). Senior citizens may need to submit additional documents.

Individuals aged 18 and above with a PAN card and entities such as Hindu Undivided Families (HUFs) are eligible to invest in a ₹2 Lakh fixed deposit. Minors can also open FD accounts provided they do so with a guardian. 

You can calculate the monthly interest on a ₹2 Lakh fixed deposit using an online FD calculator or the formula M = P + P {(1 + i/100)^t – 1}, where M is the maturity amount, P is the principal amount, i is the rate of interest per period, and t is the tenor.

Penalties for premature withdrawal of a ₹2 Lakh fixed deposit vary depending on the terms set by the bank or financial institution. Typically, such withdrawals incur penalties in the form of reduced interest earnings.

If you choose not to renew your ₹2 Lakh fixed deposit after maturity, the funds are usually transferred to your savings or current account. Alternatively, some banks may automatically renew the FD for the same tenor at prevailing interest rates.

In most cases, you cannot add more funds to an existing fixed deposit during the tenure. Fixed deposits are designed for one-time investments. If you wish to invest additional funds, you would typically need to open a new fixed deposit account.