₹2 Lakh Fixed Deposit Interest Per Month in NBFCs & Banks

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While investing in an FD, you will be offered various interest payout intervals, such as monthly, quarterly, and annual payouts. Depending on your financial obligations, it’s best to choose an option that helps you meet these needs .

On choosing a monthly interest payout option, you could receive lucrative returns that could be routed to pay-off certain expenses. To understand this better, here’s an example. If you invest a sum of ₹2 Lakhs in an FD at 7% for a tenor of 5 years, it can provide you with an interest of over ₹80,000.

Read on to learn about the applicable interest rates offered by various banks and NBFCs in the following sections.

Monthly Interest Payout on ₹2 Lakh Fixed Deposit

The table below indicates the monthly interest payout on a ₹2 Lakh fixed deposit you could earn across different banks and NBFCs 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%	₹ 1,342	8.30%	₹ 1,383
PNB Housing Finance Ltd.	7.39%	₹ 1,232	7.69%	₹ 1,282
Mahindra Finance Ltd.	8.05%	₹ 1,342	8.30%	₹ 1,383
LIC Housing Finance	7.75%	₹ 1,292	8.00%	₹ 1,333
Shriram Finance	8.27%	₹ 1,378	8.77%	₹ 1,462
ICICI Bank	7.00%	₹ 1,167	7.50%	₹ 1,250
HDFC Bank	7.00%	₹ 1,167	7.50%	₹ 1,250
IDFC First Bank	7.00%	₹ 1,167	7.50%	₹ 1,250
Axis Bank	7.00%	₹ 1,167	7.75%	₹ 1,292
IndusInd Bank	7.25%	₹ 1,208	8.00%	₹ 1,333
YES Bank	7.25%	₹ 1,208	8.00%	₹ 1,333
Jana Small Finance Bank	7.25%	₹ 1,208	7.75%	₹ 1,292
Kotak Mahindra Bank	6.20%	₹ 1,033	6.25%	₹ 1,042
SBI	6.50%	₹ 1,083	7.50%	₹ 1,250
AU Small Finance Bank	7.25%	₹ 1,208	7.75%	₹ 1,292

*Disclaimer: The above-mentioned rates are effective as of 20 October 2023, and are subject to change at the issuer’s discretion.

Monthly Interest for ₹2 Lakh in Fixed Deposit

Here is an estimate of the monthly interest payout you would receive on a ₹2 Lakh fixed deposit at different interest rates.

Deposit Amount	Interest Rate (p.a.)	Monthly Interest Payout
₹2 Lakh	3.00%	₹ 500
₹2 Lakh	3.50%	₹ 583
₹2 Lakh	4.00%	₹ 667
₹2 Lakh	4.50%	₹ 750
₹2 Lakh	5.00%	₹ 833
₹2 Lakh	5.50%	₹ 917
₹2 Lakh	6.00%	₹ 1,000
₹2 Lakh	6.50%	₹ 1,083
₹2 Lakh	7.00%	₹ 1,167
₹2 Lakh	7.50%	₹ 1,250
₹2 Lakh	8.00%	₹ 1,333
₹2 Lakh	8.50%	₹ 1,417
₹2 Lakh	9.00%	₹ 1,500
₹2 Lakh	9.50%	₹ 1,583
₹2 Lakh	10.00%	₹ 1,667

Now that you have a better understanding of the potential returns you could earn on a ₹2 Lakh FD, choose an issuer of your choice. On Bajaj Markets, you can select from multiple FD issuers who offer competitive interest rates.

Moreover, you can also make use of the FD interest calculator to determine the potential returns you could earn on your fixed deposit investment.

Check Monthly Interest Rates on Your Fixed Deposits
Monthly Interest on ₹10 Crores FD	Monthly Interest on ₹5 Crore FD	Monthly Interest on ₹3 Crores FD
Monthly Interest on ₹2 Crore FD	Monthly Interest on ₹1.5 Crore FD	Monthly Interest on ₹1 Crore FD
Monthly Interest on ₹80 Lakh FD	Monthly Interest on ₹70 Lakhs FD	Monthly Interest on ₹60 Lakhs FD
Monthly Interest on ₹50 Lakh FD	Monthly interest on ₹40 Lakh FD	Monthly Interest on ₹35 Lakh FD
Monthly Interest on ₹30 Lakhs FD	Monthly Interest on ₹25 Lakh FD	Monthly interest on ₹20 Lakh FD
Monthly interest on ₹15 Lakh FD	Monthly interest on ₹10 Lakh FD	Monthly Interest on ₹8 Lakh FD
Monthly Interest on ₹6 Lakhs FD	Monthly Interest on ₹5 Lakhs FD	Monthly Interest on ₹4 Lakhs FD
Monthly Interest on ₹3 Lakhs FD	Monthly Interest on ₹1 Lakh FD	Monthly Interest on ₹10000 FD

Disclaimer

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort.

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of 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. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

Banks and NBFCs offer varied amounts of monthly interest on a ₹2 Lakh fixed deposit ranging from 2.50% to as high as 7.77%.

For a senior citizen, the interest rate on a ₹2 Lakh fixed deposit is higher as compared to a regular individual. Most banks and NBFCs offer an additional interest rate of 50 bps over the regular fixed deposit interest rates for senior citizens.

Yes, the interest on a ₹2 Lakh FD every month depends on the term you choose for your fixed deposit. The longer the term of your fixed deposit, the higher will be the fixed deposit interest for an investment of ₹2 Lakhs.

While depositing your savings in a fixed deposit you need to keep in mind that the interest generated on FDs is taxed. If the interest amount on your fixed deposit reaches a certain threshold, TDS is deducted at the source.

TDS (Tax Deducted at Source) is a sort of tax collected by the Income Tax Department of the Government of India from the source of income.

For FDs, the tax is deducted at the source when the money is deposited into your bank account. You will also be issued a TDS certificate or Form 26AS by the Government once such a deduction has been made.

You will require the following documents to open your fixed deposit of ₹2 Lakhs:

Identity Proof: Passport, Voter ID card, Aadhar Card, Photo Ration Card, Government ID Card, or driving licence

Address Proof: Passport, Electricity Bill, Telephone Bill, or bank statement with cheque

Signature Proof: Passport, PAN Card, or driving licence

Also, if you are a senior citizen who wants to invest in ₹2 Lakh fixed deposit you will be required to submit some additional documents such as your age proof along with Form 15H.

You can invest ₹2 Lakhs in a fixed deposit if you are at least 18 years and have a PAN card. HUFs and minors can also open an FD account provided that they follow the conditions set by the issuer.

You can simply calculate the monthly interest on a ₹2 Lakh fixed deposit by using the free Fixed Deposit Calculator. The calculator helps you to instantly know the monthly interest on your ₹2 Lakh fixed deposit along with the maturity amount.

To calculate monthly interest on a ₹2 Lakh fixed deposit, select the customer type- senior citizen or non-senior citizen. Now, choose the FD type- cumulative or non-cumulative FD and enter your deposit amount.

You can select your desired investment tenor, ranging from 12 months to 60 months. The online calculator will now display the interest earned and the total amount at maturity.

Alternatively, you can also calculate the fixed interest rate by using the mathematical formula:

M= P + P {(1 + i/100) t – 1}, where P equals principal amount, i equals the rate of interest per period and t equals tenor.