Earn interest up to 8.10% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

For safe and secured investments you can always rely on a fixed deposit, or an FD. A fixed deposit investment has minimal risk and the interest rate for the fixed deposit does not fluctuate irrespective of market fluctuations. While you might be thinking of depositing your savings in a fixed deposit, you should know that you will get an attractive monthly interest on a ₹2 Lakhs fixed deposit. The monthly interest for a ₹2 Lakh fixed deposit will help you meet your monthly expenses. 

 

So if you want to invest ₹2 Lakhs and don’t want to withdraw this investment anytime soon, opening a fixed deposit account is an ideal way of securing your savings and generating a constant and stable income. To know more about the ₹2 Lakh FD interest per month and maturity amount, you should continue reading further. You can further check monthly interest for ₹2 Lakhs in bank while you stay invested and can gain extra income on the interest earned per month. 

List of Fixed Deposit Interest Rates on ₹2 Lakhs offered by NBFCs

Here is the list of NBFCs denoting the monthly interest for a ₹2 Lakhs fixed deposit, and maturity amount that they offer. The interest rates shown below are for NBFC FDs with an investment tenor of 5 years.

NBFC

Interest Rates

Monthly Interest Amount

Maturity Amount

Bajaj Finance

7.85%

₹1,263

₹2,91,831

PNB Housing Finance

7.65%

₹1,235

₹2,89,135

Mahindra Finance

7.75%

₹1,208

₹2,90,480

Disclaimer: The aforementioned Bank FD interest rates are valid as of 20th January 2023, and may be subject to change as per NBFC's announcements.

List of Fixed Deposit Interest Rates on ₹2 Lakhs Offered by Banks

Here is the list of interest rates and maturity amounts offered by some of the leading banks. The interest rates shown below are for Bank FDs with an investment tenor of 5 years.

Bank

Interest Rates

Monthly Interest Amount

Maturity Amount

State Bank of India

6.75%

₹1,333

₹2,80,022

Axis Bank 

7.75%

₹1,571

₹2,94,291

HDFC Bank

7.50%

₹1,510

₹2,90,658

Punjab National Bank

6.90%

₹1,368

₹2,82,119

Disclaimer: The aforementioned rates are subject to change as per bank announcements.

Why Should You Invest ₹2 Lakhs in an FD?

Investing ₹2 Lakhs in a fixed deposit brings its own benefits with attractive interest rates, assured returns, tax benefits, flexible tenor along with an option to take a loan against your fixed deposit. Here are the benefits of investing ₹2 Lakhs in a fixed deposit.

 

  • Interest Rates:

Putting your hard-earned savings into a fixed deposit can provide you with higher interest rates as compared to usually keeping your money in a regular savings account. You can earn higher and attractive interest rates with a corporate FD as most of the corporations have higher interest rates than most banks. The interest on ₹2 Lakh FD can support you for monthly expenses.

 

  • Assured Returns:

Assured returns are what makes a fixed deposit an ideal choice for your investment. Once you invest your money in a fixed deposit, you get guaranteed returns as the interest rate does not undergo market fluctuations and is not subjected to market risks, making the deposit amount safe and secure. Hence, monthly interest for ₹2 Lakh in banks or NBFCs brings guaranteed and safe returns. 

 

  • Tax Benefits:

While the ₹2 Lakh fixed deposit interest per month is guaranteed, a tax-saver FD with a lock-in period of 5 years can help you avail tax benefits on the go. Under section 80C of the Income Tax Act 1961, you are eligible to claim up to ₹1.5 Lakhs against your FD. To take full benefits of the tax-saver plan, the funds in your tax-saving FD cannot be withdrawn during the tenor of the deposit and can only be withdrawn at the time of maturity of your fixed deposit.

 

  • Loan Against a ₹2 Lakhs FD:

If you are in a dire need for cash in an emergency situation, you do not have to withdraw your FD prematurely. Instead, you can leverage your ₹2 Lakhs Fixed Deposit and apply for a loan. On the other hand, you can continue to earn monthly interest on a ₹2 Lakhs fixed deposit. Most banks and NBFCs only allow you to take up to 90% of your fixed deposit amount as collateral for the loan. Keeping your goals and dreams in mind, be it with a ₹2 Lakh FD interest for 1 year, 5 years or 10 years, access to a loan is an added fixed deposit advantage that will always have your back. 

 

  • Flexible Tenor:

You have the choice to open a fixed deposit account on varied term periods, the minimum term of an FD depends on the bank or NBFC and can range from 7 days to 10 years. The decision for fixing the tenor period of your fixed deposit is solely on you as a holder of the FD. You have choices between choosing the minimum term period to maximum term period for your fixed deposit at any bank or NBFC. Hence, you can enjoy an influx of savings through ₹2 Lakh FD interest for 1 year, 5 years, 10 years and more.

 

  • One-Time Effort:

Once you have invested in a fixed deposit, you can rest easy knowing that your savings and funds are safe and secure with the financial institution. By investing in a ₹2 Lakhs Fixed deposit, you can watch your money grow for the whole term or you can enjoy the monthly interest on ₹2 Lakh FD.

Check Monthly Interest Rate on your Fixed Deposits 

FAQs

  • ✔️What is the maximum interest I can get from monthly interest for ₹2 Lakh in banks of NBFCs in the form of an FD?

    Banks and NBFCs offer varied amounts of monthly interest on a ₹2 Lakhs fixed deposit ranging from 2.50% to as high as 7.60%. You can avail maximum interest per month on a ₹2 Lakhs fixed deposit as high as 7.60%. For a senior citizen the interest rate for a ₹2 Lakhs fixed deposit is higher as compared to a regular individual. Most banks and NBFCs offer an additional interest rate for senior citizens of 50 bps over the regular fixed deposit interest rates.

  • ✔️Does interest on ₹2 Lakh FD depend on the tenor?

    Yes, a ₹2 Lakh FD interest per month depends on the term you have chosen for your fixed deposit. The longer the term of your fixed deposit, the higher will be the fixed deposit interest for ₹2 lakhs investment. Higher interest rates are generated on a FD if the term/tenor of the FD is longer.

  • ✔️What is the TDS on ₹2 Lakhs FD interest income?

    It should be kept in mind by you while depositing your savings in a fixed deposit that 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 taken at source when the money is deposited into your bank account.  You will also be issued a TDS certificate or Form 26AS by the government who have deducted the TDS.

  • ✔️What are the documents required for ₹2 Lakhs fixed deposit?

    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, Driving licence 

    Address Proof: Passport, Electricity Bill, Telephone Bill, Bank Statement with cheque

    Signature Proof: Passport, PAN Card, Driving Licence

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

  • ✔️What is the eligibility criteria for ₹2 Lakhs fixed deposit?

    By fulfilling the given eligibility criteria you can invest ₹2 Lakhs in a fixed deposit:

    • Your age should be above the minimum age of 18 years old

    • You should have a PAN card with you issued in your name to be eligible for ₹2 Lakhs fixed deposit

    • If you are member of the Hindu Undivided family (H.U.F) you should have a separate PAN card issued in your name 

    • You can also open a fixed deposit of ₹2 Lakhs if you are a minor but you will be required a guardianship of a guardian

    • You should satisfy all the guidelines of the RBI (Reserve Bank of India) which curates age proof, identity proof, address proof among others. 

  • ✔️How to calculate FD interest on ₹2 Lakhs?

    You can simply calculate the monthly interest on ₹2 Lakhs fixed deposit by using the free Fixed Deposit Calculator. The calculator helps you to instantly know the monthly interest on your ₹2 Lakhs fixed deposit along with the maturity amount. You may follow the given steps below to calculate monthly interest on ₹2 Lakhs fixed deposit:

    • Select the customer type. You will receive the options of senior citizens and non-senior citizens.

    • Select the FD type. You can choose either a cumulative or a non-cumulative FD.

    • Now enter your deposit amount.

    • You can now 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 on 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 stands for the principal amount, i stands for the rate of interest per period and t stands for the tenor.