Monthly Interest for 10 Lakh Fixed Deposit (2024)

FAQs

Monthly Interest for 10 Lakh Fixed Deposit? ›

Using the Bajaj Finance calculator, we can estimate the monthly interest payout for a Rs. 15 lakh deposit with a tenure of 1 year and an interest rate of 7.39% to be Rs. 9,237.5. Different banks offer different interest rates for fixed deposits, and the interest rate may vary depending on the tenure of the deposit.

Using the Bajaj Finance calculator, we can estimate the monthly interest payout for a Rs. 15 lakh deposit with a tenure of 1 year and an interest rate of 7.39% to be Rs. 9,237.5. Different banks offer different interest rates for fixed deposits, and the interest rate may vary depending on the tenure of the deposit.

There are mainly two types of modes of receiving the interest. One is cumulative option where the interest is compounded on a quarterly, paid on the maturity of the FD/ autorenewed. The other is a non-cumulative option which is paid in the form of monthly interest or quarterly or on maturity.

Suppose you invest in post office fixed deposit (FD) for 5 years. At present, the interest rate given on the FD is 7.5 per cent. In such a situation, when you divide the current interest rate by 72, the answer will be 72/7.5 = 9.6. According to this calculation, your money will double in 9 years and 6 months.

As per the current Income Tax rules, the exemption limits vary based on the age and taxable income of the depositor. The exemption limit for TDS on FDs is Rs 40,000 for individuals excluding senior citizens. This means TDS will not be deducted if the interest earned on an FD in a financial year is below Rs 40,000.

Which FD is best, quarterly or monthly? ›

if you look at the interest offered by the banks for an FD with different frequencies (monthly, quarterly, semi-annually and annually) of payment, you will see that annual interest mode gets you a higher yield than semi-annually and quarterly yields are higher than monthly.

As you can see from the scenario above, choosing to be paid at maturity can sometimes earn you more in interest, because the higher interest rate can offset the value of compounding interest on the monthly option. Plus the longer you stow your money away, the more interest you'll earn.

When you invest Rs. 10 Lakh in FD, you have the flexibility to choose the investment duration; you can invest for a maximum duration of 60 months or five years. However, if you choose an investment tenure of two years and want to withdraw the funds before the maturity date, you may have to pay a penalty for the same.

By investing Rs. 10 lakh in an FD with Bajaj Finance for a long tenure, investors can enjoy a relatively higher interest rate. Adjusting the investment duration between 12 to 60 months enables investors to align FDs with their specific short-term or long-term financial goals.

Investing a large sum of money, such as 10 lakhs, in fixed deposits (FDs) can help you generate a steady monthly income and achieve your financial goals.

1 crore, the interest can range between 3-7% depending on the tenure. In most cases, the longer the term, the higher your returns because of the incremental holding period risk. Moreover, if you are a senior citizen, you will be offered an interest rate higher by 0.50-0.75% than a regular FD.

When you invest Rs. 10 Lakh in FD, you have the flexibility to choose the investment duration; you can invest for a maximum duration of 60 months or five years. However, if you choose an investment tenure of two years and want to withdraw the funds before the maturity date, you may have to pay a penalty for the same.