Monthly interest on Rs. 10 Lakh Fixed Deposit
If you are looking for an investment that provides good returns while preserving your capital, do not look further than a fixed deposit. From convenience to liquidity, FDs are one of the best investment options for people who want monthly interest.
However, it is crucial to remember that different banks have different interest rates. To help you make the best decision, we’ve compiled a list of ₹10 lakh FD interest per month from various scheduled banks in this blog.
Monthly Interest for 10 Lakh FD in Different Banks
Here is an overview of the estimated monthly interest you will receive by opening ₹10 lakh FDs in India’s top 20 scheduled banks.
Bank Name | Interest Rate p.a. | Monthly Interest |
State Bank of India | 6.80% | ₹5,666 |
Axis Bank | 6.70% | ₹5,583 |
ICICI Bank | 7.10% | ₹5,916 |
HDFC Bank | 6.60% | ₹5,500 |
Punjab and Sind Bank | 6.40% | ₹5,333 |
Central Bank of India | 6.75% | ₹5,625 |
RBL Bank | 7.00% | ₹5,833 |
Punjab National Bank | 6.75% | ₹5,625 |
Bank of Baroda | 6.75% | ₹5,625 |
AU Small Finance Bank | 6.75% | ₹5,625 |
Bank of Maharashtra | 6.50% | ₹5416 |
Indian Overseas Bank | 6.50% | ₹5416 |
Canara Bank | 6.90% | ₹5,750 |
YES Bank | 7.25% | ₹6,041 |
IndusInd Bank | 7.50% | ₹6,250 |
Unity Small Finance Bank Limited | 7.35% | ₹6,125 |
IDFC First Bank | 6.50% | ₹5,416 |
Federal Bank | 6.80% | ₹5,666 |
UCO Bank | 6.50% | ₹5,416 |
Ujjivan Small Finance Bank Ltd | 8.25% | ₹6,875 |
*These interest rates are applicable to the general public and are taken for fixed deposits with a tenure of 1 year.
Explore: Monthly Interest for 1 Lakh in Fixed Deposit
Documents Required for Opening 10 Lakh FD
While different banks can have different document requirements, they all require the following crucial documents:
- Bank application form
- Identity proof (Aadhar card, passport, driving license, voter ID card, PAN card, etc.)
- Address proof (electricity bill, passport, telephone bill, or bank statement with a cheque)
- Photographs
Many banks have also started offering online FD openings. All you have to do is open the app or website and select one from the different FDs available. The entire process is paperless and takes only a few minutes to complete.
Why are FDs Preferred?
FDs are one of the most popular investment options due to a variety of reasons:
Fixed Returns
Fixed deposits carry fixed returns. They remain unaffected by market changes. Moreover, interest on FDs is higher than interest on savings accounts. Therefore, not only is your interest guaranteed, but it is also higher than what you’ve gotten otherwise.
Highly Liquid
Another feature that makes FDs a great option is that they are highly liquid. You can get money almost instantly in your account in case of any emergencies. However, some banks may charge a small penalty fee for breaking FDs prematurely.
Flexible FD Tenure
You can choose the period you want to open an FD for. You can open one for a few months, one year, more than one year, and even a few days.
Loan Against FD
You can use your FD amount to take out a loan from the financial institution. Many banks offer up to 90-95% loan-to-value ratios. And that’s not the only benefit. Many banks do not charge processing fees and offer a lower interest rate compared to other loan options.
Final Words
Armed with the knowledge of ₹10 lakh FD interest per month from different scheduled banks, you can choose the option that suits you the best. While making your decision, do not only look at the interest rates; consider the bank’s credibility, reputation, tenure options, penalties for premature withdrawal, and online banking facilities as well.
FAQs
Can I withdraw my FD before maturity?
Yes, it is possible to withdraw your FD before maturity. You may have to pay a penalty fee to do so. However, this is not possible in the case of a tax-saving FD.
Are there any special FD schemes for senior citizens?
Many banks offer special FD schemes with a higher interest rate for senior citizens. You can find these schemes and their benefits on your bank’s website.