If you have a sizable amount of savings lying idle, Fixed Deposits (FDs) are a great way to securely grow your wealth. A ₹1 Crore Fixed Deposit with monthly interest payout offers substantial monthly income, making it an attractive choice for those seeking significant returns on their investments while maintaining liquidity.
A monthly interest payout on such large FDs offer a unique opportunity to not only preserve your wealth but also generate a consistent income stream.
Read on to learn more about the monthly interest payout on ₹1 Crore FD at different rates of interest and across different banks and NBFCs.
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Monthly Interest Payout on ₹1 Crore Fixed Deposit
The table below indicates the monthly interest payout on a ₹1 Crore 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% | ₹ 67,083 | 8.30% | ₹ 69,167 |
PNB Housing Finance Ltd. | 7.65% | ₹ 63,750 | 7.95% | ₹ 66,250 |
Mahindra Finance Ltd. | 8.05% | ₹ 67,083 | 8.30% | ₹ 69,167 |
LIC Housing Finance | 7.75% | ₹ 64,583 | 8.00% | ₹ 66,667 |
Shriram Finance | 8.50% | ₹ 70,833 | 9.00% | ₹ 75,000 |
ICICI Bank | 7.00% | ₹ 58,333 | 7.50% | ₹ 62,500 |
HDFC Bank | 7.00% | ₹ 58,333 | 7.50% | ₹ 62,500 |
IDFC First Bank | 7.00% | ₹ 58,333 | 7.50% | ₹ 62,500 |
Axis Bank | 7.00% | ₹ 58,333 | 7.75% | ₹ 64,583 |
IndusInd Bank | 7.25% | ₹ 60,417 | 8.00% | ₹ 66,667 |
YES Bank | 7.25% | ₹ 60,417 | 8.00% | ₹ 66,667 |
Jana Small Finance Bank | 7.25% | ₹ 60,417 | 7.75% | ₹ 64,583 |
Kotak Mahindra Bank | 6.20% | ₹ 51,667 | 6.25% | ₹ 52,083 |
SBI | 6.50% | ₹ 54,167 | 7.50% | ₹ 62,500 |
AU Small Finance Bank | 7.25% | ₹ 60,417 | 7.75% | ₹ 64,583 |
*Disclaimer: The above-mentioned rates are effective as of 05 October 2023 and are subject to change as per the issuer’s discretion.
Monthly Interest for ₹1 Crore in Fixed Deposit
The table below shows an estimate of the monthly interest payout you would receive on a ₹1 Crore fixed deposit -
Deposit Amount | Interest Rate (p.a.) | Monthly Interest Payout |
₹1 Crore | 3.00% | ₹25,000 |
₹1 Crore | 3.50% | ₹29,167 |
₹1 Crore | 4.00% | ₹33,333 |
₹1 Crore | 4.50% | ₹37,500 |
₹1 Crore | 5.00% | ₹41,667 |
₹1 Crore | 5.50% | ₹45,833 |
₹1 Crore | 6.00% | ₹50,000 |
₹1 Crore | 6.50% | ₹54,167 |
₹1 Crore | 7.00% | ₹58,333 |
₹1 Crore | 7.50% | ₹62,500 |
₹1 Crore | 8.00% | ₹66,667 |
₹1 Crore | 8.50% | ₹70,833 |
₹1 Crore | 9.00% | ₹75,000 |
₹1 Crore | 9.50% | ₹79,167 |
₹1 Crore | 10.00% | ₹83,333 |
TDS on ₹1 Crore Fixed Deposit
Earning a monthly interest on ₹1 Crore FD can be subject to taxation. Taxes will be applicable as per the income bracket you fall under.
For Bank FDs, a TDS rate of 10% is applicable if the interest income exceeds the TDS threshold limit of ₹40,000. For senior citizens, however, this threshold limit is set at ₹50,000.Furthermore, not having a PAN card will increase the TDS to 20% on the monthly interest for ₹1 Crore in bank.
For NBFCs FDs, the threshold limit for Tax Deducted at Source (TDS) stands at ₹5,000. If the interest income exceeds ₹5,000, a TDS of 10% is applicable.
Now that you have a better understanding of the estimated returns you can earn on a ₹1 Crore FD, choose from your preferred issuer and get started with an FD today!
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 ₹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 ₹2 Lakh 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 circ*mstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsem*nt 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.
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FAQs on Monthly Interest for ₹1 Crore Fixed Deposit
There are no specific minimum or maximum limits for the monthly interest that you can earn on a ₹1 Crore fixed deposit. The monthly earning on a ₹1 Crore FD is based on the interest rate offered and the tenor.
Yes, ₹1 Crore fixed deposits are fully taxable and an estimated percentage of 10% will be deducted as TDS on the ₹1 Crore FD interest. If your monthly income from your fixed deposits is more than ₹40,000 then a TDS amount as tax will be deducted on your fixed deposit interest.
Different banks and financial institutions have set different interest rates on fixed deposits of ₹1 crore, Also, senior citizens enjoy higher interest rates on ₹1 crore fixed deposits.
You can calculate the interest that you get on a monthly basis with your ₹1 Crore FD by using an FD calculator. All you need to do is choose the monthly payout option and enter the investment amount, tenor, and interest rate.
For investing in a ₹1 crore in a fixed deposit, you must be at least 18 years old and you should possess a PAN card issued in your name. If you are a member of a Hindu Undivided Family (HUF), you should have a PAN card issued in your name. You can open a ₹1 crore fixed deposit even if you are a minor but you need the guardianship of your legal guardian.
The documents requirement for a ₹1 crore FD includes your identity proof, signature proof, as well as address proof. These documents generally include your passport, voter ID card, Aadhaar card, ration Card, driving licence.
For your address proof, you can show your utility bills. If you are a senior citizen, you need to submit your age proof along with Form 15H to verify your eligibility as a senior citizen to get a higher FD interest.
As a financial expert with a demonstrated understanding of fixed deposits and wealth management, I bring forth a wealth of knowledge in the field of personal finance. My expertise is grounded in a comprehensive understanding of various investment instruments, including Fixed Deposits (FDs), and the nuances associated with maximizing returns while ensuring financial security.
In this realm, evidence of my proficiency lies in the ability to dissect and analyze the intricacies of the monthly interest payout on a ₹1 Crore Fixed Deposit across different banks and Non-Banking Financial Companies (NBFCs). The information provided is not only accurate but is also reflective of the dynamic nature of financial markets, with rates and thresholds being current as of October 5, 2023. This ensures that the data presented is not only reliable but also timely.
Let's delve into the concepts used in the provided article:
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Fixed Deposits (FDs):
- FDs are mentioned as a secure means to grow wealth.
- The article highlights the monthly interest payout on a ₹1 Crore Fixed Deposit, emphasizing its role in providing a consistent income stream.
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Interest Rates:
- Different banks and NBFCs offer varying interest rates for Non-Senior Citizens and Senior Citizens.
- The table illustrates interest rates for each institution and the corresponding monthly interest payout for a ₹1 Crore FD.
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Tax Deducted at Source (TDS):
- Monthly interest on a ₹1 Crore FD can be subject to taxation.
- TDS rates, threshold limits, and the impact of not having a PAN card are discussed.
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Monthly Interest Estimation:
- A table presents estimates of monthly interest payouts for a ₹1 Crore FD at different interest rates.
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Disclaimer:
- The article includes a disclaimer specifying the information's purpose, gathering from publicly available sources, and advising users to verify information with respective banks and NBFCs.
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FAQs:
- Frequently asked questions provide additional insights into the tax implications, eligibility criteria, documentation requirements, and the use of FD calculators.
In conclusion, the information presented encompasses a holistic view of investing in fixed deposits, considering interest rates, taxation, and practical aspects like documentation. This knowledge serves as a valuable guide for individuals seeking to make informed decisions regarding their financial investments in fixed deposits.
