Monthly FD Interest on ₹50 Lakh

This article will help you to explore the potential returns of investing ₹50 lakh in a monthly fixed deposit scheme. Discover the benefits and considerations of this investment option, providing a clear overview of the interest earnings you can anticipate on a monthly basis.

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What is FD Interest?

FD interest stands for Fixed Deposit interest. It is the interest you earn on your money when you deposit it in a bank for a fixed period.

FD interest rates are generally higher than what you get with regular savings accounts. This makes them a good option for people who are looking for a safe and guaranteed way to grow their money over a specific period.

Introduction to FD Calculator

An FD calculator, also known as a fixed deposit calculator or fixed deposit return calculator, is an online financial tool offered by many banks and financial institutions on their websites. It helps you estimate the maturity amount you will receive on your fixed deposit (FD) investment.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Monthly Interest on ₹50 Lakh FD in Different Banks

Interest rates on Fixed Deposits (FDs) can vary depending on the bank or type of FD (regular, senior citizen etc.). Let us learn the monthly interest on ₹50 lakh for various banks:

Public/Private Sector Banks and Small Finance Banks Regular Citizen FD Rates* (% p.a.) Monthly Interest Payout Senior Citizen FD Rates* (% p.a.) Monthly Interest Payout
SBI FD Rates 6.50% ₹31,701.65 7.50% ₹37,495.66
HDFC Bank FD Rates 7.00% ₹34,564.85 7.75% ₹38,986.9
ICICI Bank FD Rates 7.00% ₹34,564.85 7.50% ₹37,495.66
Axis Bank FD Rates 7.00% ₹34,564.85 7.75% ₹38,986.9
PNB FD Rates 6.50% ₹31,701.65 7.00% ₹34,564.85
Yes Bank FD Rates 7.25% ₹36,021.71 8.00% ₹40,495.61
Kotak Mahindra FD Rates 6.20% ₹30,015.56 6.70% ₹32,838.91
Bandhan Bank FD Rates 5.85% ₹28,078.15 6.60% ₹32,268.95
Suryoday SFB FD Rates 8.25% ₹42,022.00 8.75% ₹45,128.53
Ujjivan SFB FD Rates 7.20% ₹35,728.98 7.70% ₹38,687.26
ESAF SFB FD Rates 6.25% ₹30,294.93 6.75% ₹33,124.88
Unity SFB FD Rates 8.15% ₹41,409.31 8.65% ₹44,501.43
Citi Bank FD Rates 7.00% ₹34,564.85 7.75% ₹38,986.9
Barclays Bank FD Rates 6.27% ₹30,406.86 6.27% ₹30,406.86

*Disclaimer: The FD interest rates listed above are effective as on 01 April 2024 and are subject to change by the issuer any time.

Monthly Interest for ₹50 Lakh in FD for Different Interest Rates

Let us assume a ₹50 lakh FD with 5 years tenure and for different interest rates. The monthly FD interest on ₹50 lakh is as follows:

Deposit Amount (₹) Regular Citizen FD Rates* (% p.a.) Monthly Interest Payout (₹) Senior Citizen FD Rates* (% p.a.) Monthly Interest Payout (₹)
₹50 Lakh 3.50% ₹15,861.65 4.00% ₹18,349.16
₹50 Lakh 4.75% ₹22,191.83 5.25% ₹24,829.83
₹50 Lakh 5.75% ₹27,530.4 6.25% ₹30,294.93
₹50 Lakh 6.00% ₹28,904.58 6.50% ₹31,701.65
₹50 Lakh 6.80% ₹33,411.53 7.30% ₹36,315.13
₹50 Lakh 7.00% ₹34,564.85 7.50% ₹37,495.66
₹50 Lakh 6.75% ₹33,124.88 7.25% ₹36,021.71
₹50 Lakh 6.50% ₹31,701.65 7.50% ₹37,495.66

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People also read: Which Bank has the Highest FD Interest Rate?

Benefits of Investing in FD

Fixed deposits (FDs) are a popular investment option in India, especially for risk-averse investors. Some of the key benefits of investing in FDs are listed below:

  • Assured returns: Unlike stocks or mutual funds, FDs offer a fixed rate of interest that is predetermined at the time of investment. This provides stability and predictability to your investment.

  • Safety and security: FDs are considered a safe investment option. Deposits up to Rs 5 lakh are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) in case of bank failure.

  • Flexible tenure: FDs offer a wide range of tenures, ranging from 7 days to 10 years. This allows you to choose an investment period that aligns with your financial goals.

  • Liquidity: While FDs offer fixed tenure, some options provide liquidity. You can typically withdraw your money before maturity by paying a penalty. This provides some flexibility in case of emergencies.

  • Higher interest rates than savings accounts: FDs typically offer higher interest rates than regular savings accounts. This can help you grow your money at a faster pace.

  • Loan facility: Many banks allow you to take a loan against your FD. This can be helpful if you need money urgently.

  • Tax benefits: In some cases, FD investments can offer tax benefits. For example, the interest earned on tax-saving FDs (up to a certain limit) can be deducted from your taxable income under Section 80C of the Income Tax Act.

FD interest rates India have fallen consistently over the last 12 years.
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TDS for Fixed Deposit Interest on ₹50 Lakh

Whether or not TDS (Tax Deducted at Source) applies to the interest on your ₹50 lakh fixed deposit (FD) depends on two main factors:

  1. Total interest earned in a financial year:

    The Indian Income Tax Act mandates banks to deduct TDS on FD interest only if it exceeds a certain limit in a financial year. This limit is:

    • ₹40,000 for non-senior citizens.

    • ₹50,000 for senior citizens (individuals aged 60 years or above).

  2. PAN card:

    • If you have provided your PAN details to the bank, the TDS deduction rate will be 10% on the interest amount exceeding the limit.

    • If you have not provided your PAN, the bank is required to deduct TDS at a higher rate of 20% on the entire interest earned.

Allahabad Bank FD Interest Rates

Allahabad Bank FD Interest Rates

Andhra Bank FD Interest Rates

Andhra Bank FD Interest Rates

Assam Gramin Vikash Bank FD Interest Rates

Assam Gramin Vikash Bank FD Interest Rates

AU Small Finance Bank FD Interest Rates

AU Small Finance Bank FD Interest Rates

Axis Bank FD Rates

Axis Bank FD Rates

Bajaj Finance FD Interest Rates

Bajaj Finance FD Interest Rates

Bandhan Bank FD Interest Rates

Bandhan Bank FD Interest Rates

Bangiya Gramin Vikash Bank FD Interest Rates

Bangiya Gramin Vikash Bank FD Interest Rates

Bank of Baroda FD Interest Rates

Bank of Baroda FD Interest Rates

Bank of Ceylon FD Interest Rates

Bank of Ceylon FD Interest Rates

Bank of India FD Interest Rates

Bank of India FD Interest Rates

Bank of Maharashtra FD Interest Rates

Bank of Maharashtra FD Interest Rates

Baroda Gujarat Gramin Bank FD Interest Rates

Baroda Gujarat Gramin Bank FD Interest Rates

Canara Bank FD Interest Rates

Canara Bank FD Interest Rates

Capital Small Finance Bank FD Interest Rates

Capital Small Finance Bank FD Interest Rates

Central Bank of India FD Interest Rates

Central Bank of India FD Interest Rates

Citibank FD Interest Rates

Citibank FD Interest Rates

City Union Bank FD Interest Rates

City Union Bank FD Interest Rates

Corporation Bank FD Interest Rates

Corporation Bank FD Interest Rates

Dakshin Bihar Gramin Bank FD Interest Rates

Dakshin Bihar Gramin Bank FD Interest Rates

DBS Bank FD Interest Rates

DBS Bank FD Interest Rates

Dena Bank FD Interest Rates

Dena Bank FD Interest Rates

Dhanlaxmi Bank FD Interest Rates

Dhanlaxmi Bank FD Interest Rates

Equitas Small Finance Bank FD Interest Rates

Equitas Small Finance Bank FD Interest Rates

ESAF Small Finance Bank FD Interest Rates

ESAF Small Finance Bank FD Interest Rates

HDFC Bank FD Interest Rates

HDFC Bank FD Interest Rates

HSBC FD Interest Rates

HSBC FD Interest Rates

ICICI Bank FD Interest Rates

ICICI Bank FD Interest Rates

IDBI Bank FD Interest Rates

IDBI Bank FD Interest Rates

IDFC First Bank FD Interest Rates

IDFC First Bank FD Interest Rates

Indian Bank FD Interest Rates

Indian Bank FD Interest Rates

Indian Overseas Bank FD Interest Rates

Indian Overseas Bank FD Interest Rates

IndusInd Bank FD Interest Rates

IndusInd Bank FD Interest Rates

Jana Small Finance Bank FD Interest Rates

Jana Small Finance Bank FD Interest Rates

Karnataka Bank FD Interest Rates

Karnataka Bank FD Interest Rates

Kerala Gramin Bank FD Interest Rates

Kerala Gramin Bank FD Interest Rates

Kotak Mahindra Bank FD Interest Rates

Kotak Mahindra Bank FD Interest Rates

Lakshmi Vilas Bank FD Interest Rates

Lakshmi Vilas Bank FD Interest Rates

Muthoot Capital

Muthoot Capital

Nainital Bank FD Interest Rates

Nainital Bank FD Interest Rates

Odisha Gramya Bank FD Interest Rates

Odisha Gramya Bank FD Interest Rates

Paschim Banga Gramin Bank FD Interest Rates

Paschim Banga Gramin Bank FD Interest Rates

Paytm Payments Bank FD Interest Rates

Paytm Payments Bank FD Interest Rates

PNB FD Interest Rates

PNB FD Interest Rates

Prathama UP Gramin Bank FD Interest Rates

Prathama UP Gramin Bank FD Interest Rates

RBL Bank FD Rates

RBL Bank FD Rates

Saurashtra Gramin Bank FD Interest Rates

Saurashtra Gramin Bank FD Interest Rates

SBI FD Interest Rates

SBI FD Interest Rates

Shriram Finance FD Interest Rates

Shriram Finance FD Interest Rates

State Bank of Hyderabad FD Interest Rates

State Bank of Hyderabad FD Interest Rates

State Bank of Mysore FD Interest Rates

State Bank of Mysore FD Interest Rates

State Bank of Travancore FD Interest Rates

State Bank of Travancore FD Interest Rates

Syndicate Bank FD Interest Rates

Syndicate Bank FD Interest Rates

Tamil Nadu Grama Bank FD Interest Rates

Tamil Nadu Grama Bank FD Interest Rates

Telangana Grameena Bank FD Interest Rates

Telangana Grameena Bank FD Interest Rates

Tripura Gramin Bank FD Interest Rates

Tripura Gramin Bank FD Interest Rates

UCO Bank FD Interest Rates

UCO Bank FD Interest Rates

Ujjivan Small Finance Bank FD Interest Rates

Ujjivan Small Finance Bank FD Interest Rates

Union Bank of India FD Interest Rates

Union Bank of India FD Interest Rates

Uttar Bihar Gramin Bank FD Interest Rates

Uttar Bihar Gramin Bank FD Interest Rates

Uttarakhand Gramin Bank FD Interest Rates

Uttarakhand Gramin Bank FD Interest Rates

Vijaya Bank FD Interest Rates

Vijaya Bank FD Interest Rates

Yes Bank FD Interest Rates

Yes Bank FD Interest Rates

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In Conclusion

Investing ₹50 lakh in a monthly fixed deposit offers a stable and reliable source of interest income. With careful planning and consideration of interest rates and tenure, you can maximize returns and achieve financial goals effectively.

FAQs

  • What is 50 lakh monthly interest?

    The monthly interest earned on a 50 lakh deposit can be calculated based on the interest rate offered by the bank or NBFC (Non-Banking Financial Company).

    For example, if the interest rate is 7.5% per annum, the monthly interest on a 50 lakh deposit for 5 years tenure would be around ₹37,495 (assuming monthly interest payout).

  • What is the interest rate for a 50 lakhs fixed deposit in SBI?

    As of today, April 1, 2024, SBI's interest rates for FD tenure of 5 years is 7.60%. With this rate, the monthly interest on a 50 lakh deposit in SBI would be around ₹31,667 (assuming monthly interest payout).
  • Are there any taxes deducted from the monthly interest on my FD?

    Yes, if your total FD interest for the year exceeds ₹40,000, a Tax Deducted at Source (TDS) of 10% will be applied.
  • Is a ₹50 lakh FD safe?

    Deposits up to ₹5 lakh per bank account are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) in India. For larger deposits, consider spreading them across multiple banks to maximize coverage.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
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