Monthly Interest Rates for Rs. 60 lakh Fixed Deposit

Learn how much monthly interest can you earn with Rs. 60 lakh FD.
Rs. 60 lakh FD
4 mins
16 January 2024

Investing is important for making money and achieving long-term financial goals. There are different ways to invest, like stocks, bonds, mutual funds, and fixed deposits. If you want a safe investment option, you can consider fixed deposits (FDs). FDs usually give more interest than regular savings accounts, making them good for low-risk investment option. NBFC's like Bajaj Finance offer one of the highest interest rates up to 8.85% p.a. on their FD. This article will help you understand how much money you can make by investing Rs. 60 lakh in an FD.

How much monthly interest can you earn on a Rs. 60 lakh FD

Different financial institution offers different interest rates for fixed deposits, and the interest rate may vary depending on the tenure and payout frequency of the deposit. Always check with your financial institution for latest rates before investing. In India, fixed deposit interest rates generally range from 5% to 10%.

For a fixed deposit of Rs. 60 lakh, the interest rate and payout frequency will determine the amount of interest earned. For example, monthly interest payout for a Rs. 60 lakh deposit with a tenure of 1 year and an interest rate of 8.85% to be Rs. 44,250.

Pro tip

Enjoy higher interest rate with Bajaj Finance Digital FD. Unlock returns of up to 8.85% p.a. by investing for 42 months via our website and app.

FD Monthly Interest Pay-out for Deposits of Rs. 60 lakh

Amount

Interest rate(p.a.)

Interest per month

Rs. 60 lakh

6%

Rs. 30,000.00

Rs. 60 lakh

6.50%

Rs. 32,500.00

Rs. 60 lakh

7%

Rs. 35,000.00

Rs. 60 lakh

7.50%

Rs. 37,500.00

Rs. 60 lakh

8%

Rs. 40,000.00

Rs. 60 lakh

8.50%

Rs. 42,500.00

Rs. 60 lakh

9%

Rs. 45,000.00

Rs. 60 lakh

9.50%

Rs. 47,500.00

Rs. 60 lakh

10.00%

Rs. 50,000.00


Factors Affecting FD Rates

  1. Repo Rate: Changes in the repo rate set by the RBI can influence FD rates. A higher repo rate generally leads to higher FD rates as financial institution try to attract more funds from investors.
  2. Banks' Liquidity Needs: If a bank needs more funds to meet its lending requirements, it might raise FD rates to attract deposits, and if a bank has excess liquidity, it may lower FD rates.
  3. Automatic Renewals: Opting for automatic renewals can be beneficial. When your Fixed Deposit (FD) matures, renewing it at the current interest rate can give you higher interest rates, if interest rates have gone up at the time renewal.
  4. Age Consideration: Many financial institutions offer higher FD rates for senior citizens. Before investing, check for age-specific benefits that can increase your returns.
  5. Maturity Period: FD rates often vary based on the duration of the fixed deposit. Generally, longer-term deposits can offer higher interest rates.

Following are the calculations if you invest Rs. 60 lakh in Bajaj Finance fixed deposit

1. For citizens below the age of 60

Amount

Tenure

Interest rate(p.a.)

Interest earning

Total maturity amount

Rs. 60 lakh

12 months

7.40%

Rs. 4,44,000

Rs. 16,11,000

Rs. 60 lakh

24 months

7.80%

Rs. 9,40,201

Rs. 69,40,201

Rs. 60 lakh

36 months

8.10%

Rs. 15,68,774

Rs. 75,68,774

Rs. 60 lakh

60 months

8.10%

Rs. 28,36,395

Rs. 88,36,395


2. For senior citizens

Amount

Tenure

Interest rate(p.a.)

Interest earning

Total maturity amount

Rs. 60 lakh

12 months

7.65%

Rs. 4,59,000

Rs. 64,59,000

Rs. 60 lakh

24 months

8.20%

Rs. 9,72,505

Rs. 69,72,505

Rs. 60 lakh

36 months

8.35%

Rs. 16,21,433

Rs. 76,21,433

Rs. 60 lakh

60 months

8.35%

Rs. 29,39,095

Rs. 89,39,095


Bajaj Finance Digital FD

In 2024, Bajaj Finance has introduced "Digital FD" for a tenure of 42 months. Investors can only invest in the Digital FD online, through the Bajaj Finserv website or app. Senior citizens can get a higher-interest rate of up to 8.85% p.a., while those below 60 years of age can get up to 8.60% p.a.

Here your interest earning if you invest Rs. 60 lakh in Bajaj Finance Digital FD

Customer type

Amount

Tenure

Interest rate(p.a.)

Interest earning

Total maturity amount

Citizens below the age of 60

Rs. 60 lakh

42 months

8.60%

Rs. 20,08,582

Rs. 80,08,582

Senior citizen

Rs. 60 lakh

42 months

8.85%

Rs. 20,73,294

Rs. 80,73,294


Conclusion

Fixed Deposit (FD) is an ideal investment option for those who are looking for fixed returns. By investing in FDs, investors can diversify their portfolio and ensure consistent returns, making it a reliable and popular investment option. It is important to note that, whether opting for FD or any other investment option, understanding the various parameters and potential returns is crucial for making informed investment decisions.

Disclaimer

As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer https://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.