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.