Monthly Interest Rates for a Rs. 10 Lakh Fixed Deposit

Our comprehensive analysis helps you navigate and choose the best options for optimal returns.
Monthly returns on Rs. 10 Lakh FD
4 mins
7 February 2024

Inflation arises as the prices of goods and services rise over time, causing a decline in the purchasing power of currency. Opting for high-interest Fixed Deposits (FDs), such as those offered by Bajaj Finance, represents a wise decision for investors seeking to outpace inflation and enhance their wealth.

Bajaj Finance offers competitive FD rates of up to 8.85% p.a., making it an excellent option for investors. With a reliable history, flexible investment periods, and extra advantages, Bajaj Finance is a trustworthy platform for those seeking to maximise returns on their FD investments.

Some benefits of Fixed Deposits

Fixed Deposits (FDs) present several advantages for investors, including assured returns and capital protection. This key feature ensures a stable and predictable income stream, with Bajaj Finance, a renowned name in financial world, offering competitive interest rates. This not only guarantees consistent returns but also safeguards the invested capital.

Moreover, safety and security are paramount for investors, and Bajaj Finance Fixed Deposits stand out for their robust financial standing. Achieving the highest safety ratings like CRISIL AAA/STABLE and [ICRA]AAA(STABLE), these FDs provide an additional layer of assurance for those concerned about the safety of their hard-earned money.

Additionally, Bajaj Finance offers flexibility in the tenure of Fixed Deposits, allowing investors to customise their investments to meet specific financial goals. Whether catering to short-term liquidity needs or aiming for long-term wealth creation, FDs from Bajaj Finance provide tenures that align with diverse financial aspirations.

With Bajaj Finance, investors have the flexibility of choosing two types of fixed deposits:

  1. Cumulative fixed deposit.
  2. Non-cumulative fixed deposit.

The non-cumulative FD proves beneficial for those desiring a consistent income, featuring monthly interest payouts. This type is particularly suitable for a monthly interest plan on a fixed deposit of Rs. 10 Lakh.

In contrast, the cumulative FD is the preferred choice for investors with long-term financial objectives, emphasising both safety and growth over time. With these FDs, the principal amount, along with the accrued interest, is received in a lump sum on the maturity date.

Monthly interest payout for a Rs. 10 Lakh Fixed Deposit

The table below presents the interest amounts earned, considering various interest rates, for an investment of Rs. 10 Lakh in an FD:

Deposit Amount

Interest Rate (p.a.)

Monthly Interest Payout

Rs. 10 Lakh

6.00%

Rs. 5,000

Rs. 10 Lakh

6.50%

Rs. 5,416

Rs. 10 Lakh

7.00%

Rs. 5,833

Rs. 10 Lakh

7.50%

Rs. 6,250

Rs. 10 Lakh

8.00%

Rs. 6,667

Rs. 10 Lakh

8.50%

Rs. 7,083

Rs. 10 Lakh

9.00%

Rs. 7,500

Rs. 10 Lakh

9.50%

Rs. 7,717

Rs. 10 Lakh

10.00%

Rs. 8,333


What monthly interest can be generated from a Rs. 10 Lakh fixed deposit?

By investing Rs. 10 Lakh in an FD with Bajaj Finance for a long tenure, investors can enjoy a relatively higher interest rate. Adjusting the investment duration between 12 to 60 months enables investors to align FDs with their specific short-term or long-term financial goals.

The following table shows the FD interest rates offered by Bajaj Finance on an FD of Rs. 10 Lakh for a tenure of 60 months:

Payout frequency

FD rates (Customers below the age of 60)

FD rates (Senior Citizens)

Monthly

7.77%

8.00%

Quarterly

7.82%

8.05%

Half-yearly

77.89%

87.89%

Yearly

8.05%

8.30%

At Maturity

8.05%

8.30%


Here are the interest earnings calculations for a Rs. 10 Lakh fixed deposit with “monthly” selected as the payout frequency.

For customers below 60 years investing in an FD:

Deposit Amount

Tenure

Interest rate (Payout frequency: Monthly)

Total Interest

Maturity Amount

Rs. 10 Lakh

12 months

7.16%

Rs. 71,600

Rs. 10,71,600

Rs. 10 Lakh

24 months

77.30%

Rs. 1,46,000

Rs. 11,46,000

Rs. 10 Lakh

36 months

7.77%

Rs. 2,33,100

Rs. 12,33,100

Rs. 10 Lakh

44 months

8.05%

Rs. 2,95,167

Rs. 12,95,167

Rs. 10 Lakh

60 months

7.77%

Rs. 3,88,500

Rs. 13,88,500


*All calculations are done using the Bajaj Finance FD Calculator

Senior citizens investing in an FD:

Deposit Amount

Tenure

Interest rate (Payout frequency: Monthly)

Total Interest

Maturity Amount

Rs. 10 Lakh

12 months

7.39%

Rs. 73,900

Rs. 10,73,900

Rs. 10 Lakh

24 months

7.53%

Rs. 1,50,600

Rs. 11,50,600

Rs. 10 Lakh

36 months

8.00%

Rs. 2,40,000

Rs. 12,40,000

Rs. 10 Lakh

44 months

8.28%

Rs. 3,03,600

Rs. 13,03,600

Rs. 10 Lakh

60 months

8.00%

Rs. 4,00,000

Rs. 14,00,000


*All calculations are done using the Bajaj Finance FD Calculator

Enhanced benefits for senior citizens and flexible earnings options on Bajaj Finance Fixed Deposits

Senior citizens can enjoy benefits when investing Rs. 10 Lakh fixed deposit with Bajaj Finance, as they receive a higher interest rate compared to customers below the age of 60.

When opting for a non-cumulative fixed deposit with Bajaj Finance, investors have the opportunity to earn a fixed monthly interest on their Rs. 10 Lakh deposit. This stands in contrast to the cumulative FD option, where a lump sum amount is received at the maturity date.

The non-cumulative option provides the flexibility of choosing periodic payouts, including monthly, quarterly, half-yearly, or yearly, allowing investors to tailor their earnings strategy based on their financial preferences and needs.

Here's the step-by-step guide on how to invest in a Bajaj Finance Fixed Deposit

  • To initiate the process, click on 'Open FD' located at the top of this page to access our online application form.
  • Share your 10-digit mobile number and validate it by entering the OTP sent to your phone.
  • Input the desired investment amount, select the investment tenure, and specify the payout frequency. Additionally, add your PAN card details and date of birth.
  • Fulfil your KYC requirements: For existing customers, verify the provided details or make necessary edits. New customers can complete their KYC using their Aadhaar Card.
  • A declaration outlining the terms and conditions will be presented. Thoroughly review it and consent to the terms. Enter your bank details and proceed with the payment.
  • Finalise your investment using either Net Banking/UPI or NEFT/RTGS.

Once your fixed deposit is confirmed, you will receive the Fixed Deposit Acknowledgement (FDA) in your registered email address and as a link on your mobile number. An Electronic Fixed Deposit Receipt (e-FDR) will also be dispatched to your email ID within 3 working days, contingent on the correct order of documents.

Here is the eligibility criteria and documents required for opening a Rs. 10 Lakh FD

Anyone can book our fixed deposit if they meet the basic criteria mentioned below.

  • Nationality: Resident Indians / Non-Resident Indians
  • Investor Type: Individuals, Senior Citizens, Minors, Sole Proprietorships, Partnership Firms, HUFs, Clubs, Associations, Societies, and Family Trusts
  • Documents Required: PAN and any KYC document: Aadhaar card/Passport/Driving license/Voter ID

*Documents can also be fetched from registered KYC.

You can update KYC Via CKYC, OKYC & Digi locker

Non-Resident Indians (NRIs), Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI) can connect with our representative or write to us on wecare@bajajfinserv.in.

Calculate your expected investment returns with the help of our investment calculators

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Frequently asked questions

What is the Digital FD offered by Bajaj Finance?

Bajaj Finance has launched a new FD type called "Bajaj Finance Digital FD" for a period of 42 months. Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a. for senior citizens and for the customers below the age of 60 they are providing up to 8.60% p.a. The Digital FD can be booked and managed only through the Bajaj Finserv website or app.

Can NRIs open a Rs. 10 lakh FD?

Yes, NRIs can open a Rs. 10 lakh Fixed Deposit in India. However, the eligibility criteria and terms may vary among banks and NBFC.

Are Rs. 10 lakh FDs taxable?

Yes, Rs. 10 lakh FDs are subject to taxation. The interest earned on fixed deposits is considered a part of an individual's taxable income. The interest is added to the total income and taxed based on the applicable income tax slab.

Is there a minimum and maximum cap of interest rate for a fixed deposit of Rs. 10 lakhs?

There is no fixed minimum or maximum cap on interest rates for a Rs. 10 lakh FD. The interest rates vary among financial institution.

What are the eligibility criteria for a Rs. 10 lakh fixed deposit?

The eligibility criteria for a Rs. 10 lakh Fixed Deposit generally involve being an adult and complying with the bank's KYC requirements. Banks may have specific criteria, so it's advisable to check with the chosen bank for any additional conditions.

Can I take a loan against my 10 lakh Fixed Deposit?

Yes, you can usually take a loan against your Rs. 10 lakh Fixed Deposit. Financial institutions such as Bajaj Finance offer loan against FD at up to 75% of the deposit value.

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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.