Fixed Deposits (FDs) are a popular investment option in India, offering guaranteed returns on a deposited amount for a predetermined tenure. Interest rates on FDs vary depending on the financial institution, deposit amount, and tenure.
A ₹1 Crore FD can generate significant interest income. Rates typically range between 3.50% and 9.25% per year, depending on the bank you choose and the length of your deposit. Also, many banks offer senior citizen FDs with interest rates 0.50-0.75% higher than regular FDs.
A ₹1 Crore FD can generate significant interest income due to the large principal amount. With interest rates typically ranging between 3.50% and 9.25% per annum (p.a.), you can earn a substantial sum over the tenure of the FD.
For Example: If we consider a 6% annual interest rate on a ₹1 Crore FD, you can expect an approximate monthly interest of ₹50,000.
Monthly Interest Rate on ₹1 Crore Fixed Deposit
For a fixed deposit of ₹1 crore, even a small difference in the monthly interest rate can mean a significant variation in the total interest earned over the tenure of the deposit. Therefore, it is essential to know the monthly and yearly interest rate for ₹1 crore Fixed Deposit.
| Interest Rate | Monthly Interest for ₹1 Crore FD | Yearly Interest for ₹1 Crore FD |
|---|---|---|
| 4% | ₹33,836 | ₹4,06,040 |
| 4.5% | ₹38,137 | ₹4,57,651 |
| 5% | ₹42,454 | ₹5,09,453 |
| 5.5% | ₹46,787 | ₹5,61,448 |
| 6% | ₹51,136 | ₹6,13,636 |
| 6.5% | ₹55,501 | ₹6,66,016 |
| 7% | ₹59,882 | ₹7,18,590 |
| 7.5% | ₹64,279 | ₹7,71,359 |
| 8% | ₹68,693 | ₹68,693 |
| 8.5% | ₹73,123 | ₹8,77,480 |
| 9% | ₹77,569 | ₹9,30,833 |
| 9.5% | ₹82,031 | ₹9,84,383 |
| 10% | ₹86,510 | ₹10,38,129 |
Note: The above table indicates how much interest you will each pay for the various rates. This interest rate is subject to change.
Comparative Analysis of FD Rates From Top Lenders
For investors with substantial capital, such as ₹1 Crore, maximizing monthly interest income becomes the primary consideration when choosing an FD. So, before you invest a lump sum of ₹1 Crore in FD, it is advisable to check and compare FD interest rates given by the top lenders.
Let’s consider the interest rates offered by various lenders in the case of a ₹1 Crore FD for 1 year.
₹1 Crore FD Monthly Interest For General Public Vs Senior Citizens
The table below provides a clear comparison of the monthly interest earned on a ₹1 Crore FD for both the general public and senior citizens.
| Bank | Interest Rate (p.a.) (For General Public) | Monthly Interest (For General Public) | Interest Rate (p.a.) (For Senior Citizens) | Monthly Interest (For Senior Citizens) |
|---|---|---|---|---|
| Bandhan Bank | 7.85% | ₹67,367 | 8.35% | ₹71,792 |
| RBL Bank | 7.80% | ₹66,926 | 8.30% | ₹71,349 |
| YES Bank | 7.75% | ₹66,484 | 8.25% | ₹70,906 |
| Indian Overseas Bank | 7.25% | ₹62,079 | 8.25% | ₹70,906 |
| IndusInd Bank | 7.25% | ₹62,079 | 7.75% | ₹66,484 |
| Punjab National Bank | 7.25% | ₹62,079 | 7.75% | ₹66,484 |
| Indian Bank | 7.25% | ₹62,079 | 7.75% | ₹66,484 |
| State Bank of India | 7.10% | ₹60,760 | 7.60% | ₹65,161 |
| Union Bank of India | 6.70% | ₹57,251 | 6.95% | ₹59,443 |
Note- Please note that the interest rates are subject to change. Please check the official website for the latest information.
Monthly Interest for ₹1 Crore FD in Public Sector Banks
The table below provides a clear comparison of the monthly interest earned on a ₹1 Crore FD in public sector banks.
| Public Sector Banks | Interest Rates | Monthly Interest for ₹1 Crore FD |
|---|---|---|
| Punjab & Sind Bank | 7.40% | ₹63,399 |
| Indian Overseas Bank | 7.30% | ₹62,519 |
| Indian Bank | 7.25% | ₹62,079 |
| Punjab National Bank | 7.25% | ₹62,079 |
| Union Bank of India | 7.25% | ₹62,079 |
| Bank of India | 7.25% | ₹62,079 |
| Canara Bank | 7.25% | ₹62,079 |
| Central Bank of India | 7.25% | ₹62,079 |
| Bank of Baroda | 7.25% | ₹62,079 |
| State Bank of India | 7.10% | ₹60,760 |
| Bank of Maharashtra | 6.50% | ₹55,501 |
| UCO Bank | 6.50% | ₹55,501 |
Note- Please note that the interest rates are subject to change. Please check the official website for the latest information.
Monthly Interest for ₹1 Crore FD in Private Sector Banks
The table below provides a clear comparison of the monthly interest earned on a ₹1 Crore FD in private sector banks.
| Private Sector Banks | Interest Rates | Monthly Interest for ₹25 Lakhs FD |
|---|---|---|
| IndusInd Bank | 7.75% | ₹66,484 |
| RBL Bank | 7.50% | ₹64,279 |
| Bandhan Bank | 7.25% | ₹62,079 |
| DCB Bank | 7.15% | ₹61,200 |
| Karur Vysya Bank | 7.00% | ₹59,882 |
| Federal Bank | 6.80% | ₹58,128 |
| City Union Bank | 6.75% | ₹57,689 |
| Axis Bank | 6.70% | ₹57,251 |
| ICICI Bank | 6.70% | ₹57,251 |
| HDFC Bank | 6.60% | ₹56,376 |
| IDFC First Bank | 6.50% | ₹56,376 |
Note-Please note that the interest rates are subject to change. Please check the official website for the latest information.
Monthly Interest for ₹1 Crore FD in Small Finance Banks
The table below provides a clear comparison of the monthly interest earned on a ₹1 Crore FD in small finance banks.
| Small Finance Banks | Interest Rates | Monthly Interest for ₹25 Lakhs FD |
|---|---|---|
| Shivalik Small Finance Bank Limited | 8.70% | ₹74,899 |
| Jana Small Finance Bank | 8.50% | ₹73,123 |
| Ujjivan Small Finance Bank | 8.25% | ₹70,906 |
| Equitas Small Finance Bank | 8.20% | ₹70,463 |
| Utkarsh Small Finance Bank | 8.00% | ₹68,693 |
| Unity Small Finance Bank | 7.85% | ₹67,367 |
| North East Small Finance Bank | 7.75% | ₹66,484 |
| AU Small Finance Bank | 7.75% | ₹66,484 |
| Fincare Small Finance Bank | 7.65% | ₹65,602 |
| Capital Small Finance Bank Limited | 7.50% | ₹64,279 |
| Suryoday Small Finance Bank | 6.85% | ₹58,566 |
| ESAF Small Finance Bank | 6.00% | ₹51,136 |
Note- Please note that the interest rates are subject to change. Please check the official website for the latest information.
Monthly Interest on ₹1 Crore FD in NBFCs
| NBFCs | Interest Rates | Monthly Interest for ₹15 Lakhs FD |
|---|---|---|
| Shriram Finance | 8.6% | ₹74,011 |
| Shriram Finance | 8.05% | ₹69,135 |
| Mahindra Finance | 8.05% | ₹69,135 |
| Sundaram Finance | 7.95% | ₹68,251 |
| LIC Housing Finance | 7.75 | ₹66,484 |
| PNB Housing Finance Ltd | 7.65 | ₹65,602 |
Note- Please note that the interest rates are subject to change. Please check the official website for the latest information.
FD Calculator
An FD calculator is a tool that helps you determine the maturity amount you’ll get on your Fixed Deposit (FD) investment. It considers factors like
- Principal amount: The amount you deposit in the FD.
- Interest rate: The rate offered by the bank or NBFC on the FD.
- Tenure: The period for which your FD is locked.
- Interest payout frequency: How often you want the interest to be credited to your account – monthly, quarterly, half-yearly, or at maturity.
Benefits of using an FD calculator
- Saves time: It simplifies complex interest calculations, giving you quick results.
- Informed decisions: The FD calculator lets you compare interest rates and maturity amounts offered by different banks/NBFCs.
For Example
If the interest rate for the ₹1 Crore FD is 7% for a 1-year tenure, then the maturity value will be approximately ₹7,18,590.
The interest amount of which is 1,07,18,590 – ₹1,00,00,000 which equals to ₹7,18,590.
Therefore, the ₹1 crore FD interest per month will be ₹7,18,590. divided by 12 which equals ₹59,882 approximately.
Therefore, according to the calculation above, a ₹1 Crore FD at an interest rate of 7% will give you an estimated interest amount of ₹59,882 per month.
Steps To Open an FD Account For ₹1 Crore
A Fixed Deposit (FD) is a popular investment option in India offering guaranteed returns for a predetermined period. If you’re considering a substantial investment like ₹1 crore, here’s a guide to walk you through the steps involved in opening an FD account for this amount.
Open an FD Account For ₹1 Crore Online
- Step 1: Visit your bank’s website and log in to your existing account.
- Step 2: Find a section labeled “Fixed Deposit,” or “Open FD.”
- Step 3: Enter details like the deposit amount, tenure (duration), and nominee information.
- Step 4: Some banks offer different FD options with varying features. Choose the one that suits your needs.
- Step 5: Use the bank’s online payment system to transfer funds from your savings account to your new FD account.
- Step 6: Download or print a copy of the confirmation or receipt for your records.
Open an FD Account For ₹1 Crore Through Branch Visit
- Step 1: Go to a branch of the bank or financial institution where you want to open the FD account.
- Step 2: You can usually obtain an FD application form directly at the branch.
- Step 3: Carefully fill out the application form with your details like name, address, and contact information. Also, add the deposit amount, preferred tenure (lock-in period), and nominee.
- Step 4: Make sure you have the necessary documents for Know Your Customer (KYC) verification.
- Step 5: Once you’ve completed the form and gathered the documents, submit them to a bank representative at the branch.
- Step 6: The bank will process your application and provide you with a confirmation receipt or FD certificate.
Required Documents To Open an FD Account
- Identity proof and address proof.
- KYC Documents: The list of acceptable ID and address proof aligns with KYC guidelines in India.
- PAN Card: A PAN card is mandatory for FD accounts.
- Form 16: Banks may request Form 16 for deposits exceeding ₹40,000 for TDS purposes.
- Form 16: For deposits exceeding ₹40,000 in a financial year, the bank may ask for Form 16 to deduct TDS (Tax Deducted at Source) on the interest income.