₹15 Lakh FD Interest for 1 Month

FD is a type of investment offered by banks and non-banking financial NBFCs in India. It allows you to deposit a lump sum of money for a predetermined tenure at a fixed interest rate. If you are someone who is saving for a down payment on a house, or a retiree needing a steady source of income to supplement your pension, you can consider putting your money in a fixed deposit for one year.

For a fixed deposit of ₹15 lakh for 1 year, the monthly interest you’ll earn will depend on the interest rate offered by the bank or financial institution where you invest.

With fixed deposits, you can choose to have the interest paid out cumulatively at the end of the term to maximize compounding. Or you can opt to receive the interest payments monthly, quarterly, or annually which provides you with regular income.

The table provided below showcases the monthly interest that can be obtained from a ₹15 lakh fixed deposit, with interest rates varying from 4% to 10% per year.

FD Rates Comparison From Top Lenders

Interest rate is one of the most important factors to consider when it comes to FD rates since it directly impacts the returns you’ll earn on your investment. The interest rates across different deposit tenures and bank types will help you make a financially sound choice regarding your money.

Investing ₹15 lakh in an FD can be a smart way to grow your savings. You can typically expect interest rates for ₹15 lakh FDs to fall within a range of 5% to 9% per annum. Also, interest rates typically increase with longer tenures. For a ₹15 lakh FD, a 5-year deposit might offer a higher rate than a 1-year deposit.

₹15 Lakh FD Monthly Interest For General Public Vs Senior Citizens

The table presented below highlights the monthly interest rates provided by different banks to the general public when they invest ₹15 lakh in fixed deposit for a year.

Monthly Interest for ₹15 Lakh FD in Public Sector Banks

The table presented below highlights the 15 lakh FD interest rates provided by public sector banks.

Monthly Interest for ₹15 Lakh FD in Private Sector Banks

The table presented below highlights the 15 lakh FD interest rates provided by private sector banks.

Monthly Interest for ₹15 Lakh FD in Small Finance Banks

The table presented below highlights the monthly interest rates provided by small finance banks when they invest ₹15 lakh in FD for a year.

Monthly Interest on ₹15 Lakh FD in NBFCs

NBFCs	Interest Rates	Monthly Interest for ₹15 Lakhs FD
Shriram Finance	8.6	10750
Bajaj Finance Ltd.	8.05	10063
Mahindra Finance Ltd.	8.05	10063
Sundaram Finance	7.95	9938
LIC Housing Finance	7.75	9688
PNB Housing Finance Ltd.	7.65	9563

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Check monthly interest for other deposit amounts from below:

FD Calculator

An Fixed Deposit calculator is a tool that helps you determine the maturity amount you’ll get from a fixed deposit (FD) investment. It considers factors like the principal amount, interest rate, tenure, and compounding frequency to estimate the growth of the investment over time.

You’ll need the following details while using the FD calculator:

• Principal amount: The amount of money you invest in the FD.
• Interest rate: The rate offered by the bank or NBFC on your FD.
• Tenure: When it comes to fixed deposits, you have the flexibility to invest for different durations, spanning from 7 days up to 10 years.
• Interest payout frequency: How often you want the interest to be credited to your account – monthly, quarterly, or annually. Some FDs offer cumulative interest, where the interest is compounded and added to the principal amount.

You just need to input the above details, and the calculator will display the maturity amount, which is the sum of your principal amount and the total interest earned.

Calculating Monthly Interest on ₹15 Lakh FD

Let’s calculate the monthly interest on a ₹15 lakh fixed deposit with a 1-year tenure at a 7% interest rate.

Given:

• Principal Amount: ₹15,00,000
• Interest Rate: 7% per annum
• Tenure: 1 year

To calculate the monthly interest, we can use the formula:

Monthly Interest = (Principal Amount × Interest Rate) / 12

Let’s enter the values:

Monthly Interest = (₹15,00,000 × 7%) / 12

= (₹1,05,000) / 12

= ₹8,750.2

Therefore, the monthly interest earned on a ₹15 lakh fixed deposit with a 1-year tenure at a 7% interest rate is ₹8,750.

To calculate the total interest earned over the 1-year tenure, we can multiply the monthly interest by 12 months:

Total Interest Earned = ₹8,750 × 12

• = ₹1,05,000

So, the total interest earned on the ₹15 lakh fixed deposit over the 1-year tenure at a 7% interest rate is ₹1,05,000.

Steps to Open an FD Account For ₹15 Lakh

FDs offer a stable, guaranteed return on your deposited funds, making them a popular choice for individuals looking to earn interest on their money. If you’re interested in opening an FD account with ₹15 lakh, there are a few key steps you’ll need to follow.

There are two main ways to open a Fixed Deposit (FD) account for ₹15 lakh in India.

Visit a Bank Branch

• Visit your bank’s branch.
• Talk to a bank representative about FD options. They will explain different interest rates, tenures, and payout frequencies.
• Fill out an FD application form.
• Submit your KYC documents – ID proof, address proof, and PAN card.
• Deposit ₹15 lakh in cash or cheque. The bank will provide a deposit receipt.

Open an FD Online

• Log in to your internet banking or mobile banking account.
• Selecting the ‘FD’ option and choosing a scheme.
• Entering the deposit amount (₹15 lakh) and tenure.
• Uploading scanned copies of your KYC documents (if not already uploaded).
• Initiating an online transfer of ₹15 lakh from your savings account.

Eligibility Criteria For ₹15 Lakh FD

The eligibility criteria for opening a ₹15 lakh FD account in India are generally quite broad.

• Resident Individuals: Indian citizens and residents can open FD accounts.
• Non-Resident Indians (NRIs): Some banks allow NRIs to open FD accounts. Eligibility and limitations may vary depending on the bank. Minors (individuals below 18) are typically not eligible to open FD accounts on their own. However, some banks may allow them to do so with a guardian’s help.

Other Considerations:

• Account Types: FD accounts can be opened singly or jointly. Different banks may have varying rules on the number of joint holders allowed.
• HUFs, Trusts, etc.: Some banks allow Hindu Undivided Families (HUFs), trusts, companies, and other entities to open FD accounts.

While the minimum amount for a ₹15 lakh FD isn’t a specific eligibility criterion, some points to remember are:

• Certain FD Schemes: There might be specific FD schemes offered by banks that have a minimum deposit amount higher than ₹15 lakh. Be sure to check the scheme details before applying.
• Bulk Deposit Rates: Some banks may offer better interest rates for larger deposits. But this doesn’t necessarily restrict you from opening an FD with ₹15 lakh.

Overall, for a standard FD with an amount of ₹15 lakh, meeting KYC requirements and being a resident Indian adult will likely be sufficient.