1 Crore FD Interest Per Month in Popular Indian Banks

1 crore FD interest per month sounds like a good proposition, especially for those seeking steady fixed income minus any market fluctuations or volatility. Here is a handy guide towards the same.

1 Crore Fixed Deposit (FD) Bank Interest Per Month 2024, India – An Overview

While earning 1 crore interest per month would require you to invest a humungous amount (running into numerous zeroes), you can always look up 1 crore fixed deposit how much income per month if that is what you are targeting at retirement.

Key Points worth noting on a 1 Crore FD Interest Per Month Basis

• In fact, a majority of Indian investors always prefer fixed deposits or FDs since these are safe and secure investment plans with guaranteed returns and regular payouts (monthly/quarterly),while there are tax-saver options available as well.
• Interest on 1 crore rupees will make for a good salary in itself in India, helping meet various expenses.
• In some cases, for those who have accumulated the corpus already and then some, interest on 1 crore rupees FD may help them retire early to pursue other passions as well!
• The income amount will naturally depend on the rates of interest offered by various Indian banks and financial institutions.
• A higher rate of interest will naturally guarantee a higher monthly payout and so on.
• Suppose your bank is giving you an interest rate of 5% per month. In this case, your earnings will be INR 5,00,000 per year or roughly INR 41,667 per month.
• If the bank gives you an interest rate of 6%, then you will get INR 6,00,000 annually or roughly INR 50,000 per month.
• This is how a small difference in the rate of interest makes a big difference in your monthly income from the FD.

Calculation of Monthly Interest for Rs 1 Crore Fixed Deposit (FD) Annually and Monthly

1 Crore FD Interest Per Month	Annual Income On 1 Crore Fixed Deposit	Monthly Interest on 1 Crore FD
7%	₹ 7 Lakhs	₹ 58,333
6.50%	₹ 6.5 Lakhs	₹ 54,167
5.50%	₹ 5.5 Lakhs	₹ 45,833
5%	₹ 5 Lakhs	₹ 41,666

 

Popular Banks 1 Crore Interest Rate Per Month 2024

There are many queries about pertaining to interest for 1 crore in SBI per month or other banks. Here are the details related to monthly interest for 1 crore in banking and non-banking financial institutions. Note that senior citizens get an extra 0.25-0.75% incentive for interest rates.

Here are the average interest rates at leading banking and financial institutions (note that rates are subject to change).

Bank/NBFC	Regular citizens (p.a)	Monthly interest payout	Senior citizens (p.a)	Monthly interest payout
ICICI Bank	7.00%	INR 58,333	7.50%	INR 62,500
State Bank of India	6.50%	INR 54,167	7.50%	INR 62,500
PNB Housing Finance	7.65%	INR 63,750	7.95%	INR 66,250
HDFC Bank	7.00%	INR 58,333	7.50%	INR 62,500
Axis Bank	7.00%	INR 58,333	7.75%	INR 64,583
Kotak Mahindra Bank	6.20%	INR 51,667	6.25%	INR 52,083
IDFC First Bank	7.00%	INR 58,333	7.50%	INR 62,500
Yes Bank	7.25%	INR 60,417	8.00%	INR 66,667
AU Small Finance Bank	7.25%	INR 60,417	7.75%	INR 64,583
Jana Small Finance Bank	7.25%	INR 60,417	7.75%	INR 64,583
IndusInd Bank	7.25%	INR 60,417	8.00%	INR 66,667
Shriram Finance	8.50%	INR 70,833	9.00%	INR 75,000
LIC Housing Finance	7.75%	INR 64,583	8.00%	INR 66,667
Mahindra Finance Ltd.	8.05%	INR 67,083	8.30%	INR 69,167
Bajaj Finance Ltd.	8.05%	INR 67,083	8.30%	INR 69,167

*Disclaimer: The above-mentioned rates are subject to change.

 

₹1 Crore FD Interest Per Month Offered by NBFCs

NBFC	Rate of Interest	Interest Amount/Month	Maturity Sum
Bajaj Finance FD	7.90%	₹63,583	₹1,46,25,382
PNB Housing Finance FD	7.75%	₹60,417	₹1,43,56,293
Mahindra Finance FD	8.00%	₹62,500	₹1,46,93,281

₹1 Crore FD Interest Per Month Offered by Banks

Bank Name	Rate of Interest	Monthly Interest Paid	Maturity Sum
State Bank of India	7.50%	₹74,991	₹1,44,99,480
HDFC Bank	7.75%	₹77,973	₹1,46,78,429
Punjab National Bank	7.00%	₹69,129	₹1,41,47,782
Axis Bank	7.75%	₹77,973	₹1,46,78,429
Bank of India	6.75%	₹63,752	₹1,39,74,987
IDFC Bank	7.50%	₹74,991	₹1,44,99,480

Factors that may affect Fixed Deposit Interest Rates

As you plan to open an FD account, certain factors may affect the interest rates. Here are a few of them discussed below:

• The first is the depositor type. If it is a senior citizen, the depositor will get an additional interest of 0.25% to 0.5% on their fixed deposits
• The next is the tenure of the deposit. If the tenure is lesser, the interest rate will be lower. If the tenure is medium or more, the interest rate will be higher
• Last but not the least, is the deposit amount. If the deposit amount is higher, so will be the interest rates.

 

Eligibility Guidelines for 1 Crore FD Investment in India

• You should be more than 18 years of age.
• You should complete all KYC procedures while submitting your age, address and identity proof documents.
• You should have your PAN Card.
• Minors may have FDs opened for them under the stewardship of their legal guardians.

 

Documents Required for 1 Crore FD Investment

• Proof of Address- Telephone, Electricity or Mobile Bill, Bank Statement with Cheque, etc.
• Signature Proof- PAN Card, Passport, Driving License, etc.
• Identity Proof- PAN Card, Passport, Driving License, Photograph Ration Card, Government Identity Card, etc.
• Senior citizens are required to submit some extra documents including Form 15 H and their age proof.

 

Fixed Deposits for Senior Citizens

The features that differentiate senior citizens from the general public are mentioned herein below:

• At the time of opening an FD account, the depositor should be at least 60 years or above
• The tenure is 7 days to 10 days
• Senior citizens can get a loan against their FD account
• The interest rates are higher for senior citizens by 0.25% to 0.50%. However, it all depends on the bank
• On premature withdrawals, the penalties for senior citizens are the same as for the general public.

 

Types of Fixed Deposits in India

As the types of FD is concerned, here are some of its types mentioned below:

• Normal Fixed Deposits
• Flexi Fixed Deposits
• Tax-Saving Fixed Deposits
• NRI Fixed Deposits
• Cumulative/Non-Cumulative Fixed Deposits
• Senior Citizen Fixed Deposits

 

Advantages of Fixed Deposits (FD)

Fixed Deposits come with several advantages. Here are some of them discussed:

• They come with flexible tenures
• As per RBI, the money you deposit is insured for around INR 1 lakh
• There is no market risk linked to the returns on the fixed deposits; therefore, it is considered low risk
• If there is an emergency of funds, you can liquidate your FD
• You can actually earn on your deposits
• At quite low-interest rates, you will be able to get loans of up to 90% of your deposit amount
• According to your needs on a monthly, quarterly, or yearly basis, you would be able to get the interest sum credited
• As compared to other customers of different age groups, senior citizens get a higher interest rate on their FD
• On your FD account, you can avail of tax deductions of up to INR 1.5 lakh.

 

Taxation Aspects of Fixed Deposit Account

There are various tax-related aspects that you should consider in this regard. They include the following:

• Interest income is completely taxable on your 1 crore fixed deposit (FD).
• It will be taken as Income from other sources while filing your ITR.
• If interest income from all your FDs is lower than Rs. 40,000, then TDS will not be deducted by your bank. If it crosses this amount, then 10% TDS will be deducted.
• If the total income is lower than the minimum taxable sum, then you will not have to pay taxes on your interest income.
• Yet, there will still be a 10% TDS deduction. In this case, you will then have to provide Forms 15G and 15H to the bank at the start of each financial year for preventing the deduction of the TDS.
• However, if you are in the 20/30% and higher tax brackets, then you will have to pay the remaining tax amount from your own pocket before filing ITR.

 

TDS on a Monthly Interest for ₹1 crore FD

Most banks in India along with the non-banking financial institutions do not levy TDS on fixed deposits where the interest earned is within INR 40,000. But if the interest earned is beyond 40,000 the FD interest amount is taxable. Hence, if you are investing in an INR 1 crore FD monthly interest, it will be completely taxable.

So, 10% tax would be deducted by banks in the form of TDS on the INR 1 crore FD per month. Further, if the investor comes under the high-income category, as additional pay of taxes would be charged at the time of filing your returns.

How to open an FD Account in India – Online and Offline Modes?

Opening an FD is no big deal these days. You can choose to do it either from the comfort of your home or by visiting the nearest bank. Let us discuss both at length.

1. Open an FD Account in India Online

You can access the internet banking facility of a bank with which you have an account. This is mostly available in the form of an app. You just have to fill up an online form and submit it to open your FD account. And since you already have an account in the bank, you would not be required to provide KYC. By using the internet facility, you will be able to transfer funds to the FD account.

2. Open an FD Account in India Offline

You can visit the nearest branch of the bank with which you already have an account. You can ask for an FD form which you have to fill up to open an FD account. Once you have duly filled it out, you have to submit it along with the necessary documents. You also have to deposit the required amount for which you will receive a receipt.

Monthly Interest for ₹1 Crore in Fixed Deposit interest rates and payout

Deposit amount	ROI (p.a)	Monthly payout as Interest
INR 1 Crore	3.00%	INR 25,000
INR 1 Crore	3.50%	INR 29,167
INR 1 Crore	4.00%	INR 33,333
INR 1 Crore	4.50%	INR 37,500
INR 1 Crore	5.00%	INR 41,667
INR 1 Crore	5.50%	INR 45,833
INR 1 Crore	6.00%	INR 50,000
INR 1 Crore	6.50%	INR 54,167
INR 1 Crore	7.00%	INR 58,333
INR 1 Crore	7.50%	INR 62,500
INR 1 Crore	8.00%	INR 66,667
INR 1 Crore	8.50%	INR 70,833
INR 1 Crore	9.00%	INR 75,000
INR 1 Crore	9.50%	INR 79,167
INR 1 Crore	10.00%	INR 83,333