8 min read
Updated on May 04, 2023
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.
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.
Also Read: Monthly interest for 5 Lakh FD investment
|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|
Also Read: Best FD Rates in India
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).
|Name of the Banking Institution||Regular Customers (per annum)||Senior Citizens (per annum)|
|ICICI Bank||2.50% to 4.40%||2.50% to 4.40%|
|State Bank of India||2.90% to 5.40%||3.40% to 6.20%|
|Punjab National Bank||2.90% to 5.25%||3.50% to 5.75%|
|HDFC Bank||2.50% to 5.50%||3.00% to 6.25%|
|Axis Bank||2.50% to 5.75%||2.50% to 6.50%|
|Canara Bank||2.90% to 5.25%||2.90% to 5.75%|
|IDFC Bank||2.75% to 5.75%||3.25% to 6.25%|
|Punjab and Sind Bank||3.00% to 5.30%||3.50% to 5.60%|
|Bank of Baroda||2.80% to 5.25%||3.30% to 5.75%|
|Bank of India||2.85% to 5.05%||3.35% to 5.55%|
Also Read: Post Office Recurring Deposit (RD) Interest Rate
|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|
Rate of Interest
Monthly Interest Paid
|State Bank of India||
|Punjab National Bank||
|Bank of India||
As you plan to open an FD account, certain factors may affect the interest rates. Here are a few of them discussed below:
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The features that differentiate senior citizens from the general public are mentioned herein below:
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As the types of FD is concerned, here are some of its types mentioned below:
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Fixed Deposits come with several advantages. Here are some of them discussed:
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There are various tax-related aspects that you should consider in this regard. They include the following:
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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.
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.
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.
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.
As you can see, 1 crore FD interest per month will help you earn a steady, guaranteed and worry-free income. You can accumulate this corpus and put it into an FD (fixed deposit) for keeping your funds safe while earning enough to cover all your monthly expenses. It may also help you retire early with a safety net, and then follow other passions or entrepreneurial pursuits.
Also Read: Post Office Fixed Deposit Interest Rates 2023
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Yes, the interest earned on an investment in a Fixed Deposit (FD) of Rs. 1 crore is fully liable for income tax payment. In case the monthly income earned from a 1 crore FD is less than Rs. 40,000, no TDS is deducted. However, if it is more than Rs. 40,000, the bank is authorized to deduct 10% TDS.
In order to compute the monthly interest, it is important to determine the rate of FD. The simple way to calculate is that the higher the rate of FD, the higher is the monthly interest.
For an investment of 1 crore, the monthly FD interest at an annual interest rate of 7% would be Rs. 58,333.
The SBI bank offers a monthly interest of 3.40% - 6.30% on an investment of Rs. 1 crore.
The best type of FD is considered to be the NRE Fixed Deposits. The interest you will earn on an NRE Fixed deposit will be tax-free. This means you can get both principals as well as interests.
No, FD is considered low risk as it is not linked to market risk. You can have an idea of the kind of money that you will be getting back and at which rate it is growing.
An FD account for 5 years is also called a Tax-Saving FD. Under Section 80C of the Income Tax Act, 1961, you will be eligible for tax deductions as you have an FD for 5 years.
The interest rates of FDs differ from one bank to the other. For example, the FD interest rate for general customers in HDFC Bank is 5.75%, while for senior citizens is 6.25%. The FD interest for general customers in Kotak Mahindra Bank is 2.75% - 4.50%, while 3.25% - 5.00% for senior citizens.
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