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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. Here are some key points worth noting in this regard.
|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 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%|
Senior citizens are required to submit some extra documents including Form 15 H and their age proof.
There are various tax-related aspects that you should consider in this regard. They include the following:
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.
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