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Let us read further about what makes a Fixed Deposit Monthly Income Scheme beneficial for investors across the country. We will also help you shortlist the Best Monthly Income Fixed Deposit Scheme towards the end of the article.
As the name suggests, it is a fixed deposit deposited by an investor to gain guaranteed monthly returns. Its high scope of liquidity attracts investors because they feel confident and secure about their investment, which can be withdrawn as per the need. As compared to other monthly income schemes, a fixed deposit scheme is less expensive, and there is no charge for opening the account or managing it.
Let us acquaint you with the multiple benefits of investing money in a monthly income fixed deposit account:
Having understood the various benefits of a fixed deposit with a monthly income scheme, it is time you also learn about its attractive features:
The Fixed Deposit Rates vary from bank to bank. Senior citizen investors can earn higher interest rates on such schemes just like in a normal bank FD.
We are now highlighting the best Monthly Income Fixed Deposit Schemesof 2023 that will give you the best interest, so have a look:
| Name of Fixed Deposit with Monthly Income Scheme | Deposit Tenure | Interest Rate for Senior Citizens | Interest Rate for General Public |
| Punjab National Bank FD | 7 Days – 10 Years | 3.4% – 5.75% | 2.9% – 5.25% |
| IDFC Bank FD | 7 Days – 10 Years | 3.2% – 6.25% | 2.75% – 5.75% |
| Axis Bank FD | 7 Days – 10 Years | 2.5% – 6.25% | 2.5% – 5.75% |
| HDFC Bank FD | 7 Days – 10 Years | 3% – 6.25% | 2.5% – 5.5% |
| IDBI Bank FD | 7 Days – 10 Years | 3.2% – 5.75% | 2.7% – 5.4% |
| SBI FD | 7 Days – 10 Years | 3.4% – 6.2% | 2.9% – 5.4% |
| Kotak Bank FD | 7 Days – 10 Years | 3% – 5.8% | 2.5% – 5.3% |
To open an FD with a monthly income scheme you must be fully aware of the eligibility criteria and the essential documents required. So, here is the right information on both these parameters:
Check out the eligibility criteria to open an FD with a monthly income scheme:
To open a Fixed Deposit with a monthly scheme you must first arrange for the following documents:
Interest on FD with MIS is exempted from income tax under section 80C for a deposited amount up to Rs. 1,50,000. However, the interest generated as monthly income from these FDs will be subject to taxation depending on the tax bracket of the depositor.
Conclusion
Thus, through this post, we encourage you to save money for your future financial requirements in the form of a Fixed deposit monthly interest scheme.Not only will you be able to opt for a premature withdrawal without any fee, but you will also enjoy higher interest rates as compared to normal bank FDs.
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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