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These days, a lot of banks are offering a yearly interest rate of 5.4% on FD (fixed deposit) accounts that are lower than 2 crore rupees.
So, you can easily calculate the 2 crore FD interest per month that would be applicable in your case. If you are a senior citizen you would get 0.5% more than the general FD accountholders. The lowest interest that you get in these cases is 2.9%. However, this is applicable for FDs where the maturity period is between seven days and 10 years. At times, you may also get an interest rate of 5.15% in these cases.
If your FD amount is two crore or more than that, the maximum interest that you would get in this case is 3.55%. However, this rate would only be provided for FDs with a maturity period of a year. You need to calculate your FD interest per month in accordance with that. Once again, if you are a senior citizen, you would get an extra interest of 0.5% per year compared to the ordinary FD accountholders. The thing with the interest payout of an FD is that you can choose the frequency at which you get it. It can be quarterly or yearly as well.
Also Read: Best FD Rates in India
Before you go for an FD as such, it is important that you understand the difference between cumulative and non cumulative FD. In a cumulative FD the interest is generated in every quarter and paid when the policy matures. On the other hand, in a non-cumulative FD the interest is awarded at the end of each month, quarter, six months, or at the end of a year. It depends on what the accountholder wants in this case. The non-cumulative FDs are better suited to people who earn through the income that they get from the regular monthly payouts.
As far as the difference between cumulative and non cumulative FD is concerned you should also know that the cumulative FDs offer higher returns compared to the non-cumulative ones. This is because in a cumulative FD your money gets compounded. On the contrary, in a non-cumulative FD the money is given out each month. This means that there is less money over there, which reduces the profits you could possibly make from compounding. The rate of interest is also higher in a cumulative FD.
If the interest rate is 6% then your 2-crore FD would provide you an interest of 12 lakh rupees every year. This means that you would get one lakh rupees as interest each month. So, you can calculate the monthly interest rate on 2cr FD based on this. If the interest rate is 6.5% then you would get an interest of 13 lakh rupees in a year. This means that each month you would be earning 1.08 lakh rupees on interest alone. If the interest rate is 7% then you would get an interest of 14 lakh rupees in a year.
This means that each month you would be getting 1.17 lakh rupees as interest. This is something that you should know about 2 crore FD interest per month. In case the interest rate is 7.5% then you would get 15 lakh rupees as interest in a year. This way you would get 1.25 lakh rupees as interest each month.
The following table shows FD interest per month for FDs under two crore rupees:
|Tenure||Banks||The interest rate for common people||The interest rate for senior citizens|
|7-45 days||HDFC (Housing Development Finance Corporation) Bank||2.50-3%||3%|
|SBI (State Bank of India) Bank||2.90%||3.40%|
|Kotak Mahindra Bank||2.50-2.75%||3-3.25%|
|ICICI (Industrial Credit and Investment Corporation of India) Bank||2.50-3%||3%|
|46-179 days||HDFC Bank||3-3.50%||3-4%|
|Kotak Mahindra Bank||2.75-3.20%||3.25-3.70%|
|180 days to less than a year||HDFC Bank||3.50-4%||4.90%|
|Kotak Mahindra Bank||4.20-4.40%||4.70-4.90%|
|1-2 years||HDFC Bank||4.40-4.90%||5.40%|
|Kotak Mahindra Bank||4.50-4.90%||5-5.40%|
Following are certain rules and regulations that you need to know regarding the monthly interest rate on 2cr FD:
Apart from earning 2 crore FD interest per month, there are a few things that you need to know in this context:
The documents needed to invest in an FD and earn FD interest per month can be divided into identity proofs, address proofs, and signature proofs. In terms of identity proof, you would need original government IDs such as passport, driving license, PAN card, photo ration card, and voter ID card. In terms of address proof, you would need a telephone bill, passport, electricity bill, and bank statement with a check. If you want to furnish a signature proof you should furnish your passport, driving license, and PAN card.
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