1 Crore FD Bank Interest Per Month

1 Crore FD Bank Interest Per Month in india 2022

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.

Key Points Worth Noting in 1 Crore FD Interest Per Month

1. Interest on 1 crore will make for a good salary in     itself in India, helping meet various expenses.

2. In some cases, for those who have      accumulated the corpus already and then      some, interest on 1 crore FD may help them      retire early to pursue other passions as well!

3. The income amount will naturally depend on      the rates of interest offered by various Indian      banks and financial institutions.

4. A higher rate of interest will naturally guarantee      a higher monthly payout and so on.

5. 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.

6. 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.

1 Crore FD  Interest Calculation Annually and Monthly

1 Crore FD Interest / Month

Monthly Interest on 1 Crore FD

7%  6.50%   5.50%  5%

₹ 58,333 ₹ 54,167 ₹ 45,833 ₹ 41,666

Popular Banks Interest Rate for Regular and Seniors

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%

Eligibility Guidelines for 1 Crore FD Investment in India

1. You should be more than 18 years of age.

2. You should complete all KYC procedures while      submitting your age, address and identity      proof documents.

3. You should have your PAN Card.

4. Minors may have FDs opened for them under the      stewardship of their legal guardians.

Documents Required for  1 Crore FD Investment

1. Proof of Address- Telephone, Electricity    or Mobile Bill, Bank Statement with Cheque, etc.

2. Signature Proof- PAN Card, Passport, Driving      License, etc.

3. Identity Proof- PAN Card, Passport, Driving License,    Photograph Ration Card, Government Identity      Card, etc.

Taxation Aspects

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

1. Interest income is completely taxable on your 1     crore fixed deposit (FD).

2. It will be taken as Income from other sources      while filing your ITR.

3. 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.

4.  If the total income is lower than the minimum       taxable sum, then you will not have to pay taxes       on your interest income.

5. 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.

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