2 Crore FD Interest Per Month 2022

How Much Interest Can a 2 Crore Fixed Deposit Generate Per Month?

2 Crore Fixed Deposit (FD) Interest Per Month

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 account holders. 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.

How Does a Non-Cumulative FD Differ from a Cumulative FD?

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.

How Much Interest Can I Earn on a  2-Crore FD in 2022?

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.

Income tax rules and regulations on Fixed Deposit Interest & Income Tax (2022)

Following are certain rules and regulations that you need to know regarding the monthly interest rate on 2cr FD:

1. The income from the interest of your FD is     completely taxable. You need to file it under the     heading of Income from Other Sources when you     are filing your returns.

2. If you are earning less than 40,000 rupees in a      year in interest from your FD you would not have      to pay any tax on that. If you earn more interest      than that a 10% TDS (tax deducted at source)      would be applied to it.

The Eligibility Criteria for Investing in a  2 Crore FD

Apart from earning 2 crore FD interest per month, there are a few things that you need to know in this context:

1. You must be older than 18 years

2. If you are a minor the FD would have to be      opened under the guardianship of someone else

3. You have to furnish PAN (Permanent Account      Number) card

4. You would also have to submit various      documents in these cases

5. If you are an HUF (Hindu Undivided Family) you       would need a different PAN card

The Documents that you Need For Rs 2 Crore Fixed Deposit (FD)

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.

Need Detailed Information?

Let’s Connect