Download the
Paisabazaar app Today!
Paisabazaar app Today!
Get instant access to loans, credit cards, and financial tools — all in one place
Such depositors can consider opening a Fixed Deposit account with a monthly pay-out option and derive regular monthly income from it. The monthly interest is usually credited to the savings, current or cumulative account of the depositor at a discounted rate. The minimum deposit amount and tenure may differ from one bank to another.
Under this scheme, the depositor gets monthly interest on the fixed deposit collection, which offers liquidity. However, the interest earned on this FD is slightly lower than the interest earned in the cumulative FD option.
Book FDs at Interest rate upto 8.00% p.a
Manage all FDs in one place
No Bank A/C Required
The monthly interests on FDs of different amounts at interest rates ranging between 2.50% p.a. to 8.50% p.a. are mentioned in the tables below. Depositors can also use the fixed deposit calculator to calculate the monthly interest of different banks and NBFCs.
Monthly Interest Payout for Rs 15 Lakh Fixed Deposit
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 15 Lakh FD |
| Rs 15 Lakh | 2.50% | Rs 3,125 |
| Rs 15 Lakh | 3.00% | Rs 3,750 |
| Rs 15 Lakh | 3.50% | Rs 4,375 |
| Rs 15 Lakh | 4.00% | Rs 5,000 |
| Rs 15 Lakh | 4.50% | Rs 5,625 |
| Rs 15 Lakh | 5.00% | Rs 6,250 |
| Rs 15 Lakh | 5.50% | Rs 6,875 |
| Rs 15 Lakh | 6.00% | Rs 7,500 |
| Rs 15 Lakh | 6.50% | Rs 8,125 |
| Rs 15 Lakh | 7.00% | Rs 8.750 |
| Rs 15 Lakh | 7.50% | Rs 9,375 |
| Rs 15 Lakh | 8.00% | Rs 10,000 |
| Rs 15 Lakh | 8.50% | Rs 10,625 |
Comparison of Top 20 Scheduled Banks based on FD Rates
Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) | 3-year FD rate (% p.a.) | 5-year FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
| Suryoday Small Finance Bank | 8.00 | 7.25 | 7.25 | 8.00 | 0.20 |
| Jana Small Finance Bank | 8.00 | 7.00 | 7.50 | 8.00 | 0.50 |
| ESAF Small Finance Bank | 7.60 | 4.75 | 6.00 | 5.75 | 0.50 |
| Utkarsh Small Finance Bank | 7.50 | 6.00 | 7.50 | 7.00 | 0.50 |
| Ujjivan Small Finance Bank | 7.45 | 7.25 | 7.20 | 7.20 | 0.50 |
| Equitas Small Finance Bank | 7.30 | 7.00 | 7.00 | 7.00 | 0.50 |
| Shivalik Small Finance Bank | 7.30 | 6.00 | 7.00 | 6.50 | 0.50 |
| Bandhan Bank | 7.20 | 7.00 | 7.00 | 5.85 | 0.50-0.75 |
| DCB Bank | 7.15 | 6.90 | 7.00 | 7.00 | 0.25-0.50 |
| RBL Bank | 7.20 | 7.00 | 7.20 | 6.70 | 0.50 |
| Capital Small Finance Bank | 7.15 | 7.00 | 7.00 | 6.90 | 0.50 |
| SBM Bank | 7.10 | 7.00 | 7.10 | 7.00 | 0.50 |
| AU Small Finance Bank | 7.10 | 6.35 | 7.10 | 6.75 | 0.50 |
| Central Bank of India | 6.75 | 6.40 | 6.25 | 6.25 | 0.50 |
| YES Bank | 7.00 | 6.65 | 7.00 | 6.75 | 0.50-0.75 |
| Induslnd Bank | 7.00 | 6.75 | 6.90 | 6.65 | 0.50 |
| Unity Small Finance Bank | 6.75 | 6.50 | 6.75 | 6.75 | 0.50 |
| Federal Bank | 6.75 | 6.25 | 6.75 | 6.50 | 0.50 |
| Bank of India | 6.70 | 6.25 | 6.25 | 6.00 | 0.50 |
Monthly Interest for Rs 25 Lakh FD
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 25 Lakh FD |
| Rs 25 Lakh | 2.50% | Rs 5,208.33 |
| Rs 25 Lakh | 3.00% | Rs 6,250 |
| Rs 25 Lakh | 3.50% | Rs 7,291.66 |
| Rs 25 Lakh | 4.00% | Rs 8,333 |
| Rs 25 Lakh | 4.50% | Rs 9,375 |
| Rs 25 Lakh | 5.00% | Rs 10,416.66 |
| Rs 25 Lakh | 5.50% | Rs 11,458.33 |
| Rs 25 Lakh | 6.00% | Rs 12,500 |
| Rs 25 Lakh | 6.50% | Rs 13,541.66 |
| Rs 25 Lakh | 7.00% | Rs 14,583.33 |
| Rs 25 Lakh | 7.50% | Rs 15,625 |
| Rs 25 Lakh | 8.00% | Rs 16,666.66 |
| Rs 25 Lakh | 8.50% | Rs 17,708 |
Monthly Interest Payout for Fixed Deposits of Rs 50 Lakh
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 50 Lakh FD |
| Rs 50 Lakh | 2.50% | Rs 10,416.66 |
| Rs 50 Lakh | 3.00% | Rs 12,500 |
| Rs 50 Lakh | 3.50% | Rs 14,583.33 |
| Rs 50 Lakh | 4.00% | Rs 16,666.66 |
| Rs 50 Lakh | 4.50% | Rs 18,750 |
| Rs 50 Lakh | 5.00% | Rs 20,833.33 |
| Rs 50 Lakh | 5.50% | Rs 22,916.66 |
| Rs 50 Lakh | 6.00% | Rs 25,000 |
| Rs 50 Lakh | 6.50% | Rs 27,083.33 |
| Rs 50 Lakh | 7.00% | Rs 29,166.66 |
| Rs 50 Lakh | 7.50% | Rs 31,250 |
| Rs 50 Lakh | 8.00% | Rs 33,333.33 |
| Rs 50 Lakh | 8.50% | Rs 35,416.66 |
Monthly Interest for Rs 2 Crore FD
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 2 Crore FD |
| Rs 2 Crore | 2.50% | Rs 41,666.66 |
| Rs 2 Crore | 3.00% | Rs 50,000 |
| Rs 2 Crore | 3.50% | Rs 58,333.33 |
| Rs 2 Crore | 4.00% | Rs 66,666.66 |
| Rs 2 Crore | 4.50% | Rs 75,000 |
| Rs 2 Crore | 5.00% | Rs 83,333.33 |
| Rs 2 Crore | 5.50% | Rs 91,666.66 |
| Rs 2 Crore | 6.00% | Rs 1,00,000 |
| Rs 2 Crore | 6.50% | Rs 1,08,333.33 |
| Rs 2 Crore | 7.00% | Rs 1,16,666.66 |
| Rs 2 Crore | 7.50% | Rs 1,25,000 |
| Rs 2 Crore | 8.00% | Rs 1,33,333.33 |
| Rs 2 Crore | 8.50% | Rs 1,41,666.66 |
Monthly Interest for Rs 5 Crore Fixed Deposit
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 5 Crore FD |
| Rs 5 Crore | 2.50% | Rs 1,04,166.66 |
| Rs 5 Crore | 3.00% | Rs 1,25,000 |
| Rs 5 Crore | 3.50% | Rs 1,45,833.33 |
| Rs 5 Crore | 4.00% | Rs 1,66,666.66 |
| Rs 5 Crore | 4.50% | Rs 1,87,500 |
| Rs 5 Crore | 5.00% | Rs 2,08,333.33 |
| Rs 5 Crore | 5.50% | Rs 2,29,166.66 |
| Rs 5 Crore | 6.00% | Rs 2,50,000 |
| Rs 5 Crore | 6.50% | Rs 2,70,833.33 |
| Rs 5 Crore | 7.00% | Rs 2,91,666.66 |
| Rs 5 Crore | 7.50% | Rs 3,12,500 |
| Rs 5 Crore | 8.00% | Rs 3,33,333.33 |
| Rs 5 Crore | 8.50% | Rs 3,54,166.66 |
Monthly Interest for Fixed Deposit of Rs 10 Crore
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 10 Crore FD |
| Rs 10 Crore | 2.50% | Rs 2,08,333.33 |
| Rs 10 Crore | 3.00% | Rs 2,50,000 |
| Rs 10 Crore | 3.50% | Rs 2,91,666.66 |
| Rs 10 Crore | 4.00% | Rs 3,33,333.33 |
| Rs 10 Crore | 4.50% | Rs 3,75,000 |
| Rs 10 Crore | 5.00% | Rs 4,16,666.66 |
| Rs 10 Crore | 5.50% | Rs 4,58,333.33 |
| Rs 10 Crore | 6.00% | Rs 5,00,000 |
| Rs 10 Crore | 6.50% | Rs 5,41,666.66 |
| Rs 10 Crore | 7.00% | Rs 5,83,333.33 |
| Rs 10 Crore | 7.50% | Rs 6,25,000 |
| Rs 10 Crore | 8.00% | Rs 6,66,666.66 |
| Rs 10 Crore | 8.50% | Rs 7,08,333 |
It is also important to note that the monthly interest amount will remain fixed as long as the FD interest rate and deposit amount are same, regardless of the tenure.
Benefits of Monthly Income Plan
Depositors can open a fixed deposit account with the monthly payout option and derive monthly income from it. Here are some benefits of opening FD with monthly income plan:
- Auto renewal option and nomination facility available
- Facility of overdraft or loan against fixed deposit available except for Tax-Saving FDs
- Additional 0.25-0.80% p.a. interest rate available to senior citizen FD depositors
Documents Required for Monthly Income Scheme
The documents for opening a fixed deposit with a monthly payout option may differ from one bank to another. However, documents for monthly plans and other FD products are the same within the bank/NBFC. Here are the common documents required to open FD with monthly plan for individuals:
Identity Proof:
- Aadhaar Card/ Passport/ Photo ration card/ Voter ID card/ PAN card/ Driving licence
Address Proof
- Electricity bill/ Passport/ Telephone bill