The fixed deposit monthly income scheme is ideal for depositors who require fixed monthly income to meet their daily expenses. This monthly income plan is especially popular among retired individuals or those individuals having large surpluses from inheritance or other sources but do not have adequate income sources. Such individuals can deposit their surpluses in FDs with a monthly interest pay-out option (a non-cumulative option) and then, derive regular monthly income from it.
In a monthly fixed deposit plan, the FD interest amount is calculated for the quarter and credited monthly to the savings or current account of a depositor at a discounted rate. The principal amount is repaid when the FD matures.
FD Monthly Interest Pay-out for Deposits of Rs 10 lakh
The monthly interest on a Rs 10 lakh FD at interest rates ranging from 2.50% to 8.50% p.a. is given below to provide an estimate of monthly income. However, you can also calculate the interest on Rs 10 lakh FD per month by using the fixed deposit calculator.
|FD Amount||Interest Rates (p.a.)||Interest per month from Rs 1 lakh FD|
|Rs 10 lakh||2.50%||Rs 2,083.33|
|Rs 10 lakh||3.00%||Rs 2,500|
|Rs 10 lakh||3.50%||Rs 2,916.67|
|Rs 10 lakh||4.00%||Rs 3,333.33|
|Rs 10 lakh||4.50%||Rs 3,750|
|Rs 10 lakh||5.00%||Rs 4,166.67|
|Rs 10 lakh||5.50%||Rs 4,583.33|
|Rs 10 lakh||6.00%||Rs 5,000|
|Rs 10 lakh||6.50%||Rs 5,416.67|
|Rs 10 lakh||7.00%||Rs 5,833.33|
|Rs 10 lakh||7.50%||Rs 6,250|
|Rs 10 lakh||8.00%||Rs 6,666.67|
|Rs 10 lakh||8.50%||Rs 7,083.33|
Depositors should note that their monthly FD interest amount would remain the same as long as the fixed deposit interest rate and FD amount are unchanged, irrespective of their FD tenure. Also senior citizen FD rates offered by most banks and NBFCs are usually 0.25-0.80% higher than the regular FD rates offered to general citizens.
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Documents Required for Opening Rs 10 lakh FD
- Aadhaar Card
- Photo ration card
- Voter ID card
- PAN card
- Driving license
- Electricity bill
- Bank Statement with Cheque
- Telephone bill
- Certificate/ ID card issued by Post office
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