Download the
Paisabazaar app Today!
Paisabazaar app Today!
Get instant access to loans, credit cards, and financial tools — all in one place
Under the monthly fixed deposit plan, the interest amount is calculated for a quarter but credited to the depositor‘s savings/current account every month at a discounted rate. The lender repays the principal amount to the depositor on maturity of the FD.
Book FDs at Interest rate upto 8.00% p.a
Manage all FDs in one place
No Bank A/C Required
The scheme for monthly income on fixed deposits is suited for depositors who require a fixed and regular monthly income. Retired individuals or those having large surplus from inheritance/other sources, but without adequate source(s) of income, usually opt for such monthly fixed deposit schemes. Such individuals can deposit the surplus amount in FDs having a monthly interest pay-out option (a non-cumulative option) to derive regular income on a monthly basis till the end of the FD tenure.
FD Monthly Interest Pay-out for Deposits of Rs 20 lakh
The monthly interest for an FD of Rs 20 lakh, at interest rates ranging from 2.50% to 9.00% p.a., is provided below as an estimate of the monthly income from this deposit scheme. However, you can also calculate Rs 20 lakh FD interest per month by using the fixed deposit calculator. Furthermore, the senior citizen FD rates offered by most banks/NBFCs are usually 0.25% to 0.80% higher than their regular FD interest rates.
| FD Amount | Interest Rates (p.a.) | Interest per month from Rs 20 lakh FD |
| Rs 20 lakh | 2.50% | Rs 4,158 |
| Rs 20 lakh | 3.00% | Rs 4,988 |
| Rs 20 lakh | 3.50% | Rs 5,816 |
| Rs 20 lakh | 4.00% | Rs 6,644 |
| Rs 20 lakh | 4.50% | Rs 7,472 |
| Rs 20 lakh | 5.00% | Rs 8,299 |
| Rs 20 lakh | 5.50% | Rs 9,125 |
| Rs 20 lakh | 6.00% | Rs 9,950 |
| Rs 20 lakh | 6.50% | Rs 10,775 |
| Rs 20 lakh | 7.00% | Rs 11,599 |
| Rs 20 lakh | 7.50% | Rs 12,422 |
| Rs 20 lakh | 8.00% | Rs 13,245 |
| Rs 20 lakh | 8.50% | Rs 14,067 |
| Rs 20 lakh | 9.00% | Rs 14,888 |
Depositors should note that the monthly interest credit on their FD for any specific FD amount and fixed deposit interest rate would remain the same for all FD tenures.
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 | 7.77 | 7.00 | 7.50 | 7.77 | 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 | 7.30 | 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 |
The rates are updated as of 18th March 2024
Documents Required for Opening Rs 20 lakh FD
Identity Proof
- PAN card
- Aadhaar card
- Passport
- Voter ID card
- Photo ration card
- Driving license
Address Proof
- Electricity bill
- Bank Statement with Cheque
- Passport
- Telephone bill
- Certificate/ ID card issued by the Post office