Monthly Interest on a ₹15 Lakh Fixed Deposit

Investing ₹15 Lakhs in a fixed deposit (FD) with monthly payouts can help you generate a steady source of income. Here, your earnings depend on the tenure, interest rate, and payout frequency mode. With a 7% p.a. interest rate on an FD of ₹15 Lakhs for 5 years, you could earn as much as ₹8,750 each month along with total interest earned of approx. ₹6 Lakhs. 

 

Similarly, the monthly interest on a ₹15 Lakh FD for 2 years would be ₹8,750, considering the interest rate is 7% p.a. But here the total interest generated will be approx. ₹2 Lakhs. 

 

Hence, you need to compare different rates and tenures before finalising an FD scheme.

Check the table below for monthly interest on ₹15 Lakh fixed deposit for 5 years at different rates:

Note: The monthly interest payouts mentioned above are indicative. Actual returns will depend on the bank or NBFC’s policies.

Refer to the table below for 2024 for FD interest rates for ₹15 Lakhs in banks and NBFCs for 5 years.

Note: The above rates are as of June 2024 and subject to change at the discretion of the bank or NBFCs.

The table below provides the maturity amounts for a FD of ₹15 Lakhs at an interest rate of 7.80% p.a., with breakdowns for different tenures.

Note: The figures above are for illustration purposes only. Actual interest rates and payouts may vary across different banks and NBFCs.

Before investing, it's important to understand how taxes can impact the interest on ₹15 Lakhs fixed deposit. Here are a few tax considerations:

• Financial institutions will deduct Tax Deducted at Source (TDS) at 10% if your annual interest income is more than ₹40,000

• The TDS limit on FD interest for ₹15 Lakh FD for senior citizens is ₹50,000

• You can furnish Form 15G or 15H to avoid any deduction if you fall under no income tax bracket

• If you have not submitted your PAN card, the bank or NBFC will deduct TDS at 20%

To compute potential returns, use the FD calculator on this page. Follow these steps for calculating monthly interest for ₹15 Lakh fixed deposit:

1. Enter the investment amount, tenure, and interest rate

2. Opt for the ‘Monthly’ option under the ‘Interest Payout’ section

3. The calculator will provide an estimate of ₹15 Lakh FD interest per month.

Maturity Amount Calculation Example

Let’s assume you invest ₹15 Lakhs in a fixed deposit at an interest rate of 8.50% p.a. for a tenure of 4 years (48 months).

• Monthly Interest Earned = Principal × Interest Rate / 12

• Monthly Interest Earned = ₹15,00,000 × 8.50% / 12

• Monthly Interest Earned = ₹1,27,500 / 12

• Monthly Interest Earned = ₹10,625

 

The monthly interest earned on a ₹15 Lakh FD at 8.50% p.a. would be ₹10,625.

 

Total Interest Earned Upon Maturity

• Total Interest = Monthly Interest × Number of Months

• Total Interest = ₹10,625 × 48

• Total Interest = ₹5,10,000

 

The ₹15 Lakh FD interest per month would be ₹10,625. Over the tenure, the total interest would amount to ₹5,10,000.

 

Note: Check the formula used by the bank or NBFC to get an accurate estimate.

Premature withdrawal of a fixed deposit occurs when you withdraw funds before the maturity date, resulting in reduced earnings. Financial institutions typically apply lower interest rates on withdrawn funds compared to the original rate. Additionally, banks and NBFCs may impose a penalty on the amount withdrawn, further reducing your overall returns.

FD Premature Withdrawal Example

If you invest ₹15 Lakhs in a fixed deposit at an interest rate of 6% p.a. for a 3-year tenure but withdraw prematurely after 1 year. In this case, the interest rate drops to 5.5% p.a. After applying a 1% penalty, the final interest rate reduces to 4.50% p.a., resulting in lower returns.

Note: The figures above are for illustration purposes only. The actual penalty charges may vary depending on the bank or NBFC’s policies.

The information provided by BFDL is related to the rates provided by Banks and Deposit taking NBFCs as available from public domain and under no circumstances is intended to be source of advice or recommendation of any financial investment advice or endorsement of any sort. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers and use of such information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. Display of any intellectual property along with the related product information does not imply BFDL’s partnership with the owner of the intellectual property of such products and is solely for the purpose of information, unless otherwise provided by BFDL.