Monthly Interest Rates for Rs. 15 lakh Fixed Deposit

Discover how much monthly interest can be earned by investing Rs. 15 lakh in a fixed deposit.
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Rs. 15 lakh FD
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4 mins
16 August 2024

Investment is a crucial tool for growing wealth and achieving long-term financial goals. There are several types of investment options available in the market, including stocks, bonds, mutual funds, certificates of deposit, fixed deposits.

But if you are looking for a safe investment option where you can earn fixed interest, FD may be the right choice you. The rate of interest for FDs is generally higher than that of savings accounts, making them a popular investment option for those seeking low-risk investment options. NBFC’s like Bajaj Finance offer high rates on their FD, which is up to 8.85% p.a. This article will guide you on how much interest you can earn if you invest Rs. 15 lakh in an FD.

How much monthly interest can you earn on a Rs. 15 lakh FD

For a fixed deposit of Rs. 15 lakh, the interest rate and payout frequency will determine the amount of interest earned. Using the Bajaj Finance calculator, we can estimate the monthly interest payout for a Rs. 15 lakh deposit with a tenure of 1 year and an interest rate of 7.39% to be Rs. 9,237.5.

Different banks offer different interest rates for fixed deposits, and the interest rate may vary depending on the tenure of the deposit. It’s always a good idea to check with your bank for the latest interest rates and other terms and conditions.

In general, the interest rate for fixed deposits in India ranges from 5% to 10%. The interest earned on a fixed deposit is taxable, and the tax rate depends on the depositor’s income tax slab.

Pro tip

Bajaj Finance launches a new variant, "FD Max", for investments upto Rs. 25,000 . Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a.for senior citizens and 8.60% p.a. for non-senior citizens , in this variant.

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FD Monthly Interest Pay-out for Deposits of Rs. 15 lakh

Amount

Interest rate (p.a.)

Interest per month

Rs. 15 lakh

6%

Rs. 7,500

Rs. 15 lakh

6.50%

Rs. 8,125

Rs. 15 lakh

7%

Rs. 8,750

Rs. 15 lakh

7.50%

Rs. 9,375

Rs. 15 lakh

8%

Rs, 10,000

Rs. 15 lakh

8.50%

Rs. 10,625

Rs. 15 lakh

9%

Rs. 11,250

Rs. 15 lakh

9.50%

Rs. 11,875

Rs. 15 lakh

10.00%

Rs. 12,500


Factors Affecting FD Rates

Fixed Deposit (FD) rates are influenced by various factors that investors should consider when making financial decisions. Understanding these factors can help you earn higher returns. Here are key elements affecting FD rates:

  1. FD Tenure
    Longer tenures often give higher interest rates. Financial institutions give more interest rates to investors who commit their funds for a longer period. Assess your financial goals and liquidity needs to choose an appropriate tenure.
  2. Invested Amount
    The amount you invest in an FD directly impacts the interest rate. Generally, higher investment amounts attract better interest rates. Banks may offer tiered interest rates based on the deposited sum, encouraging larger investments.
  3. Renewals
    Opting for automatic renewals can be advantageous. When your FD matures, choosing to renew it at the prevailing interest rate allows you to benefit from potentially higher rates, especially if interest rates have increased.
  4. Age
    Age can be a significant factor, particularly for senior citizens. Many financial institutions offer higher FD rates for senior citizen. Before investing, check if there are age-specific benefits that can increase your returns.
  5. Repo Rate Fluctuations
    The Reserve Bank of India (RBI) sets the repo rate, influencing overall interest rates in the economy. Changes in the repo rate can lead to adjustments in FD rates. Keep an eye on monetary policy announcements as they can impact the interest you earn on your FD.

Following are the calculations, for if you invest Rs. 15 lakh in Bajaj Finance fixed deposit

1. For citizens below the age of 60

Amount

Tenure

Interest rate (p.a.)

Interest earning

Total maturity amount

Rs. 15 lakh

12 months

7.40%

Rs. 1,11,000

Rs. 16,11,000

Rs. 15 lakh

24 months

7.80%

Rs. 2,43,126

Rs. 17,43,126

Rs. 15 lakh

36 months

8.10%

Rs. 3,94,822

Rs. 18,94,822

Rs. 15 lakh

60 months

8.10%

Rs. 7,14,215

Rs. 22,14,215


2. For senior citizens

Amount

Tenure

Interest rate (p.a.)

Interest earning

Total maturity amount

Rs. 15 lakh

12 months

7.65%

Rs. 1,14,750

Rs. 16,14,750

Rs. 15 lakh

24 months

8.20%

Rs. 2,56,086

Rs. 17,56,086

Rs. 15 lakh

36 months

8.35%

Rs. 4,07,998

Rs. 19,07,998

Rs. 15 lakh

60 months

8.35%

Rs. 7,39,937

Rs. 22,39,937


Bajaj Finance Digital FD

Bajaj Finance has launched a new FD variant called "Bajaj Finance Digital FD" for a period of 42 months which can be opened and managed only through the Bajaj Finserv website or app. Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a. for senior citizens and for the customers below the age of 60 they are providing up to 8.60% p.a.

Following are the calculations, for if you invest Rs. 15 lakh in Bajaj Finance digital FD

Customer type

Amount

Tenure

Interest rate (p.a.)

Interest earning

Total maturity amount

Citizens below the age of 60

Rs. 15 lakh

42 months

8.60%

Rs. 4,89,270

Rs. 19,89,270

Senior citizen

Rs. 15 lakh

42 months

8.85%

Rs. 5,05,374

Rs. 20,05,374


Conclusion

Fixed Deposit is an ideal investment option for individuals who are looking for guaranteed returns. There are various factors that affect FD rates, including tenure, invested amount, renewals, age, and repo rate fluctuations. By investing in FDs, investors can diversify their portfolio and ensure consistent returns, making it a reliable and popular investment option.

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Disclaimer

As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer https://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.