Monthly Interest Rates for ₹ 15 lakh Fixed Deposit

Posted on Monday, November 25th, 2024 | By IndusInd Bank

If you are planning to invest ₹ 15 lakh, consider opting for a fixed deposit (FD). It can offer the dual benefit of securely growing your funds while also providing monthly interest payouts. Whether your plan is to save for a future goal or seek a regular source of income, understanding how to calculate the ₹ 15 lakh FD interest earnings is crucial. In this article, we shall see how it is done as well as other factors that come into play.  

Looking at the Factors that Influence FD Interest Rates  

Your monthly interest earnings will depend on the interest rate which, in turn, is influenced by the following:  

1. Tenure of the FD 

The length of time you decide to keep your money in the FD impacts the interest rate. In most cases, a longer tenure will attract higher interest rates. But this can vary depending on the bank and market conditions.  

2. Type of Customer 

Certain customer categories, such as senior citizens or women, often receive higher FD interest rates. If you fall under such categories, it can be worth exploring your options to maximise the ₹ 15 lakh FD interest per month. 

3. Bank or Financial Institution  

Interest rates vary from bank to bank, even though they may be within a specific range. Choosing a bank that offers competitive ₹ 15 lakh FD interest per month, like IndusInd Bank, can positively impact the overall returns.  

4. Market and Economic Factors  

During periods of higher inflation, banks may raise FD rates to attract more deposits. The Reserve Bank of India’s repo rate also determines bank interest rates. 

5. Payout Option 

When (or if) you choose to receive the interest payouts can also impact the overall returns of your ₹ 15 lakh FD interest. Monthly payouts may provide a regular income. However, this option may yield slightly lower returns compared to receiving interest at maturity.  

Calculating Monthly Interest Rate for a ₹ 15 Lakh FD  

To calculate ₹ 15 lakh FD interest per month, we must first get an idea of the overall returns. We can do this with the help of the Fixed Deposit Calculator from IndusInd Bank.  

All one needs to do is enter the amount and the tenure, and the tool will provide an estimate in an instant.  

Let’s assume the tenure is 1 year and 4 months.  

The prevailing interest rate for this tenure is 7.99%. (Check out our current FD Interest Rates) 

With the help of the FD Calculator, we know that the overall interest return for this amount and tenure is 1,88,995.  

Now, to get the monthly interest payout, let’s divide this total amount by the number of months in the tenure.  

So, 1,88,995 ÷ 16 = 11,812 

Thus, the ₹ 15 lakh FD interest per month will be ₹ 11,812.  

Depending on the payout frequency, this amount will be aggregated and credited to your bank account. 

Important Points to Know Before Investing in a ₹ 15 Lakh FD  

While the interest earnings of a ₹ 15 lakh FD are attractive, it is crucial to note certain points before investing in one: 

1. Penalty for Premature Withdrawal  

Banks charge a penalty if you withdraw from an FD before its maturity. Depending on the penalty amount, this may reduce your overall returns.  

2. Taxation of Interest  

FD interest is taxable if your interest earnings exceed ₹ 40,000 annually (or ₹ 50,000 for senior citizens), as per prevailing tax laws. Note the overall ₹ 15 lakh FD interest to keep a tab on your tax outgo.  

3. Type of FD 

There are broadly two types of FDs: cumulative and non-cumulative FDs. While the former offers compounding benefits, the latter offers liquidity. Pick an FD that meets your needs.  

4. Multiple FDs for Liquidity 

If liquidity is a concern, consider splitting your ₹ 15 lakh into multiple FDs with different tenures. For instance, you can lock in three ₹ 5 lakh FDs, each of a different tenure. This way, you are getting your liquidity needs met while also enjoying attractive interest rates. 

Also Read: Tips for Maximising Returns on Fixed Deposits 

Conclusion  

If you prefer parking your funds in a safe, low-risk option, then an FD is the ideal choice. With its multiple payout options and attractive interest rates, FDs can allow you to grow your wealth while enjoying regular access to funds. Knowing the monthly interest payouts can only ease the process for you as an investor.  

IndusInd Bank offers a host of features that make an FD an easier and more beneficial alternative. Our high interest rates ensure your funds grow fast, while our multiple payout options (monthly, quarterly, annually) make your funds accessible to you at your preference. The best part? You can apply for an FD right now, via our web application (also applicable for non-IndusInd Bank customers), net banking portal, or our mobile app. Apply for a Fixed Deposit with IndusInd Bank now!  

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.