FD Monthly Interest Pay-out for Deposits of Rs. 60 lakh
Amount | Interest rate(p.a.) | Interest per month |
Rs. 60 lakh | 6% | Rs. 30,000.00 |
Rs. 60 lakh | 6.50% | Rs. 32,500.00 |
Rs. 60 lakh | 7% | Rs. 35,000.00 |
Rs. 60 lakh | 7.50% | Rs. 37,500.00 |
Rs. 60 lakh | 8% | Rs. 40,000.00 |
Rs. 60 lakh | 8.50% | Rs. 42,500.00 |
Rs. 60 lakh | 9% | Rs. 45,000.00 |
Rs. 60 lakh | 9.50% | Rs. 47,500.00 |
Rs. 60 lakh | 10.00% | Rs. 50,000.00 |
Factors Affecting FD Rates
- Repo Rate: Changes in the repo rate set by the RBI can influence FD rates. A higher repo rate generally leads to higher FD rates as financial institution try to attract more funds from investors.
- Banks' Liquidity Needs: If a bank needs more funds to meet its lending requirements, it might raise FD rates to attract deposits, and if a bank has excess liquidity, it may lower FD rates.
- Automatic Renewals: Opting for automatic renewals can be beneficial. When your Fixed Deposit (FD) matures, renewing it at the current interest rate can give you higher interest rates, if interest rates have gone up at the time renewal.
- Age Consideration: Many financial institutions offer higher FD rates for senior citizens. Before investing, check for age-specific benefits that can increase your returns.
- Maturity Period: FD rates often vary based on the duration of the fixed deposit. Generally, longer-term deposits can offer higher interest rates.
Following are the calculations if you invest Rs. 60 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. 60 lakh | 12 months | 7.40% | Rs. 4,44,000 | Rs.64,44,000 |
Rs. 60 lakh | 24 months | 7.80% | Rs.9,72,504 | Rs.69,72,504 |
Rs. 60 lakh | 36 months | 8.10% | Rs.15,79,287 | Rs.75,79,287 |
Rs. 60 lakh | 60 months | 8.10% | Rs.28,56,859 | Rs.88,56,859 |
2. For senior citizens
Amount | Tenure | Interest rate(p.a.) | Interest earning | Total maturity amount |
Rs. 60 lakh | 12 months | 7.65% | Rs. 4,59,000 | Rs. 64,59,000 |
Rs. 60 lakh | 24 months | 8.20% | Rs.10,24,344 | Rs.70,24,344 |
Rs. 60 lakh | 36 months | 8.35% | Rs.16,31,994 | Rs.76,31,994 |
Rs. 60 lakh | 60 months | 8.35% | Rs.29,59,749 | Rs.89,59,749 |
Bajaj Finance Digital FD
In 2024, Bajaj Finance has introduced "Digital FD" for a tenure of 42 months. Investors can only invest in the Digital FD online. Senior citizens can get a higher-interest rate of up to 8.65% p.a., while those below 60 years of age can get up to 8.40% p.a.
Here your interest earning if you invest Rs. 60 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. 60 lakh | 42 months | 8.40% | Rs.19,57,080 | Rs.79,,57080 |
Senior citizen | Rs. 60 lakh | 42 months | 8.65% | Rs.20,21,495 | Rs.80,21,495 |
Conclusion
Fixed Deposit (FD) is an ideal investment option for those who are looking for fixed returns. By investing in FDs, investors can diversify their portfolio and ensure consistent returns, making it a reliable and popular investment option. It is important to note that, whether opting for FD or any other investment option, understanding the various parameters and potential returns is crucial for making informed investment decisions.
