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By making an investment of 1 crore in fixed deposits (FDs), you can reach your financial objectives and generate a steady monthly income. However, thorough research, comparing interest rates, and selecting a trustworthy bank or financial institution are crucial things that must be completed to ensure a peaceful investment journey. Let’s look at ₹1 Crore FD Interest per month offered by Banks.

Monthly Interest for 1 Crore in FD 2024

The following table lists 1 Crore FD interest per month for different banks over a tenor of 5 years for general public:

Monthly Interest for 1 CroreBank NameInterest Rates
Rs. 48,333 Bank of Maharashtra 5.80%
Rs. 52,083 City Union Bank 6.25%
Rs. 52,083 Central Bank of India 6.25%
Rs. 54,167 State Bank of India 6.50%
Rs. 54,167 Punjab National Bank 6.50%
Rs. 54,167 Indian Overseas Bank 6.50%
Rs. 54,167 Bank of Baroda 6.50%
Rs. 54,167 Bank of India 6.50%
Rs. 58,333 Axis Bank 7.00%
Rs. 59,167 RBL Bank 7.10%
Rs. 61,667 HDFC 7.40%
Rs. 63,333 ICICI 7.60%

TDS on ₹1 Crore Fixed Deposit

Earning a monthly interest on ₹1 Crore FD attracts tax. Interest on FD is added to the total taxable income of the investor and taxed as per their applicable slab rates. 

Bank FDs deduct TDS at 10% for interest income exceeding INR 40,000 per annum. For senior citizens, the threshold limit is INR 50,000.

In case you do not submit your PAN card, TDS is at 20% on the monthly interest for ₹1 Crore in the bank. 

On the other hand, NBFCs deduct TDS at 10% for interest income exceeding INR 5,000.

Documents Required for Opening Rs 1 Crore FD

Following is the list of documents required for opening Rs 1 crore FD in India:

  • Identification Proof: Government Identity Card, Passport, or Driving License, etc.
  • Address Proof: Utility bills or bank statement
  • Signature Proof: PAN Card, Driving License, or Passport, etc.
  • Senior citizens must submit their age proof and Form 15 H.

Frequently Asked Questions

Can I take a loan against my 1 crore Fixed Deposit?

One of the benefits of having an FD is that you can take a loan against it in case of a financial emergency. By opting for a loan against your FD, you can avoid breaking it prematurely and losing out on the accrued interest. Banks generally offer loans ranging from 60% to 90% of the deposited amount.

What is the minimum amount I can invest in an FD?

The minimum amount you can invest in an FD varies from bank to bank. However, it is generally between Rs.10,000 and Rs.50,000.

What is the maximum amount I can invest in an FD?

The maximum amount you can invest in an FD is also varies from bank to bank. However, it is generally capped at Rs.1 crore.

What is the minimum and maximum tenure for investing in an FD account?

The minimum tenure for a Fixed Deposit is usually seven days. While the maximum tenure can extend up to 10 years.

Will there be a penalty for early withdrawal of an FD?

Yes, if you choose to close your Fixed Deposit account before its maturity, your bank or financial institution may charge a penalty. Typically, the penalty results in a lower interest payout, ranging from 0.5% to 1%.

Fixed Deposit Interest Per Month