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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 the top bank FD Monthly Interest Pay-out for Deposits of Rs 1 Crore:
| Monthly Interest for 1 Crore | Bank Name | Interest Rates |
| Rs. 60,417 | Central Bank of India | 7.25% |
| Rs. 62,500 | City Union Bank | 7.50% |
| Rs. 62,500 | Bank of Maharashtra | 7.50% |
| Rs. 62,500 | Bank of India | 7.50% |
| Rs. 63,333 | ICICI | 7.60% |
| Rs. 63,333 | State Bank of India | 7.60% |
| Rs. 64,583 | HDFC | 7.75% |
| Rs. 64,583 | Punjab National Bank | 7.75% |
| Rs. 64,583 | Indian Overseas Bank | 7.75% |
| Rs. 64,583 | Bank of Baroda | 7.75% |
| Rs. 65,417 | Axis Bank | 7.85% |
| Rs. 69,167 | RBL Bank | 8.30% |
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
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.
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.
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.
The minimum tenure for a Fixed Deposit is usually seven days. While the maximum tenure can extend up to 10 years.
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%.
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