10 Lakh FD Interest Per Month Returns in Banks

Yes, most financial institutions offer special interest rates for senior citizens. Its in the range of 0.25% to 0.5% higher than regular rates.

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 calculation of interest on a Fixed Deposit depends on various factors, including the tenure of the FD and the prevailing interest rate at the time of opening the deposit. For cumulative FDs, interest is calculated quarterly and compounded/reinvested into the principal amount. Traditional FDs with quarterly or monthly interest payout options have simple interest calculated and paid accordingly. Short-term FDs are typically calculated based on a simple interest basis.

Yes, it is possible to make a deposit in the name of a minor. However, the minor must be represented by their natural or legal guardian. The application form for the deposit must be signed by the guardian on behalf of the minor. All communication regarding the deposit will be addressed to the guardian.

Yes, you can withdraw your 10 lakhs FD before maturity, but you may have to pay a penalty. The amount of the penalty will vary depending on the bank or financial institution.