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Investing a substantial sum of money, such as 50 lakhs, in fixed deposits (FDs) can help you generate a stable monthly income and achieve your financial goals. However, it is essential to conduct extensive research, compare interest rates, and carefully choose a reliable bank or financial institution in order to ensure a smooth and trouble-free investment experience.
Monthly Interest for 50 Lakhs in FD 2024
The following table lists 50 lakh FD interest per month for different banks:
| Monthly Interest for 50 Lakh | Bank Name | Interest Rates |
| Rs. 30,208 | Central Bank of India | 7.25% |
| Rs. 31,250 | City Union Bank | 7.50% |
| Rs. 31,250 | Bank of Maharashtra | 7.50% |
| Rs. 31,250 | Bank of India | 7.50% |
| Rs. 31,667 | ICICI | 7.60% |
| Rs. 31,667 | State Bank of India | 7.60% |
| Rs. 32,292 | HDFC | 7.75% |
| Rs. 32,292 | Punjab National Bank | 7.75% |
| Rs. 32,292 | Indian Overseas Bank | 7.75% |
| Rs. 32,292 | Bank of Baroda | 7.75% |
| Rs. 32,708 | Axis Bank | 7.85% |
| Rs. 34,583 | RBL Bank | 8.30% |
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.
To open a Fixed Deposit of 50 Lakh, you will need to provide the following documents:
Identity Proof: Passport, PAN card, Voter ID, Driving licence, Government ID card, or Photo ration card.
Address Proof: Passport, telephone bill, electricity bill, bank statement with a cheque.
Signature Proof: Passport, PAN card, or driving licence.
For Senior Citizens:
Age Proof: Driving licence, PAN card, or voter ID card.
Form 15H.
For Regular Citizens:
Form 15G.
These documents are necessary for the verification process to open the Fixed Deposit.
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%.
In case of the untimely death of the depositor before the FD matures, the money will be paid to the nominee.
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