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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 2023

Bank NameInterest RatesMonthly Interest for 50 Lakh
Central Bank of India 7.25%Rs. 30,208
City Union Bank 7.50%Rs. 31,250
Bank of Maharashtra 7.50%Rs. 31,250
Bank of India 7.50%Rs. 31,250
ICICI 7.60%Rs. 31,667
State Bank of India 7.60%Rs. 31,667
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. 32,292
Axis Bank 7.85%Rs. 32,708
RBL Bank 8.30%Rs. 34,583

Frequently Asked Questions

Can I take a loan against my 50 lahks 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 documentation is needed for a Fixed Deposit of 50 Lakh?

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.

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%.

What happens if the depositor dies before the FD matures?

In case of the untimely death of the depositor before the FD matures, the money will be paid to the nominee.

Fixed Deposit Interest Per Month