Calculate Monthly Interest for 60 Lakh Fixed Deposit in Bank

60 Lakh FD Monthly Interest per Month

Updated on 24 Dec, 2024

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You can create a reliable monthly income and reach your financial objectives by investing a sizeable chunk of money, such as 60 lakhs, in fixed deposits (FDs). To guarantee a pleasant and trouble-free investment experience, it is crucial to undertake in-depth research, compare interest rates, and carefully select a reputable bank or financial institution.

Monthly Interest for 60 Lakhs in FD 2024

The following table lists 60 lakhs FD interest per month for different banks over a tenor of 5 years for general public:

Bank Name	Interest Rates	Monthly Interest for 60 Lakh
Bank of Maharashtra	5.80%	Rs. 29,000
City Union Bank	6.25%	Rs. 31,250
Central Bank of India	6.25%	Rs. 31,250
State Bank of India	6.50%	Rs. 32,500
Punjab National Bank	6.50%	Rs. 32,500
Indian Overseas Bank	6.50%	Rs. 32,500
Bank of Baroda	6.50%	Rs. 32,500
Bank of India	6.50%	Rs. 32,500
Axis Bank	7.00%	Rs. 35,000
RBL Bank	7.10%	Rs. 35,500
HDFC	7.40%	Rs. 37,000
ICICI	7.60%	Rs. 38,000

Frequently Asked Questions

Can I make a 60 lakhs fixed deposit in the name of a minor alone?

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, and 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.

Can I withdraw my 60 lakhs FD before maturity?

Yes, you can withdraw your 60 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.

What are the eligibility criteria for a 60 Lakh fixed deposit?

To be eligible for a 60 Lakh fixed deposit, you must meet the following criteria:
Age Requirement: Should be above 18 years of age. However, minors can open a Fixed Deposit under the guardianship of a guardian.
PAN Card: Have a PAN card. In the case of a Hindu Undivided Family (HUF), they must have a separate PAN card.
Compliance with KYC Guidelines: The applicant must satisfy the Know Your Customer (KYC) guidelines mandated by the RBI.

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.

How does investing 60 lakhs in FD generate monthly income?

You can opt for a monthly interest payout option to generate a monthly income from your FD. When you invest 60 lakhs in FD, you can choose to receive the interest earned on a monthly basis, which can serve as a regular source of income.