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

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.

Fixed Deposit Interest Per Month