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You can achieve your financial goals and create a reliable monthly income by investing 70 lakhs in fixed deposits (FDs). However, to guarantee a trouble-free investment, comprehensive research, comparing interest rates, and choosing a reliable bank or financial institution are essential tasks.

Monthly Interest for 70 Lakhs in FD 2024

The following table lists 70 lakhs FD interest per month for different banks over a tenor of 5 years for general public:

Bank NameInterest RatesMonthly Interest for 70 Lakh
Bank of Maharashtra 5.80% Rs. 33,833
City Union Bank 6.25% Rs. 36,458
Central Bank of India 6.25% Rs. 36,458
State Bank of India 6.50% Rs. 37,917
Punjab National Bank 6.50% Rs. 37,917
Indian Overseas Bank 6.50% Rs. 37,917
Bank of Baroda 6.50% Rs. 37,917
Bank of India 6.50% Rs. 37,917
Axis Bank 7.00% Rs. 40,833
RBL Bank 7.10% Rs. 41,417
HDFC 7.40% Rs. 43,167
ICICI 7.60% Rs. 44,333

Frequently Asked Questions

What happens if the bank or financial institution fails?

If the bank or financial institution fails, your FD up to 5 lakhs will be insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Can I extend the tenure of my FD?

Yes, you can extend the tenure of your FD by contacting the bank or financial institution where you opened the account.

How long can I invest 70 lakhs in an FD?

The tenure of an FD can range from 7 days to 10 years. However, some banks also offer longer tenures, such as 20 or 30 years.

Do senior citizens have any benefit from investing in a 70 lakh FD?

Senior citizen depositors enjoy higher interest rates on FD. Also, they enjoy higher TDS deductions compared to regular citizens. Furthermore, senior citizens have the option to submit Form 15H if they do not possess a taxable income. This allows them to avail an exemption from TDS deductions.

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%.

Fixed Deposit Interest Per Month