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 2023
|Bank Name||Interest Rates||Monthly Interest for 70 Lakh|
|Central Bank of India||7.25%||Rs. 42,292|
|City Union Bank||7.50%||Rs. 43,750|
|Bank of Maharashtra||7.50%||Rs. 43,750|
|Bank of India||7.50%||Rs. 43,750|
|State Bank of India||7.60%||Rs. 44,333|
|Punjab National Bank||7.75%||Rs. 45,208|
|Indian Overseas Bank||7.75%||Rs. 45,208|
|Bank of Baroda||7.75%||Rs. 45,208|
|Axis Bank||7.85%||Rs. 45,792|
|RBL Bank||8.30%||Rs. 48,417|
Frequently Asked Questions
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).
Yes, you can extend the tenure of your FD by contacting the bank or financial institution where you opened the account.
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.
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.
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%.