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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

Monthly Interest for 70 LakhBank NameInterest Rates
Rs. 42,292Central Bank of India 7.25%
Rs. 43,750City Union Bank 7.50%
Rs. 43,750Bank of Maharashtra 7.50%
Rs. 43,750Bank of India 7.50%
Rs. 44,333ICICI 7.60%
Rs. 44,333State Bank of India 7.60%
Rs. 45,208HDFC 7.75%
Rs. 45,208Punjab National Bank 7.75%
Rs. 45,208Indian Overseas Bank 7.75%
Rs. 45,208Bank of Baroda 7.75%
Rs. 45,792Axis Bank 7.85%
Rs. 48,417RBL Bank 8.30%

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