A monthly payout scheme is ideal for depositors who want to opt for a fixed monthly income. This type of FD scheme is part of the non-cumulative FD option and is highly popular among the retired segment or people who have large surplus from inheritance or other sources lying idle but do not have adequate income sources. Such depositors can consider opening a Fixed Deposit account with a monthly pay-out option and derive regular monthly income from it. The monthly interest is usually credited to the savings, current or cumulative account of the depositor at a discounted rate. The minimum deposit amount and tenure may differ from one bank to another.
Under this scheme, the depositor gets monthly interest on the fixed deposit collection, which offers liquidity. However, the interest earned on this FD is slightly lower than the interest earned in the cumulative FD option.
The monthly interests on FDs of different amounts at interest rates ranging between 2.50% p.a. to 8.50% p.a. are mentioned in the tables below. Depositors can also use the fixed deposit calculator to calculate the monthly interest of different banks and NBFCs.
Monthly Interest Payout for Rs 15 Lakh Fixed Deposit
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 15 Lakh FD |
| Rs 15 Lakh | 2.50% | Rs 3,125 |
| Rs 15 Lakh | 3.00% | Rs 3,750 |
| Rs 15 Lakh | 3.50% | Rs 4,375 |
| Rs 15 Lakh | 4.00% | Rs 5,000 |
| Rs 15 Lakh | 4.50% | Rs 5,625 |
| Rs 15 Lakh | 5.00% | Rs 6,250 |
| Rs 15 Lakh | 5.50% | Rs 6,875 |
| Rs 15 Lakh | 6.00% | Rs 7,500 |
| Rs 15 Lakh | 6.50% | Rs 8,125 |
| Rs 15 Lakh | 7.00% | Rs 8.750 |
| Rs 15 Lakh | 7.50% | Rs 9,375 |
| Rs 15 Lakh | 8.00% | Rs 10,000 |
| Rs 15 Lakh | 8.50% | Rs 10,625 |
Comparison of Top 20 Scheduled Banks based on FD Rates
Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) | 3-year FD rate (% p.a.) | 5-year FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
| Unity Small Finance Bank | 9.00 | 7.85 | 8.15 | 8.15 | 0.50 |
| North East Small Finance Bank | 9.00 | 7.00 | 9.00 | 6.25 | 0.50 |
| Shivalik Small Finance Bank | 8.80 | 6.00 | 7.50 | 6.50 | 0.50 |
| Suryoday Small Finance Bank | 8.60 | 8.25 | 8.25 | 8.60 | 0.50 |
| Utkarsh Small Finance Bank | 8.50 | 8.00 | 8.50 | 7.75 | 0.60 |
| ESAF Small Finance Bank | 8.38 | 6.00 | 6.75 | 6.25 | 0.50 |
| Jana Small Finance Bank | 8.25 | 8.25 | 8.25 | 8.20 | 0.50 |
| Ujjivan Small Finance Bank | 8.25 | 8.25 | 7.20 | 7.20 | 0.50 |
| Equitas Small Finance Bank | 8.25 | 8.10 | 8.00 | 7.25 | 0.50-0.75 |
| SBM Bank | 8.25 | 7.05 | 7.30 | 7.75 | 0.50 |
| AU Small Finance Bank | 8.10 | 7.25 | 7.50 | 7.25 | 0.50 |
| DCB Bank | 8.05 | 7.10 | 8.05 | 8.05 | 0.50 |
| Bandhan Bank | 8.05 | 8.05 | 7.25 | 5.85 | 0.50-0.75 |
| RBL Bank | 8.00 | 7.50 | 7.50 | 7.10 | 0.50 |
| Induslnd Bank | 7.99 | 7.75 | 7.25 | 7.25 | 0.50 |
| IDFC First Bank | 7.90 | 6.50 | 6.80 | 6.75 | 0.50 |
| YES Bank | 7.75 | 7.25 | 7.25 | 7.25 | 0.50-0.75 |
| Central Bank of India | 7.50 | 6.85 | 7.00 | 6.75 | 0.50 |
| Punjab & Sind Bank | 7.45 | 6.30 | 6.00 | 6.00 | 6.00 |
| HDFC Bank | 7.40 | 6.60 | 7.00 | 7.00 | 0.50 |
Monthly Interest for Rs 25 Lakh FD
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 25 Lakh FD |
| Rs 25 Lakh | 2.50% | Rs 5,208.33 |
| Rs 25 Lakh | 3.00% | Rs 6,250 |
| Rs 25 Lakh | 3.50% | Rs 7,291.66 |
| Rs 25 Lakh | 4.00% | Rs 8,333 |
| Rs 25 Lakh | 4.50% | Rs 9,375 |
| Rs 25 Lakh | 5.00% | Rs 10,416.66 |
| Rs 25 Lakh | 5.50% | Rs 11,458.33 |
| Rs 25 Lakh | 6.00% | Rs 12,500 |
| Rs 25 Lakh | 6.50% | Rs 13,541.66 |
| Rs 25 Lakh | 7.00% | Rs 14,583.33 |
| Rs 25 Lakh | 7.50% | Rs 15,625 |
| Rs 25 Lakh | 8.00% | Rs 16,666.66 |
| Rs 25 Lakh | 8.50% | Rs 17,708 |
Monthly Interest Payout for Fixed Deposits of Rs 50 Lakh
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 50 Lakh FD |
| Rs 50 Lakh | 2.50% | Rs 10,416.66 |
| Rs 50 Lakh | 3.00% | Rs 12,500 |
| Rs 50 Lakh | 3.50% | Rs 14,583.33 |
| Rs 50 Lakh | 4.00% | Rs 16,666.66 |
| Rs 50 Lakh | 4.50% | Rs 18,750 |
| Rs 50 Lakh | 5.00% | Rs 20,833.33 |
| Rs 50 Lakh | 5.50% | Rs 22,916.66 |
| Rs 50 Lakh | 6.00% | Rs 25,000 |
| Rs 50 Lakh | 6.50% | Rs 27,083.33 |
| Rs 50 Lakh | 7.00% | Rs 29,166.66 |
| Rs 50 Lakh | 7.50% | Rs 31,250 |
| Rs 50 Lakh | 8.00% | Rs 33,333.33 |
| Rs 50 Lakh | 8.50% | Rs 35,416.66 |
Monthly Interest for Rs 2 Crore FD
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 2 Crore FD |
| Rs 2 Crore | 2.50% | Rs 41,666.66 |
| Rs 2 Crore | 3.00% | Rs 50,000 |
| Rs 2 Crore | 3.50% | Rs 58,333.33 |
| Rs 2 Crore | 4.00% | Rs 66,666.66 |
| Rs 2 Crore | 4.50% | Rs 75,000 |
| Rs 2 Crore | 5.00% | Rs 83,333.33 |
| Rs 2 Crore | 5.50% | Rs 91,666.66 |
| Rs 2 Crore | 6.00% | Rs 1,00,000 |
| Rs 2 Crore | 6.50% | Rs 1,08,333.33 |
| Rs 2 Crore | 7.00% | Rs 1,16,666.66 |
| Rs 2 Crore | 7.50% | Rs 1,25,000 |
| Rs 2 Crore | 8.00% | Rs 1,33,333.33 |
| Rs 2 Crore | 8.50% | Rs 1,41,666.66 |
Monthly Interest for Rs 5 Crore Fixed Deposit
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 5 Crore FD |
| Rs 5 Crore | 2.50% | Rs 1,04,166.66 |
| Rs 5 Crore | 3.00% | Rs 1,25,000 |
| Rs 5 Crore | 3.50% | Rs 1,45,833.33 |
| Rs 5 Crore | 4.00% | Rs 1,66,666.66 |
| Rs 5 Crore | 4.50% | Rs 1,87,500 |
| Rs 5 Crore | 5.00% | Rs 2,08,333.33 |
| Rs 5 Crore | 5.50% | Rs 2,29,166.66 |
| Rs 5 Crore | 6.00% | Rs 2,50,000 |
| Rs 5 Crore | 6.50% | Rs 2,70,833.33 |
| Rs 5 Crore | 7.00% | Rs 2,91,666.66 |
| Rs 5 Crore | 7.50% | Rs 3,12,500 |
| Rs 5 Crore | 8.00% | Rs 3,33,333.33 |
| Rs 5 Crore | 8.50% | Rs 3,54,166.66 |
Monthly Interest for Fixed Deposit of Rs 10 Crore
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 10 Crore FD |
| Rs 10 Crore | 2.50% | Rs 2,08,333.33 |
| Rs 10 Crore | 3.00% | Rs 2,50,000 |
| Rs 10 Crore | 3.50% | Rs 2,91,666.66 |
| Rs 10 Crore | 4.00% | Rs 3,33,333.33 |
| Rs 10 Crore | 4.50% | Rs 3,75,000 |
| Rs 10 Crore | 5.00% | Rs 4,16,666.66 |
| Rs 10 Crore | 5.50% | Rs 4,58,333.33 |
| Rs 10 Crore | 6.00% | Rs 5,00,000 |
| Rs 10 Crore | 6.50% | Rs 5,41,666.66 |
| Rs 10 Crore | 7.00% | Rs 5,83,333.33 |
| Rs 10 Crore | 7.50% | Rs 6,25,000 |
| Rs 10 Crore | 8.00% | Rs 6,66,666.66 |
| Rs 10 Crore | 8.50% | Rs 7,08,333 |
It is also important to note that the monthly interest amount will remain fixed as long as the FD interest rate and deposit amount are same, regardless of the tenure.
Benefits of Monthly Income Plan
Depositors can open a fixed deposit account with the monthly payout option and derive monthly income from it. Here are some benefits of opening FD with monthly income plan:
- Auto renewal option and nomination facility available
- Facility of overdraft or loan against fixed deposit available except for Tax-Saving FDs
- Additional 0.25-0.80% p.a. interest rate available to senior citizen FD depositors
Documents Required for Monthly Income Scheme
The documents for opening a fixed deposit with a monthly payout option may differ from one bank to another. However, documents for monthly plans and other FD products are the same within the bank/NBFC. Here are the common documents required to open FD with monthly plan for individuals:
Identity Proof:
- Aadhaar Card/ Passport/ Photo ration card/ Voter ID card/ PAN card/ Driving licence
Address Proof
- Electricity bill/ Passport/ Telephone bill