Monthly Interest for Rs 20 Lakh FD

The scheme for monthly income on fixed deposits is suited for depositors who require a fixed and regular monthly income. Retired individuals or those having large surplus from inheritance/other sources, but without adequate source(s) of income, usually opt for such monthly fixed deposit schemes. Such individuals can deposit the surplus amount in FDs having a monthly interest pay-out option (a non-cumulative option) to derive regular income on a monthly basis till the end of the FD tenure.

Under the monthly fixed deposit plan, the interest amount is calculated for a quarter but credited to the depositor‘s savings/current account every month at a discounted rate. The lender repays the principal amount to the depositor on maturity of the FD.

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FD Monthly Interest Pay-out for Deposits of Rs 20 lakh

The monthly interest for an FD of Rs 20 lakh, at interest rates ranging from 2.50% to 9.00% p.a., is provided below as an estimate of the monthly income from this deposit scheme. However, you can also calculate Rs 20 lakh FD interest per month by using the fixed deposit calculator. Furthermore, the senior citizen FD rates offered by most banks/NBFCs are usually 0.25% to 0.80% higher than their regular FD interest rates.

Depositors should note that the monthly interest credit on their FD for any specific FD amount and fixed deposit interest rate would remain the same for all FD tenures.