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By
Pabitra Kumar Maharana •
Updated on 24 May, 2024
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Rinju Abraham
A member of the leadership team with over 17 years spent working at theintersection of Investment Analysis, Personal Finance, and Technology.Hands-on experience across multiple functions including Index Construction,Index Maintenance, Asset Allocation, Portfolio Construction, Managing ateam of Digital Relationship Managers, etc
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Fact checked by
Rinju Abraham
A member of the leadership team with over 17 years spent working at theintersection of Investment Analysis, Personal Finance, and Technology.Hands-on experience across multiple functions including Index Construction,Index Maintenance, Asset Allocation, Portfolio Construction, Managing ateam of Digital Relationship Managers, etc
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Investing in FDs with a significant amount, like 5 lakhs, can help you secure a regular monthly income and achieve your financial objectives. Make sure to research the various options available, compare interest rates, and choose a trusted bank or financial institution to enjoy a stress-free investment journey.
Monthly Interest for 5 Lakhs in FD 2024
The following table lists 5 lakh FD interest per month for different banks over a tenor of 5 years for general public:
What are the Documents Required for a ₹5 Lakh Fixed Deposit?
Individual depositors must submit the following documents for a ₹5 Lakhs fixed deposit:
- Proof of Identity: Aadhaar card, driving licence, PAN card, voter’s ID, etc.
- Proof of Address: Utility bills, passport, registered rent agreement, bank passbook with photo, etc.
Entities – like a Company or HUF must submit the following documents for a ₹5 Lakhs fixed deposit:
- HUF deed
- Certificate of registration
- Articles and memorandum of association
- Partnership deed
What is the Eligibility Criteria for a ₹5 Lakh Fixed Deposit?
The following are eligible for FD for a ₹5 Lakh fixed deposit:
- Resident Indian above 18 years
- Overseas Citizen of India or Person of Indian Origins
- HUFs
- Sole-proprietorship
- Partnership firms
- Family Trusts
- Companies, associations, clubs and societies
- NRIs 18 years or above
Frequently Asked Questions
How does investing 5 lakhs in FD generate monthly income?
You can opt for a monthly interest payout option to generate a monthly income from your FD. When you invest 5 lakhs in FD, you can choose to receive the interest earned per month, which can serve as a regular source of income.
Can you save on income tax by investing in Fixed Deposits?
Yes. Banks offer tax-saving fixed deposits with a 5-year tenure. These tax savings FDs qualify for income tax exemption under Section 80C of the Income Tax Act, 1961.
Do senior citizens have any benefit from investing in a 5 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.
What is the minimum and maximum tenure for investing in an FD account?
The minimum tenure for a Fixed Deposit is usually seven days, while the maximum tenure can extend up to 10 years.
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%.
What is interest on 5 lakh FD for 1 year?
The interest on 5 lakh FD for 1 year is INR 34,877 (compounded quarterly). The maturity value of the investment at the end of 1 year will be INR 5,34,877.
Fixed Deposit Interest Per Month
- 1LakhFD Interest per Month
- 2 Lakh FD Interest Per Month
- 5Lakh FD Interest per Month
- 10Lakh FD Interest per Month
- 30LakhFD Interest per Month
- 40LakhFD Interest per Month
- 50 LakhFD Interest per Month
- 60LakhFD Interest per Month
- 1 CroreFD Interest per Month
- 3 CroreFD Interest per Month
- 5 CroreFD Interest per Month
- 10 CroreFD Interest per Month
Related Articles
Article Content
- Monthly Interest for 5 Lakhs in FD 2024
- What are the Documents Required for a ₹5 Lakh Fixed Deposit?
- What is the Eligibility Criteria for a ₹5 Lakh Fixed Deposit?
- Frequently Asked Questions
Posted on 24 Oct, 2023
Last updated May 24, 2024
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Pabitra has extensive experience in covering personal finance and investment planning related topic. His career includes time in improving search presence, writing and editing for a variety of activity in financial domains. Throughout his career, he has helped readers and individuals finding their financial freedom and making smart financial decision in their life.
See all articles by Pabitra KumarMaharana
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