FD Monthly Interest Pay-out for Deposits of Rs. 15 lakh
Amount | Interest rate (p.a.) | Interest per month |
Rs. 15 lakh | 6% | Rs. 7,500 |
Rs. 15 lakh | 6.50% | Rs. 8,125 |
Rs. 15 lakh | 7% | Rs. 8,750 |
Rs. 15 lakh | 7.50% | Rs. 9,375 |
Rs. 15 lakh | 8% | Rs, 10,000 |
Rs. 15 lakh | 8.50% | Rs. 10,625 |
Rs. 15 lakh | 9% | Rs. 11,250 |
Rs. 15 lakh | 9.50% | Rs. 11,875 |
Rs. 15 lakh | 10.00% | Rs. 12,500 |
Factors Affecting FD Rates
Fixed Deposit (FD) rates are influenced by various factors that investors should consider when making financial decisions. Understanding these factors can help you earn higher returns. Here are key elements affecting FD rates:
- FD Tenure
Longer tenures often give higher interest rates. Financial institutions give more interest rates to investors who commit their funds for a longer period. Assess your financial goals and liquidity needs to choose an appropriate tenure. - Invested Amount
The amount you invest in an FD directly impacts the interest rate. Generally, higher investment amounts attract better interest rates. Banks may offer tiered interest rates based on the deposited sum, encouraging larger investments. - Renewals
Opting for automatic renewals can be advantageous. When your FD matures, choosing to renew it at the prevailing interest rate allows you to benefit from potentially higher rates, especially if interest rates have increased. - Age
Age can be a significant factor, particularly for senior citizens. Many financial institutions offer higher FD rates for senior citizen. Before investing, check if there are age-specific benefits that can increase your returns. - Repo Rate Fluctuations
The Reserve Bank of India (RBI) sets the repo rate, influencing overall interest rates in the economy. Changes in the repo rate can lead to adjustments in FD rates. Keep an eye on monetary policy announcements as they can impact the interest you earn on your FD.
Following are the calculations, for if you invest Rs. 15 lakh in Bajaj Finance fixed deposit
1. For citizens below the age of 60
Amount | Tenure | Interest rate (p.a.) | Interest earning | Total maturity amount |
Rs. 15 lakh | 12 months | 7.40% | Rs. 1,11,000 | Rs. 16,11,000 |
Rs. 15 lakh | 24 months | 7.80% | Rs.2,43,126 | Rs.17,43,126 |
Rs. 15 lakh | 36 months | 8.10% | Rs.3,94,822 | Rs.18,94,822 |
Rs. 15 lakh | 60 months | 8.10% | Rs.7,14,215 | Rs.22,14,215 |
2. For senior citizens
Amount | Tenure | Interest rate (p.a.) | Interest earning | Total maturity amount |
Rs. 15 lakh | 12 months | 7.65% | Rs. 1,14,750 | Rs. 16,14,750 |
Rs. 15 lakh | 24 months | 8.20% | Rs.2,56,086 | Rs.17,56,086 |
Rs. 15 lakh | 36 months | 8.35% | Rs.4,07,998 | Rs.19,07,998 |
Rs. 15 lakh | 60 months | 8.35% | Rs.7,39,937 | Rs.22,39,937 |
Bajaj Finance Digital FD
Bajaj Finance has launched a new FD variant called "Bajaj Finance Digital FD" for a period of 42 months which can be opened and managed only through the Bajaj Finserv website or app. Bajaj Finance is providing one of the highest interest rates of up to 8.65% p.a. for senior citizens and for the customers below the age of 60 they are providing up to 8.40% p.a.
Following are the calculations, for if you invest Rs. 15 lakh in Bajaj Finance digital FD
Customer type | Amount | Tenure | Interest rate (p.a.) | Interest earning | Total maturity amount |
Citizens below the age of 60 | Rs. 15 lakh | 42 months | 8.40% | Rs.4,89,270 | Rs.19,89,270 |
Senior citizen | Rs. 15 lakh | 42 months | 8.65% | Rs.5,05,374 | Rs.20,05,374 |
Conclusion
Fixed Deposit is an ideal investment option for individuals who are looking for guaranteed returns. There are various factors that affect FD rates, including tenure, invested amount, renewals, age, and repo rate fluctuations. By investing in FDs, investors can diversify their portfolio and ensure consistent returns, making it a reliable and popular investment option.
Bajaj Finserv App for All Your Financial Needs and Goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Explore and apply for co-branded credit cards online.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.