Fixed Deposit Monthly Income
FD Monthly Income Scheme
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What is a monthly income fixed deposit?
As the name suggests, monthly income fixed deposits are the term deposits where the interest earned is credited directly back to the investors account per month. This type of investment vehicle is an ideal option for individuals who want to earn a regular fixed income on a monthly basis. The monthly income fixed deposits help in creating wealth and fetches higher interest than the savings account.
Interest rates on Monthly Income FD Schemes
| Bank | Interest Rate | Tenure |
|---|---|---|
| SBI Fixed Deposit | 2.90% - 5.40% | 7 Days - 10 Years |
| HDFC Bank Fixed Deposit | 2.50% - 5.50% | 7 Days - 10 Years |
| ICICI Bank Fixed Deposit | 2.50% - 5.50% | 7 Days - 10 Years |
| Axis Bank | 2.50% - 5.50% | 7 Days - 10 Years |
| ICICI Home Finance | 4.30% - 6.45% | 12 Months - 120 Months |
| Kotak Bank | 2.50% - 5.30% | 7 Days - 10 Years |
| PNB Housing Finance | 5.90% - 6.70% | 12 Months - 120 Months |
| IDFC First Bank | 2.75% - 6.00% | 7 Days - 10 Years |
| Bank of Baroda | 2.80% - 5.25% | 7 Days - 10 Years |
| Citibank | 2.40% - 3.50% | 7 Days - 1825 Days |
| IDBI Bank | 2.90% - 5.10% | 7 Days - 20 Years |
| Indian Bank | 2.90% - 5.25% | 7 Days - 10 Years |
| Indian Overseas Bank | 3.40% - 5.20% | 7 Days - 10 Years |
| OBC | 3.00% - 5.30% | 7 Days - 10 Years |
| PNB | 3.00% - 5.30% | 7 Days - 10 Years |
Top banks monthly income FD interest rates for senior citizens
| Bank | Interest Rate | Tenure |
|---|---|---|
| SBI Fixed Deposit | 3.40% - 6.20% | 7 Days - 10 Years |
| HDFC Bank Fixed Deposit | 3.00% - 6.25% | 7 Days - 10 Years |
| ICICI Bank Fixed Deposit | 3.00% - 6.30% | 7 Days - 10 Years |
| Axis Bank | 2.50% - 6.05% | 7 Days - 10 Years |
| ICICI Home Finance | 4.55% - 6.70% | 12 Months - 120 Months |
| Kotak Bank | 3.00% - 5.80% | 7 Days - 10 Years |
| PNB Housing Finance | 6.15% - 6.95% | 12 Months - 120 Months |
| IDFC First Bank | 3.25% - 6.50% | 7 Days - 10 Years |
| Bank of Baroda | 3.30% - 5.75% | 7 Days - 10 Years |
| Citibank | 2.90% - 4.00% | 7 Days - 1825 Days |
| IDBI Bank | 3.40% - 5.60% | 7 Days - 20 Years |
| Indian Bank | 3.40% - 5.75% | 7 Days - 10 Years |
| Indian Overseas Bank | 3.90% - 5.70% | 7 Days - 10 Years |
| OBC | 3.50% - 5.80% | 7 Days - 10 Years |
| PNB | 3.50% - 5.80% | 7 Days - 10 Years |
Benefits of FD Monthly Income Scheme
Some of the top benefits of investing in monthly income option of FD are:
Monthly Income FD Calculator
Monthly income FD calculator is an online calculator which helps in computing the monthly income earned through a fixed deposit. This is a user-friendly calculator and helps individuals save time in complex calculations. The tool is free of cost thus individuals can use it multiple times and compare returns for different combinations of FD rates, tenure and amount.
Eligibility required for Monthly Income Scheme
Below mentioned can apply for the monthly income FD scheme:
Document required for Monthly Income Scheme
Documents required for opening a monthly income FD scheme are as follows:
FAQs
✅Which bank is best for the monthly interest FD Scheme?
Banks or NBFCs with high returns are considered as the best option for monthly income schemes. SBI, HDFC Bank, PNB Housing Finance and Bajaj Finserv are some of the top banks or NBFCs for monthly interest FD scheme.
✅Can I get monthly interest on FD?
Yes. an individual can get a monthly interest payout if he chooses periodic payouts, and select the monthly frequency. When one invests in FDs, he gains interest on your principal amount, which can be obtained periodically.
✅Which scheme is best for monthly income?
There are several schemes that offer monthly income to everyone. However, if you are looking for high return and risk-free option, then the best option for monthly income is fixed deposit where you can earn monthly returns by investing in monthly compounding interest.
✅How much will I get monthly from FD?
The amount earned will be dependent upon the interest rate on the FD. Let us say, A invested ₹ 1,00,000 in annual income FD which fetches an interest rate of 6%. So, his annual income earned will be ₹ 6,000 which makes the monthly income to be ₹ 500. If he invests in monthly income FD, the annual interest earned will be ₹ 6,168 and monthly income will be ₹ 514 which is higher than the interest earned on annual FD.
