Get monthly bank interest for 1 lakh Fixed Deposit as an extra income source.
Do you have a lot of idle money sitting in your Savings Account? Would you prefer to earn higher interest rates and perhaps create an additional income source? If yes, you should consider opening a Fixed Deposit Account. Find out the monthly bank interest for 1 lakh Fixed Deposit of your preferred tenure. Keep reading.
A Fixed Deposit or bank FD is one of the safest investment instruments. Essentially, it is an investment where you must lock away a fixed sum of money for a fixed tenure. Your bank offers interest income on the deposit.
The Fixed Deposit interest rates offered to you depend on your chosen investment tenure and the investment amount. For instance, the monthly interest for 1 lakh Fixed Deposit for a short-term, 1-year investment may be meagre, but you can get higher interest rates by increasing the FD amount and the investment tenures. FD interest rates also depend on the investing entity you choose and your age. For instance, FDs for senior citizens attract an extra 0.50% interest rate.
You can use a Fixed Deposit Calculator to compute the monthly interest for 1 lakh Fixed Deposit. You can typically find the interest calculation tool on the websites of all banks. Here are the steps on how to calculate the interest earned on Fixed Deposits.
Per your chosen tenure, the FD calculator instantly computes the monthly interest for 1 lakh Fixed Deposit.
Today, you can create your Fixed Deposits online and offline. Most banks and NBFCs allow you to create FDs online. However, you can open post-office FDs via the offline route only. The documentation for online FDs is minimal in that you can attach scanned copies, while you have to submit hard copies of your PAN, ID, and address for offline FDs.
If you prefer to save time and effort, and open an FD account remotely, then download the digibank by DBS app right away!
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.