Considering a fixed deposit of Rs 1 lakh, with interest rates varying from 2.50 percent to 8.50 percent per annum, the following monthly interest estimates can provide a clear picture of how much interest you will earn.
New Delhi: For individuals seeking a consistent monthly income to cover their regular expenses, the monthly fixed deposit plan proves to be an ideal choice. This particular financial strategy gains popularity among retirees and those with surplus funds from inheritances or other sources but lacking steady income streams.
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By opting for monthly interest payouts, depositors can secure a reliable monthly income. Here we have calculated a monthly interest pay-out for your Rs 1 lakh deposit.
Considering a fixed deposit of Rs 1 lakh, with interest rates varying from 2.50 percent to 8.50 percent per annum, the following monthly interest estimates can provide a clear picture of how much interest you will earn.
– At an interest rate of 2.5 percent per annum, a Rs 1 lakh fixed deposit would generate a monthly interest of Rs 208.33.
– Choosing a 3 percent interest rate increases the monthly interest to Rs 250 for the same Rs 1 lakh deposit.
– With a 3.5 percent interest rate, the monthly income rises to Rs 291.66.
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– For a 4 percent interest rate, it further increases to Rs 333.33.
– Opting for a 4.5 percent interest rate results in a monthly interest pay-out of Rs 375.
– While a 5 percent interest rate yields Rs 416.66.
– The monthly interest continues to rise with higher interest rates, reaching Rs 708.33 at an 8.5 percent interest rate.
