Earn up to 8.05% interest p.a. in 4 easy steps
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Additional 0.25% interest rate for senior citizens.
The monthly income fixed deposit is one of the best-suited investment options for those looking to get a fixed and monthly income. If you are a retired professional and want a steady income source to take care of your regular expenses without digging into your savings, you would surely benefit from a fixed monthly income fixed deposit scheme.
You can deposit the surplus funds in FDs offered by Mahindra Finance, which pays monthly interest and gets a regular income every month till the end of the fixed deposit period. Under the Rs. 20 Lakh fixed deposit monthly income plan, the interest is calculated for one quarter (three months), but the amount is credited to your savings or current account every month.
At Mahindra Finance, we offer higher interest rates of up to 8.05% for fixed deposits, along with the security of your capital, i.e., the principal amount that you have invested. As an investor, you can be assured of getting regular income by investing Rs. 20 Lakh in Fixed Deposit and also building a sizeable corpus in a disciplined manner.
You can easily know the exact monthly interest amount you can get on your deposit using the FD interest rate calculator from our website.
It is a handy tool that also allows you to calculate the maturity amount you can get at the end of the investment tenure. You can easily change the values in the calculator and make an informed investment decision.
At Mahindra Finance, we offer an additional interest rate of 0.25% on Samruddhi Fixed Deposits and 0.10% per annum additional interest on Dhanvruddhi Fixed Deposits to senior citizens, i.e., people how are aged 60 years or more.
The following tables show the interest on a 20 Lakh fixed deposit offered per month for different durations offered by Mahindra Finance to senior citizen investors, i.e., people who are aged more than 60 years.
| Period (Months) | Minimum Amount (Rs.) | Amount Payable (Rs.) | Interest p.a (yearly) |
|---|---|---|---|
| 15 | 5000 | 5492 | 7.75% |
| 30 | 5000 | 6051 | 7.90% |
| 42 | 5000 | 6561 | 8.05% |
| Period (Months) | Interest p.a #(Monthly) | Interest p.a # (quarterly) | Interest p.a #(Half yearly) | Interest p.a *# (yearly) |
|---|---|---|---|---|
| 15 | 7.25% | 7.35% | 7.50% | 7.75% |
| 30 | 7.40% | 7.50% | 7.65% | 7.90% |
| 42 | 7.50% | 7.60% | 7.80% | 8.05% |
| Period (Months) | Minimum Amount (Rs.) | Amount Payable(Rs.) | Interest p.a* (yearly) |
|---|---|---|---|
| 12 | 5000 | 5380 | 7.60% |
| 24 | 5000 | 5805 | 7.75% |
| 36 | 5000 | 6307 | 8.05% |
| 48 | 5000 | 6815 | 8.05% |
| 60 | 5000 | 7364 | 8.05% |
| Period (Months) | Interest p.a #(Monthly) | Interest p.a # (quarterly) | Interest p.a #(Half yearly) | Interest p.a *# (yearly) |
|---|---|---|---|---|
| 12 | 7.20% | 7.25% | 7.35% | 7.60% |
| 24 | 7.25% | 7.35% | 7.50% | 7.75% |
| 36 | 7.50% | 7.60% | 7.80% | 8.05% |
| 48 | 7.50% | 7.60% | 7.80% | 8.05% |
| 60 | 7.50% | 7.60% | 7.80% | 8.05% |
When you open a fixed deposit account with Mahindra Finance and invest Rs. 20 Lakh in monthly income FD, you can be assured of a wide range of benefits, including:
We offer a higher interest rate on a monthly income of Rs. 20 Lakh FD as compared to other NBFCs in India. You can get an interest up to 8.05% per annum and thus get higher returns on your investment.
The Rs. 20 Lakh monthly income fixed deposit allows you to get regular interest every month, which acts as a second income stream for you. Also, you get the returns at a fixed interest rate.
A monthly income fixed deposit is one of the safest investment options in India, and you can be assured that your principal amount is safe. You get this amount back along with the accrued interest at the end of the investment tenure.
When investing Rs. 20 Lakh in a fixed deposit scheme with Mahindra Finance, you can be assured of getting assured monthly returns at fixed interest rates until the maturity date.
The monthly income fixed deposit schemes pay the same interest rate as the usual fixed deposit investments. So, if you are looking to invest Rs. 20 Lakh in FD with a high interest rate, you can consider opening an FD account with Mahindra Finance. Our interest rate on FD starts from 7.20% per annum, and if you are a senior citizen, you can get an additional interest of 0.25%.
Thus, you can be assured of getting higher monthly returns and have a substantial income stream to take care of all your finances. As an investor, you must be aware of the exact interest rate offered by the NBFC before you invest your money and ensure that you get valuable returns, i.e., monthly income.
One of the critical factors to keep in mind while investing in FD is that the interest you get on Rs. 20 Lakh FD is subject to taxation. You must pay the taxes as per the regular tax bracket you fall under.
For instance, if the annual interest you earn from Rs. 20 Lakh FD is less than Rs. 40,00, you need not pay any taxes, and you can take home the entire amount. However, if the annual interest earned is more than Rs. 40,000 and Rs. 50,000 for senior citizens, then the NBFC will deduct a 10% TDS (Tax Deducted at Source) before crediting the interest to your account.
Furthermore, if you don’t have a PAN card, 20% TDS will be applicable on the monthly interest for Rs. 20 Lakh fixed deposit.
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