However, documents for monthly plans and other FD products are the same within the bank/NBFC.Best Investment for Monthly Income in India has become a crucial topic of discussion among investors looking for a steady income source while keeping their savings secure. The documents for opening a fixed deposit with a monthly payout option may differ from one bank to another. interest rate available to senior citizen FD depositorsĭocuments Required for Monthly Income Scheme Facility of overdraft or loan against fixed deposit available except for Tax-Saving FDs.Auto renewal option and nomination facility available.Here are some benefits of opening FD with monthly income plan: Benefits of Monthly Income Planĭepositors can open a fixed deposit account with the monthly payout option and derive monthly income from it. It is also important to note that the monthly interest amount will remain fixed as long as the FD interest rate and deposit amount are same, regardless of the tenure. Monthly Interest for Fixed Deposit of Rs 10 Crore FD Amount Monthly Interest for Rs 5 Crore Fixed Deposit FD Amount Monthly Interest for Rs 2 Crore FD FD Amount Monthly Interest Payout for Fixed Deposits of Rs 50 Lakh FD Amount Monthly Interest for Rs 25 Lakh FD FD Amount Depositors can also use the fixed deposit calculator to calculate the monthly interest of different banks and NBFCs.

The monthly interests on FDs of different amounts at interest rates ranging between 2.50% p.a. However, the interest earned on this FD is slightly lower than the interest earned in the cumulative FD option. Under this scheme, the depositor gets monthly interest on the fixed deposit collection, which offers liquidity. The minimum deposit amount and tenure may differ from one bank to another. The monthly interest is usually credited to the savings, current or cumulative account of the depositor at a discounted rate. Such depositors can consider opening a Fixed Deposit account with a monthly pay-out option and derive regular monthly income from it. This type of FD scheme is part of the non-cumulative FD option and is highly popular among the retired segment or people who have large surplus from inheritance or other sources lying idle but do not have adequate income sources.

A monthly payout scheme is ideal for depositors who want to opt for a fixed monthly income.

Hdfc monthly income plan fixed deposit