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Monthly Interest on ₹24 Lakh Fixed Deposit – Returns, Rates & Comparison

A ₹24 lakh fixed deposit (FD) is a popular investment choice for individuals seeking stable and predictable returns without exposure to market volatility. Whether you are parking surplus funds, planning for short-term goals, or creating a steady monthly income stream, understanding how much interest you can earn is essential before investing.

Let’s break down returns, payout options, tax rules, and important considerations.

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Customer Category

Deposit Amount

₹

Tenure (Months)

Interest Rate (% p.a)

MATURITY VALUE

₹1,10,250

7.90% Applied

INTEREST EARNED +₹10,250

MATURITY DATE --

Principal Amount₹1,00,000

Total Interest₹10,250

Total Payable₹1,10,250

How Much Monthly Interest Can You Earn from a ₹24 Lakh Fixed Deposit?

The monthly income from a ₹24 lakh FD depends on three primary factors:

Interest rate offered by the institution
Tenure selected
Payout option (monthly or cumulative)

If you choose a monthly interest payout, the interest earned is credited to your bank account every month. In contrast, under a cumulative FD, interest compounds and is paid at maturity, resulting in a higher overall return.

For investors seeking passive income, monthly payout FDs can act as a supplementary income source.

Airtel Fixed Deposit Monthly Interest Rate

Banks	Amount Invested	General Citizen interest rate (% p.a.) for 1 year	Monthly Interest Payout for General Citizens	Senior Citizen interest rate (% p.a.) for 1 year	Monthly Interest Payout for Non-General Citizens
Shivalik Small Finance Bank	1 Lakh	6.00%	₹500	6.50%	₹542
Shriram Finance	1 Lakh	7.00%	₹583	7.50%	₹625
Suryoday Small Finance Bank	1 Lakh	7.25%	₹604	7.45%	₹621
Utkarsh Small Finance Bank	1 Lakh	6.00%	₹500	6.50%	₹542
Slice Small Finance Bank	1 Lakh	7.25%	₹604	7.25%	₹604
Bajaj Finance	1 Lakh	6.75% (1Y3M)	₹563	7.10%	₹592
South Indian Bank	1 Lakh	6.35%	₹529	6.85%	₹571

Example Calculation – Earn Up to ₹2,275 Per Month on ₹24 Lakh FD

Let’s understand this with an illustration:

Assume a ₹24 lakh FD earns interest within the higher range generally offered by banks or NBFCs:

Annual interest earned could be approximately ₹26,000–₹27,000
Monthly payout could range around ₹2,150–₹2,300

The actual payout depends on the exact rate and tenure selected. Longer tenures sometimes offer improved returns compared to short-term deposits.

This makes a ₹24 lakh FD a useful option for individuals looking to generate predictable monthly income without risking capital.

₹24 Lakh Fixed Deposit Returns Comparison – Stable Money vs Traditional Banks

Different financial institutions offer varying interest rates and features. Here’s what typically differentiates providers:

Traditional Banks

Strong brand trust
Moderate interest rates
Physical branch support

NBFC-backed Digital FDs

Competitive interest rates
Fully online process
Flexible tenure options
Quick digital account management

Investors should compare tenure flexibility, premature withdrawal rules, and payout frequency before investing.

₹24 Lakh FD Interest Rates Offered by Top Banks and NBFCs in 2025

FD interest rates in 2025 vary depending on:

Market liquidity conditions
RBI monetary policy direction
Tenure chosen (short-term vs long-term)
Customer category (general or senior citizen)

Typically:

1–2 year tenures offer steady returns
3–5 year tenures may provide improved rates
Senior citizens receive preferential rates

Always review the latest published rates before locking in your investment.

Monthly Interest Payout for General vs Senior Citizens

Senior citizens usually receive an additional interest benefit compared to general investors.

For a ₹24 lakh FD:

General category investors earn standard rates
Senior citizens may earn slightly higher returns

Even a small difference in rate can meaningfully increase total interest earned over time.

This makes FDs particularly attractive for retirees seeking dependable monthly cash flow.

TDS Rules on ₹24 Lakh Fixed Deposit Interest

Interest income from FDs is taxable under “Income from Other Sources.”

Key points to remember:

TDS is deducted if annual interest exceeds the prescribed limit.
You can submit Form 15G or 15H (if eligible) to avoid TDS deduction.
Even if TDS is not deducted, interest must be declared in your income tax return.

Understanding post-tax returns is important while evaluating actual monthly income from your FD.