The interest rate on a fixed deposit (FD) in India depends on a number of factors, including the bank you choose, the term of the FD, and the current interest rate environment. In general, FD rates in India range from around 4% to 7% per year, depending on these factors.
To calculate the monthly interest on a fixed deposit, you can use the following formula:
Monthly interest = (FD amount * annual interest rate) / (12 * 100)
For example, if you placed 1.6 crore rupees in a fixed deposit with an annual interest rate of 6%, your monthly interest would be calculated as follows:
Monthly interest = (1.6 crore * 6%) / (12 * 100) = INR 80,000 / 12 = INR 6,666.67
Keep in mind that this is just an estimate and the actual interest you earn may be slightly different, depending on the specific terms of your FD and the bank you choose. It’s a good idea to shop around and compare rates from different banks to find the best deal.
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