A guaranteed income of 15,000 rupees per month without doing anything. Sounds unbelievable, doesn’t it? In fact, with proper investment, this income is possible from bank interest alone. This extra money, in addition to your salary, can be truly useful in today’s inflationary market. Moreover, for those who have already retired or have just started a new business, this 15,000 rupees can act as a safety net. For this type of large investment, a Fixed Deposit (FD) is the safest option. How much money needs to be deposited to receive 15,000 rupees in interest per month? Let’s find out.
Currently, State Bank of India (SBI FD Rate) offers an interest rate of 6.05% for regular customers on fixed deposits with a tenure of 5 to 10 years. For senior citizens, this rate is slightly higher, at 7.05%. Let’s calculate the required corpus or total investment amount based on this interest rate.
First, let’s set the target. 15,000 rupees in interest per month means 180,000 rupees per year. That is, you need to receive at least this amount of interest annually from your FD.
How much money is needed for regular customers?
If the interest rate is considered to be 6.05 percent, then according to calculations, to receive an annual interest of Rs. 180,000, a total investment of approximately Rs. 29.7 lakhs to Rs. 30 lakhs is required. In simple terms, you can only earn an average of Rs. 15,000 in monthly interest if you deposit approximately Rs. 30 lakhs in a fixed deposit.
Also Read –Top 3 affordable phones around 7,000 with up to 12GB of RAM
For Senior Citizens:
For senior citizens, the interest rate is 7.05 percent. Therefore, a slightly smaller corpus will suffice. In this case, to receive an annual interest of Rs. 180,000, an investment of approximately Rs. 25.5 lakhs to Rs. 26 lakhs is sufficient to earn Rs. 15,000 in monthly interest.
If your mother, father, or another family member is a senior citizen, you can open an FD in their name.
Read More –EPFO Update – PF employees wait ends! Rs 64,000 may be available soon, know how
Also, keep Tax in mind:
It is important to remember that interest earned on FDs is taxable. If your income falls within the taxable bracket, the amount you receive might be less. In that case, if you want to receive Rs. 15,000 after tax deductions, you may need to increase the corpus further.
In summary, to receive a guaranteed monthly interest of Rs. 15,000 through fixed deposits, regular customers need a corpus of approximately Rs. 30 lakhs, and senior citizens need approximately Rs. 26 lakhs. This amount may seem large, but by avoiding wasteful spending and saving steadily, it is possible to reach this target. Private sector employees, in particular, should start saving now with this goal in mind. Many people also receive a large sum of money by selling land, old houses, etc. They too can invest their money in this way.