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Best Fixed Deposits That Give You Good Monthly Interest Income
Many investors, especially the retired set of investors look for regular monthly income. In fact, they look for fixed deposits that offer the best interest rates on a monthly basis.
When looking for best interest rates on monthly fixed deposits, it is important to remember that all are taxable. Remember, we are not giving you monthly income plans of mutual funds. Here we are purely recommending, monthly income fixed deposits or fds.
In the case of company deposits, the TDS is cut beyond an interest earned of Rs 5,000, while in the case of bank deposits, it is cut beyond a sum of Rs 10,000. So watch-out for those tax liabilities that may arise from time to time.
In any case take a look at some of the best fixed deposits with monthly interest income.
DHFL Aashray Fixed Deposits for monthly income
DHFL Ashray offers an interest rate of 8.10 for 12 months on its monthly interest fixed deposits.
The Fds offer you an interest rate of 8.35 per cent for tenures ranging from 14 to 120 months.
Not bad when compared to interest rates that we currently get from banks. Of course, interest rates have dropped dramatically and at one point in time, the company was offering an interest rate of as much as 9 per cent.
Bajaj Finserv
Bajaj Finserv has to be among the best fixed deposits, if you are looking at monthly interest from fixed deposits.
The 12-23 months fixed deposits which offered you an annual interest rate of 7.53 per cent, while for 24-35 months you get an interest rate of 7.72 per cent and for 36 months to 60 months you get an interest rate of 7.77per cent. These are AAA rated deposits, which are relatively secure, making it good Fd for monthly income.
Shriram Transport Finance Monthly Income Fds
Shriram Transport offers an interest rate of 7.49 per cent on its monthly income fixed deposits for 12 months and 7.58 per cent for two and three years. The interest rates have dropped dramatically and a 60 months deposit gives you the best interest rate at 7.95 per cent. This is the best interest rate that Shriram Transport offers on its monthly income scheme plans.
Post Office Monthly Interest Income Plan
Post Office Fixed Deposits are also good for monthly income. They offer interest rate that is slightly lower than that of HDFC Monthly Income Fixed Deposit.
The interest rate at the moment is around 7.2 per cent, which is marginally lower. These are once again extremely safe deposits, as Post Office is backed by the Government of India. These are good fds for monthly income. Go for them if you are looking for periodical interest rates that are also very safe.
Federal Bank Monthly Interest Fds
Federal Bank is another bank that offers interest rates on monthly interest fixed deposits.
However, you need to check with the bank on the interest rates. This is because, interest rates vary based on the tenure and the amount.
Union Bank of India
Like Federal Bank, Union Bank also has monthly interest fixed deposits.
The interest we believe is definitely lower than that of any of the NBFCs listed above. Again, it could range in between 7.00 to 7.25 per cent. You would need to check with the bank
UCO Bank
UCO Bank too has a monthly income plan, which you would have to check with the bank. However, we continue to recommend AAA rated company Fds because of their superior interest rates.
