Are there any additional FD rates available for an FD investment?

Yes, many banks, NBFCs, and post offices offer higher interest rates for specific categories, such as senior citizens and women investors. For example, senior citizens can earn an 8.65% interest rate on Fixed Deposits with Unity SF Bank, while regular citizens receive 8.15% per annum. Additionally, Shriram Finance offers an extra 0.10% interest for women investing in FDs, providing them with a slight advantage on their returns.

What are the required documents to open an FD account?

To open an FD account, you need to provide your PAN card and identity proof, such as Aadhaar, Passport, or Driving License. With Stable Money, you can complete a video KYC using your PAN and ID proof—no physical documents are required. Start earning from a ₹10 lakh FD interest for 1 year.

Is e-PAN a valid document for KYC process?

As per the regulations by RBI, e-PAN is not a valid document for a KYC process. You need to produce a physical PAN card during your KYC process and FD account opening. The PAN card serves as an image and signature proof for the KYC process.

What happens in case of the demise of the FD account holder?

In case of an unexpected demise of an FD account holder, the nominee can come forward to collect the FD amount. In case, a nominee is not registered with the account, a legal heir can collect the amount after maturity. However, the legal heir needs to produce a succession certificate to prove their relation with the account holder.

₹10 Lakh FD Interest for 1 Year (April 2024)

Name: 10 Lakh Fixed Deposit for 1 Year
Brand: Investments
Rating: 4.9 (12083 reviews)

If you are looking for a safe investment option with a higher interest rate, a Fixed Deposit is the right option for you. Banks and other FD providers offer FDs at a competitive interest rate. Therefore, checking FD rates by different FD providers is crucial for smart investment.

Let us take a look at how the interests of an FD investment work with an example:

Suppose you invest in FD with Utkarsh Small Finance Bank today to earn from ₹10 lakh FD interest for 1 year. Upon maturity, your accumulated interest will be ₹82,432.16 at 8%. Therefore, your maturity amount on this FD will be ₹10,82,432.

For a fixed deposit on this lump sum amount, the return is quite impressive. With Stable Money, you can explore various fixed deposit options from a selection of banks and NBFCs.

Now, let’s compare such a lump sum investment in FD with the return from a non-partner bank of Stable Money. Suppose you invest ₹10 lakh in the FD scheme by HDFC Bank. At a 6.60% return, after 1 year, your accumulated interest will be ₹67,652. Your total matured amount will be ₹1,67,652 upon maturity.

₹10 Lakh FD Interest for 1 Year by Banks and NBFCs in 2025

Banks and NBFCs offer a competitive interest rate against your FDs, and you might get confused about which one to choose. Find the updated interest rates by popular banks and NBFCs in 2025 in the table below:

Top FD providers	Highest Returns for Regular Customers	Highest Received Interest Upon Maturity	Total Received Amount Upon Maturity	Highest Returns for Senior Citizens	Highest Received Interest Upon Maturity	Total Received Amount Upon Maturity
Shriram Finance Limited	7.59%	₹78,596.84	₹10,78,596.84	8.09%	₹83,968.15	₹10,83,968.15
Bajaj Finance Limited	7.4%	₹74,000	₹10,74,000	7.65%	₹76,500	₹10,76,500
Shivalik SF Bank	6%	₹61,363.55	₹10,61,363.55	6.5%	₹66,601.61	₹10,66,601
Utkarsh Small Finance Bank	8%	₹82,432.16	₹10,82,432	8.6%	₹88,813.47	₹10,88,813.47
HDFC Bank	6.60%	₹67,652	₹10,67,652	7.10%	₹72,913	₹10,72,913
SBI	6.80%	₹69753	₹10,69,753	7.30%	₹75022	₹10,75,022

Calculating monthly interest for a ₹10 lakh FD is made easy with our in-app FD calculator for every bank before investing in FDs with Stable Money. Also, our app has comprehensive FD charts for every bank so that you can easily compare them with other FD providers.

TDS on ₹10 Lakh Fixed Deposit for 1 year

You become liable for income taxes when your income exceeds a certain threshold limit. As FDs are also a type of income, you need to pay a TDS if your income due to FD interests exceeds the threshold. Here is a detailed description of TDS applicability on FDs you should know before earning from a ₹10 lakh FD interest for 1 year:

If your total earned interest from all FDs is less than ₹40,000 in a year, you do not need to pay TDS.
Senior citizens enjoy a higher threshold and FD returns from senior citizens are tax-exempt up to ₹50,000.
When you cross the above-mentioned threshold and become liable for taxes on FD interest earnings, you need to pay 10% TDS on your excess earnings.
You need to pay 20% TDS on your income, if you do not provide your PAN details.

Penalty on Breaking Your FDs Before Maturity

Banks, NBFCs and other FD providers can impose a penalty that can reduce your potential earnings. Most FD providers have a lock-in period- before which breaking an FD results in penalty charges.

They impose up to 1% as a penalty charge on your FD interest if you break an FD prematurely.

However, if you invest with Stable Money in FDs, you do not need to pay penalty charges. Most partner banks and NBFCs are offering penalty-free withdrawals after a lock-in period of only 7 days.

Key Considerations to Keep in Mind Before Investing in FDs

Here are some key points you need to understand before you invest and earn from a ₹10 lakh FD interest for 1 year:

Adding Nominees

Fixed Deposits come with an option to add nominees. Upon the unexpected demise of an FD account holder, a registered nominee can withdraw FD amounts upon maturity.

Therefore, it is essential to add a nominee—such as a parent, spouse, sibling, or another loved one—to ensure your family's future is secured.

Know the Premature Withdrawal Norm

Unexpected financial urgencies can appear from nowhere. You might need to break your FDs in such scenarios. Hence, you should be aware of the premature clauses of your FD provider.

Premature FD withdrawal clauses might vary between FD providers, and some allow withdrawal without penalties. For example, most of Stable Money's partnered FD providers do not impose a penalty on a premature withdrawal. You can prematurely withdraw FD after 7 days.

Ask for an FD-Backed Loan

Instead of breaking your FD, you can opt for a loan against your FDs. Banks and NBFCs will sanction a loan by keeping your FDs as collateral.

This way, you can get a loan of up to 95% of your capital investment in FDs. Compared to breaking an FD, this can be a more effective solution for financial needs.

Submit Form 15G or 15H

If your interest earnings from Fixed Deposits (FDs) do not exceed ₹40,000 (or ₹50,000 for senior citizens), you can submit Form 15G or 15H to ensure no Tax Deducted at Source (TDS) is applied. Regular citizens can submit Form 15G, while senior citizens are required to submit Form 15H for self-declaration.

You can earn up to a 8.40% interest rate from a ₹10 lakh FD interest for 1 year with Suryoday SF bank at Stable Money. Download our Stable Money app today and start your investment journey or visit our website for more information!