Dreaming Of Rs 50,000 Monthly Income? Here's How Much You Must Save

(MENAFN- AsiaNet News) You can earn a steady monthly income by depositing money in a bank. But most people are clueless about how much to deposit to get a specific amount. Find out how much you need to invest to earn ₹50,000 every month as interest.With expenses shooting up, everyone wants a fixed monthly income. Retirees, especially, look for such options. Many hope a fixed deposit will give them a monthly interest payout, but how much do you need for ₹50,000? It all depends on the bank's interest rate.Say you want ₹50,000 interest every month. That's ₹6 lakh a year. If the bank offers 6% interest, you'll need to deposit ₹1 crore. If the rate is 7%, you'll need to deposit over ₹85 lakh. And at an 8% rate, a ₹75 lakh deposit will do. The higher the interest rate, the less you need to invest.Right now, bank interest rates are hovering between 6% and 8%. Senior citizens usually get a slightly better rate. To receive interest every month, you must select the 'Monthly Interest Payout FD' option. This ensures the interest gets credited to your account monthly. But remember, you have to pay tax on this interest income.So, to get ₹50,000 monthly interest, you need to deposit somewhere between ₹75 lakh and ₹1 crore. Your monthly income depends entirely on the interest rate offered. Before you invest, it's best to visit the bank and understand their rates, rules, and tax implications. A little planning today can secure a stable monthly income for your future.

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