If you invest Rs. 5 Lakh in a fixed deposit account and choose to get the interest credit to your account on a monthly basis, then the financial institution will credit the interest amount calculated at the prevailing interest rate to your account. Thus, you can generate a monthly income.
You must be careful where you invest your funds to ensure high returns. At Mahindra Finance, we offer the best interest rate on FDs, starting from 7.20% per annum. If you are a senior citizen, you get a 0.25% higher interest rate.
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