With FDs, you can opt to receive your interest earnings every month, and this could be a wise move for many investors. Depending on the tenor, the monthly interest on a fixed deposit of ₹3 Lakhs could go up to ₹2,500 or even higher, if you get the right rate. 


However, in most cases, the tenor is the deciding factor, as longer investments generally lead to better returns. You could use the FD interest calculator to get an idea of the potential returns on your FD investment. 

Deposit Amount

Interest Rate

Tenure

Months

Interest Payout

At Maturity
At Maturity
Monthly
Quaterly
Half Yearly
Yearly

Investment Amount

Interest Rate

Total Interest Amount

Total Payout (Principal + Interest)

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Monthly Interest for a Fixed Deposit of ₹3 Lakhs

The interest rate offered for an FD could affect the amount of monthly payouts. Generally, the higher the annual interest on an FD of ₹3 Lakhs, the better your returns. 

 

Here is an estimate of the monthly interest payout you would receive at different interest rates over a tenor of 5 years. 

Deposit Amount

Interest Rate (p.a.)

Monthly Interest Payout

₹3 Lakhs

6.00%

₹1,500

₹3 Lakhs

6.50%

₹1,625

₹3 Lakhs

7.00%

₹1,750

₹3 Lakhs

7.50%

₹1,875

₹3 Lakhs

8.00%

₹2,000

₹3 Lakhs

8.50%

₹2,125

₹3 Lakhs

9.00%

₹2,250

₹3 Lakhs

9.50%

₹2,375

₹3 Lakhs

10.00%

₹2,500

Disclaimer: The monthly interest payouts mentioned above are indicative. It is imperative to check the actual returns before investing.

Monthly Interest Payout for an FD of ₹3 Lakhs from Banks and NBFCs

Check out the monthly payouts you can receive based on different interest rates on an FD of ₹3 Lakhs over a tenor of 60 months. 

Bank/NBFC/HFC

Non-senior Citizen (p.a.)

Monthly Interest Payout

Senior Citizen (p.a.)

Monthly Interest Payout

Bajaj Finance Ltd.

8.10%

₹2,025

8.35%

₹2,088

PNB Housing Finance Ltd.

7.65%

₹1,913

7.85%

₹1,963

Mahindra Finance Ltd.

8.10%

₹2,025

8.35%

₹2,088

LIC Housing Finance Ltd

7.75%

₹1,938

8.00%

₹2,000

Shriram Finance

8.47%

₹2,118

8.97%

₹2,243

AU Small Finance Bank

7.25%

₹1,813

7.75%

₹1,938

Ujjivan Small Finance Bank

7.20%

₹1,800

7.70%

₹1,925

ICICI Bank 

7.00%

₹1,750

7.50%

₹1,875

HDFC Bank 

7.00%

₹1,750

7.50%

₹1,875

IDFC First Bank 

7.00%

₹1,750

7.50%

₹1,875

Axis Bank 

7.10%

₹1,775

7.60%

₹1,900

IndusInd Bank 

7.25%

₹1,813

7.75%

₹1,938

YES Bank 

7.25%

₹1,813

8.00%

₹2,000

Kotak Mahindra Bank

6.20%

₹1,550

6.70%

₹1,675

Disclaimer: The above-mentioned rates are effective from April 2024 and are subject to change at the issuer’s discretion.

 

With this understanding of your estimated returns on an FD of ₹3 Lakhs, you can now make an informed decision and invest appropriately. Browse FD issuers offering competitive interest rates on Bajaj Markets and book your fixed deposit today. 

Disclaimer

The information provided by BFDL is related to the rates provided by Banks and Deposit taking NBFCs as available from public domain and under no circumstances is intended to be source of advice or recommendation of any financial investment advice or endorsement of any sort. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers and use of such information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. Display of any intellectual property along with the related product information does not imply BFDL’s partnership with the owner of the intellectual property of such products and is solely for the purpose of information, unless otherwise provided by BFDL.

Frequently Asked Questions

How much tax will I have to pay on an FD of ₹3 Lakhs?

As per Section 194A of the Income Tax Act, 1961, annual interest exceeding ₹40,000 or ₹50,000 if you’re a senior citizen, is subject to 10% TDS.

What are the eligibility criteria to open an FD account?

To open an FD account, you generally need to meet the requirements set by the issuing bank or NBFC. This may include being an Indian citizen aged above 18 years.

What are the documents required to open an FD account?

To open an FD account, you need to provide your PAN card, KYC documents, proof of identity, and photographs to the issuing bank or NBFC.

How much monthly interest for a fixed deposit of ₹3 Lakhs can I earn?

The monthly interest earned on a fixed deposit depends on the interest rate and the chosen tenor. For example, if you invest in an FD of ₹3 Lakhs for 5 years at 7.15% p.a., you could earn ₹1,788 as monthly interest.

Is there a penalty for withdrawing the fixed deposit before maturity?

Yes, withdrawing your fixed deposit before maturity may attract penalties, depending on the terms and conditions set by the issuer. Generally, premature withdrawal entails a reduction in the interest rate earned on the deposit or a flat penalty.

What happens if I do not renew my FD of ₹3 Lakhs after maturity?

If you do not renew your fixed deposit after maturity, the issuer will credit the deposit amount and any accrued unpaid interest to your linked bank account. If you wish to continue with the deposit, you have the option to renew it for another term.

Can I add more money to my fixed deposit of ₹3 Lakhs during the tenor?

No, fixed deposits do not allow additional deposits once the account is opened. However, you can open a new fixed deposit account and deposit additional funds separately if you wish to invest further.

Is my fixed deposit amount of ₹3 Lakhs insured?

Yes, fixed deposits up to ₹5 Lakhs are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme in India. This is applicable for all bank issued FDs.

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