While investing in FDs, you will be given the choice of selecting an interest payout frequency, between monthly, quarterly, annual, and at maturity. If you opt for the monthly option, then here’s everything you need to know. 

 

Opting for this can help you earn interest regularly and will be useful for many of your regular day-to-day expenses. If you deposit a sum of ₹3 Lakhs for a tenor of 5 years at 7.5%, then you can earn over ₹1,800 each month. 

 

Read on to find out about the applicable interest rates offered by various banks and NBFCs in the following sections.

Deposit Amount
Tenure
Months
Interest Rate
%
Interest Payout
Your Total Maturity Amount is
Your Total Maturity Amount is
Total Investment
Total Interest Earned

Monthly Interest on ₹3 Lakh FD

The table below indicates the monthly interest payout on a ₹3 Lakh FD you could earn across different banks and NBFCs for a tenor of 5 years:

Bank/NBFC/HFC

Non-Senior Citizen (p.a.)

Monthly Interest Payout

Senior Citizen (p.a.)

Monthly Interest Payout

Bajaj Finance Ltd. 

8.05%

₹ 2,013

8.30%

₹ 2,075

PNB Housing Finance Ltd. 

7.39%

₹ 1,848

7.69%

₹ 1,923

Mahindra Finance Ltd. 

8.05%

₹ 2,013

8.30%

₹ 2,075

LIC Housing Finance

7.75%

₹ 1,938

8.00%

₹ 2,000

Shriram Finance

8.27%

₹ 2,068

8.77%

₹ 2,193

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 

7.00%

₹ 1,750

7.75%

₹ 1,938

IndusInd Bank 

7.25%

₹ 1,813

8.00%

₹ 2,000

YES Bank 

7.25%

₹ 1,813

8.00%

₹ 2,000

Jana Small Finance Bank 

7.25%

₹ 1,813

7.75%

₹ 1,938

Kotak Mahindra Bank

6.20%

₹ 1,550

6.25%

₹ 1,563

SBI

6.50%

₹ 1,625

7.50%

₹ 1,875

AU Small Finance Bank

7.25%

₹ 1,813

7.75%

₹ 1,938

Ujjivan Small Finance Bank

7.20%

₹ 1,800

7.70%

₹ 1,925

*Disclaimer: The above-mentioned rates are effective as of 20 October 2023, and are subject to change at the issuer’s discretion.

Monthly Interest for ₹3 Lakh in Fixed Deposit

Here is an estimate of the monthly interest payout you would receive on a ₹3 Lakh fixed deposit -

Deposit Amount

Interest Rate (p.a.)

Monthly Interest Payout

₹3 Lakh

3.00%

₹ 750

₹3 Lakh

3.50%

₹ 875

₹3 Lakh

4.00%

₹ 1,000

₹3 Lakh

4.50%

₹ 1,125

₹3 Lakh

5.00%

₹ 1,250

₹3 Lakh

5.50%

₹ 1,375

₹3 Lakh

6.00%

₹ 1,500

₹3 Lakh

6.50%

₹ 1,625

₹3 Lakh

7.00%

₹ 1,750

₹3 Lakh

7.50%

₹ 1,875

₹3 Lakh

8.00%

₹ 2,000

₹3 Lakh

8.50%

₹ 2,125

₹3 Lakh

9.00%

₹ 2,250

₹3 Lakh

9.50%

₹ 2,375

₹3 Lakh

10.00%

₹ 2,500

With this understanding of your estimated returns on a ₹3 Lakh FD, you can now make an informed decision about choosing your preferred issuer. Select from multiple FD partners offering competitive interest rates on Bajaj Markets, and get started with booking a fixed deposit. 

 

You can also make use of the FD interest calculator to get an idea of the potential returns on your FD investment. 

Disclaimer

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort. 

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of 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. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products. 

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FAQs on Monthly Interest for ₹3 Lakh FD

How much tax will I have to pay on my ₹3 Lakh FD?

As per the Income Tax Act's Section 194A, if your annual interest income exceeds ₹40,000, you're subject to a TDS of 10%. Typically, the annual interest on a ₹3 Lakh fixed deposit doesn't surpass this threshold, so you likely won't incur any taxes.

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. Usually, individuals must be Indian citizens aged 18 or above.

What are the documents required to open an FD account?

To open an FD account, you'll typically 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 ₹3 Lakh fixed deposit can I earn?

The monthly interest earned on a ₹3 Lakh fixed deposit depends on the lender and the chosen tenor. For example, if you invest in a ₹3 Lakh fixed deposit with Bank A at an interest rate of 7.15% per annum for a 5-year tenor, you can expect to earn approximately ₹1,787 as monthly interest.

Is there a penalty for withdrawing the ₹3 Lakh fixed deposit before maturity?

Yes, withdrawing your ₹3 Lakh fixed deposit before maturity may attract penalties, depending on the terms and conditions set by the bank or financial institution. Generally, premature withdrawal entails a reduction in the interest rate earned on the deposit or a penalty fee deducted from the principal amount.

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

If you do not renew your ₹3 Lakh fixed deposit after maturity, the deposit amount along with the accrued interest will be credited to your linked bank account. If you wish to continue with the deposit, you may have the option to renew it for another term or withdraw the funds.

Can I add more money to my ₹3 Lakh fixed deposit during the tenure?

Typically, 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 increase your overall savings.

Is my ₹3 Lakh fixed deposit amount insured?

Yes, fixed deposits up to ₹5 lakh per bank are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme in India. Therefore, your ₹3 Lakh fixed deposit amount is usually insured, providing protection against bank failure or default up to the insured limit.

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