Monthly Interest for 30 Lakh Fixed Deposit

Want to invest your Rs. 30 lakh savings/retirement funds to generate steady and good returns? Fixed deposits is an ideal option.

With minimal risks involved, you can easily cover your monthly expenses from Rs. 30 lakh FD interest per month without additional efforts.

Various banks in the market are ready to offer Rs. 30 lakh FD interest per month at attractive rates. Check out the table below to find out the interest rates of various banks.

Top Banks Fixed Deposit Interest Rates

**Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the banks.

Apart from banks, Non-Banking Financial Companies also offer Rs. 30 lakh FD interest per month to customers. Check out the list of some of the NBFCs and their interest rates.

Top NBFCs Fixed Deposit Interest Rates

**Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the NBFCs.

As per RBI norms, the senior citizens in the country are offered Rs. 30 lakh FD interest per month at special interest rates by banks and Non- Banking Financial Companies. Check out the table below.

Top Banks Fixed Deposit Interest Rates for Senior Citizens

**Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the banks.

Top NBFCs Fixed Deposit Interest Rates for Senior Citizens

**Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the NBFCs.

Monthly Interest for Rs. 30 Lakh Fixed Deposit in Bajaj Finance

NBFCs like Bajaj Finance offer great interest rates on FDs. The company not only offers Rs. 30 lakh FD interest per month, but also ensures the security of your funds.

Check out the tables below to understand Rs. 30 lakh FD interest per month at different tenures before investing your money.

• For All Citizens

**Note - The interest rates mentioned above are valid as of 10 May 2022 and might differ with the change in the norms and policies of the NBFCs.

• For Senior Citizens

**Note - The interest rates mentioned above are valid as of 10 May 2022 and might differ with the change in the norms and policies of the NBFCs.

Monthly Special Fixed Deposit Interest for Rs. 30 Lakh Fixed Deposit in Bajaj Finance

You can get even better interest rates if you choose to go ahead with Special FDs by Bajaj Finance. For instance, if you invest in a Regular FD with a tenor of between 12-23 months, you get an interest rate of 6.17%, however, a Special FD with a tenor of 22 months gives you an interest rate of 6.74%. Details about the interest rates and maturity amounts for a Rs. 30 lakh fixed deposit in Bajaj Finance have been provided below.

• For All Citizens

Disclaimer: The abovementioned FD interest rates are valid as of 10-May-2022, and may be subject to change as per company policies.

• For Senior Citizens

Disclaimer: The abovementioned FD interest rates are valid as of 10-May-2022, and may be subject to change as per company policies.

How to Calculate FD Interest on Rs. 30 Lakh FD

To calculate Rs. 30 lakh FD interest per month, banks and NBFCs use either simple interest formula or compound interest formula depending upon their norms, tenure, and amount of the fixed deposit.

• Simple Interest Formula

The formula to calculate interest via simple interest formula is -

Simple Interest = (P x R x T)/100

In the above formula -

P stands for the Principal amount

R is the interest rate

T is the tenure of the fixed deposit

Let’s apply the formula in an example -

Ajay wants to invest his savings of Rs. 1,00,000 in fixed deposit for two years. The bank is offering an interest rate of 5.5%. Ajay then calculates the interest using simple interest formula -

SI = (P x R x T)/100

SI = (1,00,000 x 5.5 x 2) /100

SI = Rs. 11,000

Ajay will earn an interest of Rs. 11,000 on his savings of Rs. 1 lakh FD in 2 years.

• Compound Interest

Compound Interest formula offers interest on the principal amount and the accrued interest. The formula to calculate interest via compound interest formula is -

Compound interest = P ( 1 + r/n)nt - P

In the above formula -

P stands for the Principal amount

R is the interest rate

T is the tenure of the fixed deposit

N is referred to as a number of times the interest will be compounded in a year

Let’s apply the formula in an example -

Ajay wants to invest his savings of Rs. 1,00,000 in fixed deposits for five years. The bank is offering an interest rate of 6%. Ajay then calculates the interest using compound interest formula -

CI = P ( 1 + r/n)nt - P

CI = [1,00,000 x ( 1+ 0.06/12)12 x 5] - 1,00,000

CI = Rs. 34,885

Ajay will earn an interest of Rs. 34,885 on his savings of Rs. 1 lakh FD in 5 years.

While these calculations seem easy, a manual calculation is time-consuming and tiresome. Bajaj Finance offers a fixed deposit interest calculator that will calculate the value of Rs. 30 lakh FD interest per month within seconds.

To calculate interest through the Bajaj Finance fixed deposit interest calculator, you must enter the principal amount, interest rate, and tenure.

Check Monthly Interest Rate on your Fixed Deposits

Why Should You Invest in Bajaj Finance Fixed Deposits?

There are various perks and benefits an investor enjoys after investing their funds in fixed deposits -

• High-Interest Rates - Bajaj Finance offers high-interest rates to investors in fixed deposits in comparison to most other NBFCs and Banks in the market

• Secured Platform - Bajaj Finance is awarded FAAA and MAAA ratings from CRISIL and ICRA respectively making it one of the most secure platforms to invest and grow your funds.

• Flexible Tenure - The investors can select the tenure of their fixed deposit between 12 months to 5 years as per their goals and convenience.

• Online Investment - Bajaj Finance offers the facility to make fixed deposit investments online through their official portal or website.

• Emergency Fund Support - In case of any emergency fund requirement, the investor can request a loan of up to 75% of the fixed deposit amount against their FD.

Eligibility Criteria for Rs. 30 Lakh Fixed Deposit

Check out the eligibility criteria mandated by Bajaj Finance for fixed deposit investment -

• The applicant can be an Indian, of Indian origin, a Non-resident of India or an overseas citizen of India

• The minimum age to hold a fixed deposit independently is 18 years

• The minimum amount for a fixed deposit investment is Rs. 15,000

• The minimum tenure for a fixed deposit tenure is 12 months and maximum of 5 years

Documents Required for Rs. 30 Lakh Fixed Deposit

To make a fixed deposit of Rs. 30 lakh with Bajaj Finance, there are certain documents -

• Passport-size Photographs

• KYC

• PAN Card

• Identity Proof - Aadhaar Card, Driving License, etc.

How to Apply Online for Bajaj Finance Fixed Deposit?

To make a fixed deposit investment of Rs. 30 lakh with Bajaj Finance, follow these quick and simple steps -

• Open the Bajaj MARKETS app or visit the official portal

• Under the ‘Investments’ menu, select the ‘fixed deposit’ option

• The platform will ask you to enter your mobile number and will a send an OTP

• Enter your OTP to verify your account

• The next step is to enter your fixed deposit amount, interest rate, and FD tenure.

• You will also have to enter your bank account details,

• Upload your documents and complete your KYC

• Select payment gateway to transfer the amount

• Once the transaction is completed, you will receive a notification on your registered contact details.

Now, you can enjoy Rs. 30 lakh FD interest per month without any hassle.