Earn interest up to 7.75% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

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

Banks

Interest Rate

Per Month Interest Amount

SBI

2.90% to 5.50%

Rs. 7,250 - Rs. 13,750

Punjab National Bank

2.90% to 5.25%

Rs. 7,250 - Rs. 13,125

HDFC Bank

2.50% to 5.60%

Rs. 6,250 - Rs. 14,000

Axis Bank

2.50% to 5.75%

Rs. 6,250 - Rs. 14,375

IDFC Bank

2.50% to 6.00%

Rs. 6,250 - Rs. 15,000

Bank of India

2.85% to 5.05%

Rs. 7,125 - Rs. 12,625

**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

NBFCs

Interest Rate 

Per Month Interest Amount

Bajaj Finance

6.17% - 7.75%

Rs. 15,075 - Rs. 18,725

Sundaram Finance

5.50% - 5.80%

Rs. 13,750 - Rs. 14,500

LIC Housing Finance

5.15% - 6.00%

Rs. 12,875 - Rs. 15,000

**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

Banks

Interest rate for Senior Citizens

Per Month Interest Amount for Senior Citizens

SBI

3.40% to 6.30%

Rs. 8,500 - Rs. 15,750

Punjab National Bank

3.40% to 6.30%

Rs. 8,500 - Rs. 15,750

HDFC Bank

3.00% to 6.35%

Rs. 7,500 - Rs. 15,875

Axis Bank

2.50% to 6.50%

Rs. 6,250 - Rs. 16,250

IDFC Bank

3.00% to 6.50%

Rs. 7,500 - Rs. 16,250

Bank of India

3.35% to 5.55%

Rs. 8,375 - Rs. 13,875

**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

NBFCs

Interest Rate for Senior Citizens

Per Month Interest Amount for Senior Citizens

Bajaj Finance

6.27% - 7.49%

Rs. 15,675 - Rs. 18,725

Sundaram Finance

6.00% - 6.30%

Rs. 15,000 - Rs. 15,750

LIC Housing Finance

5.40% - 6.25%

Rs. 13,500 - Rs. 15,625

**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

Tenure

Interest Rates

Interest Amount Per Month

Total Interest Amount

Maturity Amount

1 year

6..03%

Rs. 15,075

Rs. 1,86,000

Rs. 31,86,000

2 years

6.74%

Rs. 16,850

Rs. 4,31,491

Rs. 34,31,491

3 years

7.16%

Rs. 17,900

Rs. 7,16,500

Rs. 37,16,500

4 years

7.16%

Rs. 17,900

Rs. 9,91,521

Rs. 39,91,521

5 years

7.16%

Rs. 17,900

Rs. 12,86,893

Rs. 42,36,893

**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

Tenure

Interest Rates

Interest Amount Per Month

Total Interest Amount

Maturity Amount

1 year

6.27%

Rs. 15,675

Rs. 1,93,500

Rs. 31,93,500

2 years

6.97%

Rs. 17,425

Rs. 4,47,552

Rs. 34,47,552

3 years

7.39%

Rs. 18,475

Rs. 7,42,513

Rs. 37,42,513

4 years

7.39%

Rs. 18,475

Rs. 10,28,816

Rs. 40,28,816

5 years

7.39%

Rs. 18,475

Rs. 13,37,020

Rs. 43,37,020

**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

Tenor (months)

Interest Rates of FD

Rs. 30 Lakh Fixed Deposit Interest Per Month

Total Interest Amount for Rs.30 Lakh

Maturity Amount for Rs. 30 Lakh

15

5.89%

Rs. 14,725

Rs. 2,28,565

Rs. 32,28,565

18

5.98%

Rs. 14,950

Rs. 2,80,962

Rs. 32,80,962

22

6.13%

Rs. 15,325

Rs. 3,55,564

Rs. 33,55,564

30

6.50%

Rs. 16,250

Rs. 5,28,030

Rs. 35,28,030

33

6.74%

Rs. 16,850

Rs. 6,08,847

Rs. 36,08,847

44

7.11%

Rs. 17,775

Rs. 8,91,008

Rs. 38,91,008

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

Tenor (months)

Interest Rates of FD

Rs. 30 Lakh Fixed Deposit Interest Per Month

Total Interest Amount for Rs.30 Lakh

Maturity Amount for Rs. 30 Lakh

15

6.46%

Rs. 16,150

Rs. 2,51,414

Rs. 32,51,414

18

6.55%

Rs. 16,375

Rs. 3,08,820

Rs. 33,08,820

22

6.69%

Rs. 16,725

Rs. 3,90,370

Rs. 33,90,370

30

7.07%

Rs. 17,675

Rs. 5,77,837

Rs. 35,77,835

33

7.16%

Rs. 17,900

Rs. 6,50,758

Rs. 36,50,758

44

7.49%

Rs. 18,725

Rs. 9,44,433

Rs. 39,44,433

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.

FAQs

  • ✔️How much interest will I get on an Rs. 30 lakhs fixed deposit?

    The interest on any FD investment is dependent upon the tenure of the fixed deposit. Bajaj Finance offers an interest rate of 7.00% to all citizens and 7.75% to senior citizens.

  • ✔️Can I take a loan by keeping my FD as collateral?

    Bajaj Finance offers emergency fund support by offering a loan against fixed deposits up to 75% of the fund value for a short-term period. In this way, the customer will not have to take the stress about the loan application and procedure.

  • ✔️Is there a tax applicable on the interest of Rs. 30 lakh FD?

    As per the Income Tax Act, if the annual income generated from the FD interest is above Rs. 40,000, a minimum of 10% TDS will be deducted. 

  • ✔️How to calculate interest on Rs. 30 lakh fixed deposit?

    The customer can choose manual calculation using simple interest and compound interest formula, however, it is a time-consuming activity. Bajaj MARKETS offers an online interest calculator that shows instant results.

  • ✔️What if I relocate to another city?

    Bajaj Finance offers a flexible tenure system for FD investment between 12 months to 5 years.

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