Earn interest up to 8.10% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

A fixed deposit is a safe investment instrument which involves minimum risk helping you to grow your savings with a fixed interest rate for a fixed tenor. By investing in a ₹30 Lakhs fixed deposit, the interest per month can earn you higher savings and monthly fixed income from a secured source. This investment can be done through banks or other financial institutions. The monthly interest rates on a ₹30 Lakhs fixed deposit are much higher than that of a savings account. Current rates allow you to earn up to 8.10% on ₹30 Lakh FD. The time period for these fixed deposits generally range from 7 days to 10 years.

 

You can opt to receive assured returns on the  ₹30 Lakhs fixed deposit per month. You also have the option to receive interest monthly, quarterly, or at the time of maturity period. Financial institutions like Banks also provide you with the option to reinvest your principal amount and get the returns at the end of the maturity period. You have the option to choose the monthly interest payments of the fixed deposit if you want to earn a regular income every month. The fixed deposit calculator is a useful tool when it comes to calculating the returns you will receive on your investment. All you have to do is enter the deposit amount, expected rate of interest and tenor.

List of NBFC Fixed Deposit Rates for ₹30 Lakhs 

The interest rates shown below are for NBFC FDs with an investment tenor of 5 years.

NBFC

Interest Rates

Monthly Interest Amount

Maturity Amount

Bajaj Finance FD

7.85%

₹18,950

₹43,77,458

PNB Housing Finance FD

7.65%

₹18,525

₹43,37,020

Mahindra Finance FD

7.75%

₹18,125

₹43,57,202

Disclaimer: The aforementioned NBFC FD interest rates are valid as of 20th January 2023, and may be subject to change as per bank announcements.

List of Banks Fixed Deposit Interest Rates for ₹30 Lakhs

You may also refer to the following table to know about the current rate of interests for Rs. 30 Lakhs fixed deposit across various banks :

 

The interest rates shown below are for bank FDs with an investment tenor of 5 years.

Bank

Interest Rates

Monthly Interest Amount

Maturity Amount

HDFC

6.75%

₹20,005.74

₹42,00,344.79

State Bank of India

7.50%

₹22,664.72

₹43,59,883.22

Disclaimer: The aforementioned Bank FD interest rates are valid as of 22 December 2022, and may be subject to change as per bank announcements.

Why You Should Choose Monthly Interest for a ₹30 Lakhs FD

Choosing a ₹30 Lakhs fixed deposit lets you have a steady and safe income source in the form of the interest amount generated from the ₹30 Lakhs fixed deposit interest per month. The monthly interest rates on ₹30 Lakhs fixed deposit are much higher than a savings account. Current rates allow you to earn upto 8.10% on ₹30 Lakhs FD. The time period for these fixed deposits generally ranges from 7 days to 10 years.

 

You can opt to receive assured returns on the ₹30 Lakhs fixed deposit interest per month. You can also opt to receive the interest monthly, quarterly or at the time of maturity period. Financial institutions like Banks also provide you with the option to reinvest your principal amount and get the returns at the end of the maturity period. You have the option to choose the monthly interest payments of the fixed deposit if you want to earn a regular income every month.

TDS On ₹30 Lakhs Fixed Deposits

TDS on ₹30 Lakhs Fixed deposits is not a standard rate for everyone, TDS deducted is different for regular citizens and senior citizens. According to the guidelines by RBI (Reserve Bank of India) if a ₹ 30 Lakhs fixed deposit’s interest per month is less than ₹40,000, then the fixed deposit holder will not be subjected to deduction of TDS or any sort of taxation on your fixed deposits.

 

While a regular citizen will not be taxed for his/her interest rates of fixed deposits that are below ₹40,000, the limit for TDS exemption for senior citizens is ₹50,000. If the Interest on a ₹30 Lakhs FD exceeds the limit of ₹40,000 and ₹50,000 for regular citizens and senior individuals, respectively, the bank will deduct TDS at the rate of @10%.

Cumulative & Non-cumulative FD for  ₹30 Lakhs

Here below we explain to you the difference between Cumulative & Non-cumulative FD for ₹30 Lakhs.

 

  • Cumulative Fixed Deposit : When you invest in a cumulative fixed deposit, the interest is reinvested for a compounded return. You are paid the interest on cumulative fixed deposits at the time to maturity of your fixed deposit. For example, if you have invested in a fixed deposit of ₹30 Lakhs with a tenor of 5 years at an interest rate of 7.16% with a cumulative fixed deposit scheme, then you will earn an amount of  ₹2,14,800 interest for the first year. Which will further be calculated as ₹32,14,800 for your fixed deposit interest of ₹30 Lakhs. Hence, in a cumulative fixed deposit the principal amount of investment changes throughout the time period of your fixed deposits. 

  • Non-Cumulative Fixed Deposit : On the contrary, in a non-cumulative fixed deposit for ₹30 Lakhs, you have the option to choose between receiving the interest on your ₹30 Lakhs fixed deposit monthly, quarterly or on a yearly basis. 

Check Monthly Interest Rate on your Fixed Deposits

FAQs

  • ✔️How much interest will I get on an ₹30 Lakhs fixed deposit?

    Different banks and financial institutions offer varied interest rates on a ₹30 Lakhs fixed deposit. The current rates range between 2.50% to 7.16% interest rate for a ₹30 Lakhs fixed deposit.

  • ✔️ Is there a tax applicable on the interest of ₹30 Lakhs FD?

    Yes, the ₹30 Lakh fixed deposit’s interest per month is fully taxable. However, you can save taxes upto ₹1.5 Lakhs on your fixed deposits of ₹30 Lakhs by choosing a better option of investing in a tax saver FD.

     

  • ✔️Is there a minimum and maximum cap on the monthly interest for a ₹30 Lakh Fixed Deposit?

    There is no such minimum and maximum cap on the  ₹30 Lakh fixed deposit interest per month. You will be regularly receiving monthly interest at a fixed rate of interest for a fixed tenor or period of time.

  • ✔️What are the documents required for a ₹30 Lakh fixed deposit?

    To open a ₹30 Lakh Fixed Deposit with your bank you need to have the following documents available with you to be submitted to the Bank:

    • Identity proof: Passport, PAN card, Voter ID card, Driving licence, Government ID card, Photo ration card

    • Address proof: Passport, Telephone bill, Electricity bill, Bank Statement with Cheque

    • Signature Proof : Passport, PAN card, Driving Licence

     

    There are additional documents to be submitted by Senior Citizens to open a ₹30 Lakhs fixed deposit 

    • Age proof

    • Form 15 H

  • ✔️What is the eligibility criteria for ₹30 Lakhs fixed deposit?

    You are required to fulfil the eligibility criteria in order to open a ₹30 Lakhs fixed deposit with the Bank. Here are below mentioned documents :

    • Age Limit: You should have attained a minimum age of 18 Years to open a fixed deposit of ₹30 Lakhs. However, if you are a minor and still wish to open a fixed deposit of ₹30 Lakhs you can open a FD account under the guardianship of a guardian.

    • PAN Card

    • In case of Hindu Undivided Family (H.U.F) you are required to have a separate PAN as an individual in your name.

    • You must satisfy all the mandated RBI KYC guidelines, including identity proof, age proof, and address proof.

     

  • ✔️ How to calculate FD interest on ₹30 Lakh?

    To calculate the ₹30 Lakh fixed deposit per month you will have to convert the annual interest rate of the FD to monthly FD Interest Rates. Firstly, convert the annual rate from percentage to decimal format by dividing the interest rate by 100. Secondly, divide the annual rate (the decimal form) by 12, then multiplying the interest amount by 100. Finally, converting the monthly rate into a percentage by multiplying it by 100 will give you the ₹30 Lakh fixed deposit interest per month.