Monthly Interest for Rs. 30 lakh Fixed Deposit

Discover how much monthly interest can be earned by investing Rs. 30 lakh in a fixed deposit.
Rs. 30 lakh Fixed Deposit
4 mins
17 Jan 2024

A fixed deposit is a popular investment choice for individuals who want to earn a stable return on their savings. Fixed Deposit are generally considered as low risk, and it is ideal for individuals who want to park their money for a specific period of time.

When it comes to fixed deposits, the interest rate is a crucial factor that determines the return on investment. The interest rate offered by financial institution for fixed deposits varies depending on the duration of the deposit and the amount invested. For those who are planning to invest Rs. 30 lakh in a fixed deposit, it is essential to know the monthly interest rates.

Factors influencing monthly interest

  1. Interest rate
    Different banks and NBFC offer different interest rates on their FD. This will significantly impact your monthly interest. Higher interest rates lead to increased monthly returns. It is advisable to compare rates offered by different entities to maximise returns.
  2. Investment tenure
    The period for which the money is invested (tenure) plays a crucial role. Longer tenures often result in higher interest rates and will increase your monthly returns.
  3. Type of fixed deposit
    Different types of FDs, such as cumulative and non-cumulative, have varying interest payout structures. Understanding these different types of FD can help you plan your investment better.

Pro tip

Enjoy higher interest rate with Bajaj Finance Digital FD. Unlock returns of up to 8.85% p.a. by investing for 42 months via our website and app.

How to calculate Monthly Interest Rates for Rs. 30 lakh Fixed Deposit

Monthly interest rates for fixed deposits are calculated by dividing the annual interest rate by 12 months.

Monthly interest earned on a fixed deposit can be calculated using the formula:

Monthly Interest = Principal Amount × Annual Interest Rate/12

The interest rate offered by banks for fixed deposits generally ranges between 6% to 10% per annum. Therefore, the monthly interest rate for a Rs. 30 lakh fixed deposit with an interest rate of 8% per annum would be Rs. 20,000.

What monthly interest can be earned on a Rs. 30 lakh fixed deposit?

Interest rate(p.a.)

Interest per month

6%

Rs. 15,000

6.50%

Rs. 16,250

7%

Rs. 17,500

7.50%

Rs. 18,750

8%

Rs. 20,000

8.50%

Rs. 21,250

9%

Rs. 22,500

9.50%

Rs. 23,750

10.00%

Rs. 25,000


Tax on a fixed deposit interest

The tax rate applicable to the on fixed deposit is the same as the tax rate applicable to your income slab.

The TDS on fixed deposit interest income is 10% if it exceeds a certain threshold limit, which currently stands at Rs. 40,000 per annum for individuals and Rs. 50,000 for senior citizens.

Frequently asked questions

What is the Digital FD offered by Bajaj Finance?

Bajaj Finance has launched a new FD variant called "Bajaj Finance Digital FD" for a period of 42 months. Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a. for senior citizens and for the customers below the age of 60 they are providing up to 8.60% p.a. The Digital FD can be opened and managed only through the Bajaj Finserv website or app.

What is the typical interest rate range for fixed deposits?

Interest rates generally range between 6% to 10% per annum, but varies between different banks and NBFC, it is advisable to check before investing.

Why choose a fixed deposit for a substantial sum like Rs. 30 lakh?

Fixed deposits are low-risk investment option, providing stability and consistent returns, making them ideal for those seeking secure investment avenues.

Disclaimer

As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer https://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.