30 Lakh Fixed Deposit Interest per Month

30 Lakh FD Monthly Interest per Month

Pabitra Kumar Maharana •

Updated on 24 Oct, 2023

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Monthly Interest for 30 Lakhs in FD 2024
Frequently Asked Questions

Investing a large sum of money, such as 30 lakhs, in fixed deposits (FDs) can help you generate a steady monthly income and achieve your financial goals. However, it is important to do your research, compare interest rates, and choose a reputable bank or financial institution to ensure a stress-free investment experience.

Monthly Interest for 30 Lakhs in FD 2024

Bank Name	Interest Rates	Monthly Interest for 30 Lakh
Central Bank of India	7.25%	Rs. 18,125
City Union Bank	7.50%	Rs. 18,750
Bank of Maharashtra	7.50%	Rs. 18,750
Bank of India	7.50%	Rs. 18,750
ICICI	7.60%	Rs. 19,000
State Bank of India	7.60%	Rs. 19,000
HDFC	7.75%	Rs. 19,375
Punjab National Bank	7.75%	Rs. 19,375
Indian Overseas Bank	7.75%	Rs. 19,375
Bank of Baroda	7.75%	Rs. 19,375
Axis Bank	7.85%	Rs. 19,625
RBL Bank	8.30%	Rs. 20,750

Frequently Asked Questions

What are the risks of investing in FDs?

The main risk of investing in FDs is that the bank or financial institution may fail. If this happens, you may lose all or part of your investment. However, FDs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), up to ₹5 lakh. This means that you will be protected up to ₹5 lakh in the event of a bank failure.

What is the minimum amount I can invest in an FD?

The minimum amount you can invest in an FD varies from bank to bank. However, it is generally between Rs.10,000 and Rs.50,000.

What is the maximum amount I can invest in an FD?

The maximum amount you can invest in an FD is also varies from bank to bank. However, it is generally capped at Rs.1 crore.

What are Form 15G and Form 15H, and where can I obtain them?

Form 15G and Form 15H are self-declaration forms that depositors can submit to avoid TDS deductions if their income falls below the taxable limit. Form 15G is for depositors below 60 years of age, while Form 15H is for depositors aged 60 years and above. These forms can be obtained from the bank or financial institution or downloaded online.

What is the difference between a cumulative and non-cumulative deposit?

A cumulative deposit allows the interest amount to compound over the deposit term, with the total amount paid at maturity. On the other hand, a non-cumulative deposit pays out the interest amount regularly, either on a monthly, quarterly, half-yearly, or yearly basis, depending on the chosen tenure. The difference lies in the frequency of interest payments.