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 2023
|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|
|State Bank of India||7.60%||Rs. 19,000|
|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
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.
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.
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.
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.
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.