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Monthly Interest on 30 Lakh Fixed Deposit

Updated on: Oct 31st, 2023 | 5 min read

Are you looking for a secure and rewarding investment opportunity? Imagine having the flexibility to earn interest on your substantial investment every month.


Our 30 Lakh Fixed Deposit scheme offers just that – a significant investment option with monthly interest payouts. In this blog, we will deep dive into the details of this attractive financial instrument, explore the enticing interest rates it provides, and discuss how it can become your pathway to financial stability and growth.

Monthly Interest for 30 Lakhs in FD 2023

BanksIndividualSenior Citizen
Interest rate₹ 30 Lakh FD interest monthlyInterest rate₹ 30 Lakh FD interest monthly
Public Sector Bank    
Punjab National Bank7.25%18,125/-7.75%19,375/-
Indian Overseas Bank7.25%18,125/-7.75%19,375/-
Indian Bank7.25%18,125/-7.75%19,375/-
State Bank of India7.10%17,750/-7.60%19,000/-
Union Bank of India6.70%16,750/-6.95%17,375/-
Private Sector Bank    
DCB Bank7.90%19,750/-8.50%21,250/-
Bandhan Bank7.85%19,625/-8.35%20,875/-
RBL Bank7.80%19,500/-8.30%20,750/-
YES Bank7.75%19,375/-8.25%20,625/-
IndusInd Bank7.25%18,125/-8.25%20,625/-
Shriram Finance8.18%20,450/-8.68%21,700/-
Bajaj Finance Limited8.05%20,125/-8.28%20,700/-
PNB Housing Finance Limited (Non-cumulative option)7.58%18,950/-7.88%19,700/-
Mahindra Finance Limited (Non-cumulative option)7.50%18,750/-7.75%19,375/-
LIC Housing Finance7.25%18,125/-7.50%18,750/-
Small Finance Bank    
Unity Small Finance Bank9.00%22,500/-9.50%23,750/-
Suryoday Small Finance Bank8.60%21,500/-9.10%22,750/-
Fincare Small Finance Bank8.51%21,275/-9.11%22,775/-
Ujjivan Small Finance Bank8.25%20,625/-8.75%21,875/-
AU Small Finance Bank8.00%20,000/-8.50%21,250/-

*The interest is calculated using the Simple Interest formula
Interest on FD= Amount invested x Interest rate x (Duration/12 months)

Calculating Monthly Interest on a ₹ 30 Lakh FD - Alternate Method

To calculate interest for cumulative FDs, you can use the following formula:

A = P (1 + R/N)^(N*T)

A – Maturity amount
P – Deposited amount
R – Interest rate
N – Compounding frequency
T – Deposit term

For instance, if you deposit ₹ 30,00,000 for one year at a 6% interest rate compounded quarterly:
A = 30,00,000 * (1 + 0.06/4)^(4*1)
=  ₹ 31,84,091/-
To find the annual interest, subtract the maturity amount from the deposited sum:
Annual interest = ₹1,84,091/-
For monthly interest, divide the annual interest by 12:
Monthly interest = ₹15,341/-

Eligibility Criteria for FD

Following are the people eligible for FD

  • Resident Indian
  • Overseas Citizen of India or Person of Indian Origins
  • HUFs
  • Sole-proprietorship
  • Partnership firms
  • Family Trusts
  • Companies, associations, clubs and societies
  • NRIs 18 years or above

Documents required for FD

Following are the documents that are required to open FD

  1. A completed account opening application form.
  2. A valid ID proof, which can include: an Aadhaar card, PAN card, Voter's ID card, Passport, Driving licence, Government-issued identity card, Photo ration card, or Any other official document with your photograph.
  3. A valid address proof, which can include: an Aadhaar card, Passport, Voter's ID card, Driving licence, Utility bills like phone or gas bills, Rent agreement, Property deed etc.


Is there any risk associated with investing in FD?

Investing in FDs comes with a primary risk – the potential for the bank or financial institution to face difficulties. In such situations, there's a risk of losing a part or the entire investment. However, it's important to understand that FDs are backed by the Deposit Insurance and Credit Guarantee Corporation (DICGC), providing insurance coverage of up to ₹5 lakh. This means that your investment is protected up to ₹5 lakh in case the bank encounters financial troubles and hence yes, there is risk involved in investing in 30 Lakh FD in one bank.

Can investors make 30 lakh FD in the name of a minor?

Yes, one can put money in the name of a minor but the parent or the guardian should do the same. The application form must be signed by the parent/guardian and all the communication must be sent to them.

Can I reinvest my monthly interest from my 30 lakh FD?

Yes, you can reinvest the same and earn interest on that amount too. This is called opting for the cumulative FD option.

How to open 30 lakh FD in any financial institution?

One can either go for an online or offline method to open an FD account in any financial institution. You just have to complete the paperwork or complete the procedure of KYC for the same.

Is interest earned on 30 lakh FD interest taxable?

Yes, any interest above ₹ 40,000/- and ₹ 50,000/- in the case of a senior citizen is taxable at @10% and if PAN is not provided then it's taxable at @20%.

Earn once in a decade
returns on FD

Lock in returns as high as
8.61% before they go down

Top Banks FD Rates

Understanding Fixed Deposit