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Depositors who wish to have a fixed monthly income can opt for a monthly fixed deposit scheme while booking FD. This monthly fixed deposit plan is especially popular among retired individuals or those having large surpluses from other sources or inheritance but does not have adequate income sources. In such cases, surpluses can be deposited in FDs with a monthly pay-out option and regular monthly income can then be derived from it.
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FD Monthly Interest Pay-out for Deposits of Rs 30 lakh
The monthly interest on a Rs 30 lakh FD at interest rates ranging from 2.50% to 8.50% p.a. is given below to provide an estimate of monthly income. However, depositors can also calculate the interest on Rs 1 lakh FD per month by using the fixed deposit calculator.
| FD Amount | Interest Rates (p.a.) | Monthly Interest for Rs 30 lakh FD |
| Rs 30 lakh | 2.50% | Rs 6,250 |
| Rs 30 lakh | 3.00% | Rs 7,500 |
| Rs 30 lakh | 3.50% | Rs 8,750 |
| Rs 30 lakh | 4.00% | Rs 10,000 |
| Rs 30 lakh | 4.50% | Rs 11,250 |
| Rs 30 lakh | 5.00% | Rs 12,500 |
| Rs 30 lakh | 5.50% | Rs 13,750 |
| Rs 30 lakh | 6.00% | Rs 15,000 |
| Rs 30 lakh | 6.50% | Rs 16,250 |
| Rs 30 lakh | 7.00% | Rs 17,500 |
| Rs 30 lakh | 7.50% | Rs 18,750 |
| Rs 30 lakh | 8.00% | Rs 20,000 |
| Rs 30 lakh | 8.50% | Rs 21,250 |
The depositor should note that the monthly interest amount remains the same as long as the FD amount and fixed deposit interest rate are unchanged, irrespective of the tenure. Further, most banks and NBFCs offer additional 0.25-0.80% interest rates to senior citizen, over and above regular FD rates.
Comparison of Top 20 Scheduled Banks based on FD Rates
Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) | 3-year FD rate (% p.a.) | 5-year FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
| Suryoday Small Finance Bank | 8.00 | 7.25 | 7.25 | 8.00 | 0.20 |
| Jana Small Finance Bank | 7.77 | 7.00 | 7.50 | 7.77 | 0.50 |
| ESAF Small Finance Bank | 7.60 | 4.75 | 6.00 | 5.75 | 0.50 |
| Utkarsh Small Finance Bank | 7.50 | 6.00 | 7.50 | 7.00 | 0.50 |
| Ujjivan Small Finance Bank | 7.45 | 7.25 | 7.20 | 7.20 | 0.50 |
| Equitas Small Finance Bank | 7.30 | 7.00 | 7.00 | 7.00 | 0.50 |
| Shivalik Small Finance Bank | 7.30 | 6.00 | 7.00 | 6.50 | 0.50 |
| Bandhan Bank | 7.20 | 7.00 | 7.00 | 5.85 | 0.50-0.75 |
| DCB Bank | 7.15 | 6.90 | 7.00 | 7.00 | 0.25-0.50 |
| RBL Bank | 7.20 | 7.00 | 7.20 | 6.70 | 0.50 |
| Capital Small Finance Bank | 7.15 | 7.00 | 7.00 | 6.90 | 0.50 |
| SBM Bank | 7.30 | 7.00 | 7.10 | 7.00 | 0.50 |
| AU Small Finance Bank | 7.10 | 6.35 | 7.10 | 6.75 | 0.50 |
| Central Bank of India | 6.75 | 6.40 | 6.25 | 6.25 | 0.50 |
| YES Bank | 7.00 | 6.65 | 7.00 | 6.75 | 0.50-0.75 |
| Induslnd Bank | 7.00 | 6.75 | 6.90 | 6.65 | 0.50 |
| Unity Small Finance Bank | 6.75 | 6.50 | 6.75 | 6.75 | 0.50 |
| Federal Bank | 6.75 | 6.25 | 6.75 | 6.50 | 0.50 |
| Bank of India | 6.70 | 6.25 | 6.25 | 6.00 | 0.50 |
Documents Required for Opening Rs 30 lakh FD
Identity Proof
- Aadhaar Card
- Passport
- Photo ration card
- PAN card
- Driving license
- Voter ID card
Address Proof
- Telephone bill
- Electricity bill
- Passport
- Bank Statement with Cheque