What is the ₹30 lakh deposit scheme?

The term “₹30 lakh deposit scheme” normally refers to investing ₹30 lakh in a fixed deposit (FD) with a bank or a non-banking financial company(NBFC) for a chosen tenure. There isn't a unique, standardised deposit scheme specifically labelled as the ₹30 lakh deposit scheme, but the concept can encompass several options where individuals or corporations can deposit ₹30 lakh in an FD or other types of savings schemes.

Investing ₹30 Lakh Primarily Through Fixed Deposits (FDs):

• Customisable Nature: You can choose the tenure (from short-term to long-term), interest payout frequency (monthly, quarterly, at maturity), and the specific bank or institution offering the most favourable rates.
• Interest Rates: Expect annual interest rates to generally range between 5% and 9%, with potential premiums for senior citizens.
• Compounding Benefits: Interest is usually compounded (annually, quarterly, or monthly), with more frequent compounding enhancing returns.
• Tenure Flexibility: FDs are available for durations spanning from a few days to several years.
• Taxation: Interest income is taxable, and TDS applies if annual interest exceeds ₹50,000 (for non-senior citizens). Form 15G/15H can be used for exemption if applicable.