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bank interest rate

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(Querist)
07 August 2008 hi friends,

bankers gave interest on deposites 12% or 15% like that but that percentage equal to how much ruppees.

Eg: 12%.This rate how can we say in rupees?
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
07 August 2008 naresh.r you are not know 12% this rate how can we say in rupees?
it is rate when you are depositing rs 100 then bank will give rs 12 as a interest to you
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
07 August 2008 Percentage means rate per hundred. In case of banks the rate is usually given in terms of rupees. As such, 12% pa means that interest of rupees 12 will accrue on Rs 100 on the expiry of one complete year.
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naresh.r

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naresh.r (Querist)
08 August 2008 Thank q very much
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