FD INTEREST
This query is : Resolved
SABYASACHI CHAKRABORTY
(Querist)
04 May 2009
how in BANKS fd interest are calculated.........whthr on the basis of simple or compound interest..pls tellme the exact procedure briefly.........
DIVAKAR PATIL
(Expert)
05 May 2009
Banks accept Fixed deposits under different schemes, interest on which will be payable either on fixed period or at the time of maturity. If interest is paid at the time of maturity, such interest is calculated on quarterly compounding basis. If the interest is paid on monthly rests, such interest is calculated using discounting factor. In case of Quarterly and half yearly payment of interest no such discounting is done. Formula used for quarterly and half yearly interest calculation is: Amount* No of days*Interest rate/36500
Ankur Garg
(Expert)
09 May 2009
Agree with Divakar.
Also click the link below for latest info:
https://www.caclubindia.com/forum/messages/2009/4/31489_depositors_to_get_better_rates_on_savings_accounts.asp
Also click the link below for latest info:
https://www.caclubindia.com/forum/messages/2009/4/31489_depositors_to_get_better_rates_on_savings_accounts.asp
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