Fixed deposit confirmations

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2015 Hi. I'm having difficulty understanding Fixed Deposits. Closing interest accrued as per my calculation defers from amount confirmed as per Bank. Some banks accrue interest while confirming and some don't. Also, how can we check if the bank accrues interest quartrely or halfyearly or..... Nothing was mentioned on the FDR.

Plz help!

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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29 January 2015 mention all the dates, int %, period amount etc full details adn bank casl

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2015 For an audit period ending Dec'14
Case 1: FD taken on 9-Nov-'09, Original Principal 1,00,000 & opening Principal Rs Rs1,89,357. Maturing on 9-Nov-17 at Rs3,43,119.Rate of Interest is 7.5%. As per confirmation Balance is Rs 1,89,357 & interest accrued but not credited 01.04.14 to 31.12.14
Case 2: FD taken on 9-Jul-'14, Principal 61,80,786. Maturing on 9-Jul-19.Rate of Interest is 9.35%. As per confirmation Balance is Rs 61,80,789 & interest accrued Nil

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