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Fixed Deposit interest calculation

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(Querist)
26 July 2010 Whether Bank consider the day on which it issue Fixed deposit receipt for interest calculation purpose ?
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CA. Pradeep Nayak

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CA. Pradeep Nayak (Expert)
26 July 2010 Yes...interest is calculated from the date of FDR.
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srinath

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srinath (Expert)
27 July 2010 i think interest would be calculated from the next day... for example if u deposit RS. 50,000/- today ie 27.07.2010 and withdraw on 31.07.2010 then no of days would be 4 ie 28,29,30 and 31
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CA. Pradeep Nayak

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CA. Pradeep Nayak (Expert)
27 July 2010 Yes, you will get interest for 4 days - i.e 27,28,29 and 30. No interest for 31 as you have withdrawn money before the day closure.
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