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Interest on fixed deposit

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(Querist)
05 March 2012 COULD ANY ONE TELL ME HOW BANKS CALCULATE INTEREST ON FIXED DEPOSIT.
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RAMESH KUMAR VERMA

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RAMESH KUMAR VERMA (Expert)
05 March 2012 Fixed Deposit schemes are offered by all banks in india (FD schemes of SBI, PNB, ICICI Bank, HDFC Bank, IDBI Bank, Bank of India, Bank of Baroda, Corporation Bank are available at respective websites. However, they use the same FD formula for arriving at maturity value of fixed deposits ). In India banks use quarterly compound interest calculator in rupees.

FOR CALCULATION LINK IS:

https://allbankingsolutions.com/fdcal.htm
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