Overdue interest
This query is : Open
27 August 2020
my one fd mature on 22 April 2015. at that time it's Maturity Amount is 31391. Now on 20.08.2020 i Request my Bank to Renew Fd. As per RBI Rule i Get Interest at Saving Bank Rates. My Question is bank calculated interest as per Compound interest formula or by Simple Interest Formula. pl. Guide
31 August 2020
The bank would have calculated interest on yearly compound basis but might have credited the interest on quarterly basis.
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