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FDR interest calculation
how should one calculate the interest on FDR?
Replies (4)
When you receive the FDR, the maturity value is mentioned on it. Deduct the investment amount from maturity amount and you will get the interest.
Formula of Compound interest I. E PRN/100
Principal, Rate of interest, & No of years
Note that in some cases interest is compounded Quarterly, Half yearly or yearly
Principal, Rate of interest, & No of years
Note that in some cases interest is compounded Quarterly, Half yearly or yearly
what if the FDR is made in the month of September? After deducting the investment amount from maturity value i will get the interest for full period. but for the computation of income i need interest for 6 months only (oct-march).
Dear divide it by number of months for the total period and multiply by the required period.
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