Bank related flate rate in the banking sector
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2012
what do u mean & importance of the flate rate in the banking sector?
is it mean to fixed interest rate?
is it mean to fixed interest rate?
22 June 2012
Interest is always calculated on reducing balance method and the is actual rate of Interest . On that basis bank official explain flat rate as it looks lesser than actual rate but amount of Interest is same. Flat rate does not mean fix rate and it is calculated in both cases (floating and/or fix interest rate)
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