04 February 2014
how to calculate interest on FD, suppose
principal amount 45000,
maturity amount 59196
maturity date 1st may 2015
rate of interest 9.25%
deposit start date 1st may 2012
please help.
04 February 2014
FD interest is charged quarterly. Quarterly interest would be 9.25/4=2.3125%. Add this interest on the FD for first quarter (45000+1040=46040). Then charge interest @2.3125% on 46040 for second quarter and add to 46040 i.e. Rs.46040+1064=47104 and continue like this for 12 quarters.
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