FDR Interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2011 FD Creation Date -29-03-2007
Rate of Interest -- 9%
Maturity Dat --29-03-2012
as per bank maturity value is -17165/-

but i am not getting it that how calculate by bank this interest .....

as per bank accured interest per year --1233

as per my self -1184

please suggest me how calculate by bank of same interest ---6165/- for five year

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 July 2011 Bank interest need to be calculated bases on cumulative interest method which is first year interest need to be added in principal and calculated 2nd year interest on that amount

Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2011 according to this method interest should be 5917/- for five years not 6165/-

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CA Navin Jain

CA Navin Jain (Expert)
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15 July 2011 Bank interest need to be calculated bases on cumulative interest method on quarterly basis

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 July 2011 dear author for calculation of the said amount link is:-

http://www.bankofindia.com/DepositCalculator.aspx

Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2011 wrong dikha raha hai sir G calculater me bhi

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 July 2011 i am agreed with the statement of hon'ble Naveen jain ji" Bank interest need to be calculated bases on cumulative interest method on quarterly basis .

FULLY AGREED.............

K V Subba Rao

K V Subba Rao (Expert)
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15 July 2011 In the Query, FD amount was not mentioned. However with the help of Calculator, it is found that11000 was deposited for a period of 5 years at 9 % p a quarterly compounding by using Option FD Calculator in the following link:

https://www.corpbanknet.com/-

FD amount of 11000 is also cross verified by using Maturity Calculator in the above link

If you desire year wise Interest, I think you have use an excel table

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