How to calculate bank interest annually .....(help)
Shailendra (Accountant) (97 Points)
10 February 2012
5 Replies
CA Suraj Lakhotia
(IndigoLearn)
(4898 Points)
Replied 10 February 2012
Banks calculate interest on daily balances in your savings bank account and credit the same to your account periodically.
Shailendra
(Accountant)
(97 Points)
Replied 10 February 2012
has not any formula for calculation................
Harsh
(Finance)
(55 Points)
Replied 13 February 2012
Interest calculation rate is different as per respective bank. So we can not say its formula, as CA Suraj Lakhotia said bank interest calculated on daily balances in our saving bank account so it will obviously differ for bank and its account.
Shailendra
(Accountant)
(97 Points)
Replied 13 February 2012
it means this will calculate on daily closing balance ????????????
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