Question about Computers & Internet

I want to know how the interest is calculated on Recurring deposits made in banks and post offices in india? Also, give a few examples of calculation

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Recurring deposit interest is calculation may vary depends on compounding period. You have to invest an amount every month interest will be calculated for the current holding in your recurring deposit account. And every compounding period interest amount will be added into holdings or available balance. You can calculate the Recurring deposit using this recurring deposit calculator

Posted on Sep 12, 2011

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It would depend on the institution holding the money. They have the
option to offer interest and how to calculate it. Give me the name of
the institution in India and I will search for their interest policy.

For
example some banks interest is calculated on the average balance during
the month then that is calculated by .05 = 5% interest. However NO
interest is offered if the balance in the account falls below a
pre-determined dollar amount.

Posted on Mar 27, 2009

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Posted on Jan 02, 2017

premium X % X time

so 380,00000 X4/100 X 1 year

it calculated as the amount ( premium ) multiplied by the percentage of 100 multiplied by the period in years or parts of a year

so it can be 100 X 25% or 1/4(25/100) by the period (5 years or daily (1/365 of a year)

This is known as simple interest

compound interest is calculated on remaining premium after payment X the interest rate by the day or week or month

so for example 100 X 4/100 X 1/12 is the first calculation for the month and for the next month the calculation will be premium of 80 ( if a 20 payment was made in the month X 4/100 X 1/12 and so on if payment are made on time

pm the other hand if no payment are made then the premium goes up by the interest rate

so for the next month it is 104 X 4/100 X 1/12 and the month after that 108.16 X 4/100 X 1/12.and so on

banks use compound when calculating home loan repayments and simple interest when paying interest on your deposits

( has to be in the bank for 367 days to get the interest paid )

so 380,00000 X4/100 X 1 year

it calculated as the amount ( premium ) multiplied by the percentage of 100 multiplied by the period in years or parts of a year

so it can be 100 X 25% or 1/4(25/100) by the period (5 years or daily (1/365 of a year)

This is known as simple interest

compound interest is calculated on remaining premium after payment X the interest rate by the day or week or month

so for example 100 X 4/100 X 1/12 is the first calculation for the month and for the next month the calculation will be premium of 80 ( if a 20 payment was made in the month X 4/100 X 1/12 and so on if payment are made on time

pm the other hand if no payment are made then the premium goes up by the interest rate

so for the next month it is 104 X 4/100 X 1/12 and the month after that 108.16 X 4/100 X 1/12.and so on

banks use compound when calculating home loan repayments and simple interest when paying interest on your deposits

( has to be in the bank for 367 days to get the interest paid )

Nov 30, 2017 | The Computers & Internet

Banks and Non-Banking Financial Companies use the following formula to calculate EMI of a home loan. This is the formula for calculating compound interest. Applying the same formula for a home loan of Rs 90Lakhs, we get,

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

P= Amount borrowed- Here, it will be 90 lakhs

R= Rate of interest per month

N= Number of months in the home loan tenure

Going by the current lending rates followed by the financial institutions, we will consider R to be 9% per annum (to be converted to % per month) and for the loan tenure, we will take 20 years/240 months.

Substituting all values in the above formula, the home loan EMI comes out to be Rs 80,975 per month.

You can easily calculate the EMI for your home loan for any bank or NBFC using a free online Home Loan EMI calculator. You can also find this handy tool on the online portals of most banks and NBFCs. All you have to do is feed in the values in the respective fields and receive the answers.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

P= Amount borrowed- Here, it will be 90 lakhs

R= Rate of interest per month

N= Number of months in the home loan tenure

Going by the current lending rates followed by the financial institutions, we will consider R to be 9% per annum (to be converted to % per month) and for the loan tenure, we will take 20 years/240 months.

Substituting all values in the above formula, the home loan EMI comes out to be Rs 80,975 per month.

You can easily calculate the EMI for your home loan for any bank or NBFC using a free online Home Loan EMI calculator. You can also find this handy tool on the online portals of most banks and NBFCs. All you have to do is feed in the values in the respective fields and receive the answers.

Oct 09, 2017 | The Office Equipment & Supplies

This depends on whether interest remains constant, and if the interest is reduced as the balance is reducing.

For simplicity, the interest is 450, so you add that the the principal, making 15,450, and divide it by 60 months. The answer is 257.50 per month.

TD Bank disagrees with me by a few bucks, but close enough as it probably includes insurance.

5 year loan how to calculate interest and payments Google Search

For simplicity, the interest is 450, so you add that the the principal, making 15,450, and divide it by 60 months. The answer is 257.50 per month.

TD Bank disagrees with me by a few bucks, but close enough as it probably includes insurance.

5 year loan how to calculate interest and payments Google Search

Mar 01, 2017 | Office Equipment & Supplies

principle X interest rate X term

deposit by interest rate by the length of the term

deposit by interest rate by the length of the term

Jul 28, 2016 | investopedia.com

This will vary widel from bank to bank, but this web site will be helpful-

CD Rates Highest Yield Bank Certificate of Deposit Interest Rate

CD Rates Highest Yield Bank Certificate of Deposit Interest Rate

Feb 26, 2015 | Office Equipment & Supplies

There is no 'resultant rate' as it changes every period. Assuming the period for each deposit is 1 year, the growth is as follows-

Apr 07, 2014 | HP Office Equipment & Supplies

Online deposit is sometimes called remote deposit but the two are slightly different.

Both actions allow the customer to deposit a check in his bank account without physically bringing it to the bank. However, the remote deposit requires the customer scanning a digital image of the check and sending it to the bank for the money to be deposited. While the online deposit allows an authorized customer to record a check through an online application and then mailing the physical check to the bank, which gives the customer access to the funds before the check clears in the usual way.

Both actions allow the customer to deposit a check in his bank account without physically bringing it to the bank. However, the remote deposit requires the customer scanning a digital image of the check and sending it to the bank for the money to be deposited. While the online deposit allows an authorized customer to record a check through an online application and then mailing the physical check to the bank, which gives the customer access to the funds before the check clears in the usual way.

Aug 26, 2013 | Finance

You can find the interest rates
for personal savings account with RBC here: http://www.rbcroyalbank.com/products/deposits/savings-accounts.html

Aug 14, 2013 | Finance

Sure! Phone and online banking options are pretty standard in all US banks these days. There are even mobile banking apps if you have a smart phone and even if you don't, just look at your bank's website and search for a mobile banking option. You can take a snapshot of the check you want to deposit and send it to the bank for depositing. Good Luck.

Aug 13, 2013 | Finance

Jan 22, 2018 | Computers & Internet

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It would depend on the institution holding the money. They have the option to offer interest and how to calculate it. Give me the name of the institution in India and I will search for their interest policy.

For example some banks interest is calculated on the average balance during the month then that is calculated by .05 = 5% interest. However NO interest is offered if the balance in the account falls below a pre-determined dollar amount.

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