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Savings Account Interest Calculation Interest calculation on Savings Accounts has become much …

2Savings Account Interest Calculation Interest calculation on Savings Accounts has become much simpler after 2010. Pre-2010 Very few people know that earlier, banks would calculate interest on the lowest balance held between the 10th and the last day of the month. So, if your account had a minimum balance of Rs.1000 during the said period, then the bank calculated interest for the month on Rs.1000 only, regardless of how much balance you had in the rest of the month. In 2009, the RBI released a circular mandating all banks to calculate int

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Savings Account Interest Calculation Interest calculation on Savings Accounts has become much …

2Further, the bank

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Rajeev breaks his FD after 6 months In this case, the interest calculation changes. Since Raje…

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