Ask Experts Questions for FREE Help !
Ask
    CHAITHANYAVR645's Avatar
    CHAITHANYAVR645 Posts: 1, Reputation: 1
    New Member
     
    #1

    Aug 23, 2016, 10:29 PM
    How to calculate interest on fixed deposit?
    I have invested in non-cumulative fixed deposit for 3 years, now I am looking for some means which can provide me the total earned interest at the end of tenure.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #2

    Aug 24, 2016, 07:11 AM
    My understanding is that a "non-cumulative fixed deposit" is an investment that pays simple interest on the amount deposited, payable to you as the interest is earned. In other words your investment amount stays constant throughout the tenure of the account (there is no compounding). The amount of interest you will earn over three years is simply the amount you deposited times the annual interest rate percentage times 3 (for 3 years).

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Fixed deposit entry for the interest? [ 1 Answers ]

I made a placement and would like to make an entry for the interest received portion. Advice on the appropriate entry for this. The placement was done by cash. Need to know where should I put the interest received column in accounting software-assets ? Please advice the correct entry to be done

Journal for interest on fixed deposit [ 1 Answers ]

Hi, Kindly help me fixed deposit of 100000/- kept against the bank guarnteee , tell me what is the journal entry for the same & interest on the & in the balance sheet where it will reflect Interest on the fd shall we show as a part of income & what is the journal entry for the same ...

How can I calculate daily interest on saving account and term deposit account [ 1 Answers ]

Dear Sir's, Kindly let me know how to calculate daily interest rate applicable to my saving account and term deposit account.


View more questions Search