if 5.5year fixed deposit amt 5000 on 17.01.2012 than the customer withdraw thier amt before maturity date @5% per aanum so, hou many amt he can receive
The Recurring deposit account is an account in the bank (or a Post office in some countries) where an investor deposits a fixed amount of money every month for a fixed tenure (mostly ranging from one year to five years). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. Interest at term deposit rates is computable on quarterly compounded basis.
Treasury notes
A fixed annuity is an annuity that pays a fixed amount of interest, defined by the terms of the contract. It is comprised of the money that you put in and the interest the insurance company provides in exchange.
It depends on the terms agreed with the lender.
Fixed annuities are essentially CD-like investments issued by insurance companies. Like CDs, they pay guaranteed rates of interest, in many cases higher than bank CDs. Fixed annuities can be deferred or immediate. The deferred variety accumulate regular rates of interest and the immediate kind make fixed payments - determined by your age and size of your annuity - during retirement. The convenience and predictability of a set payout makes a fixed annuity a popular option for retirees who want a known income stream to supplement their other retirement income.
Fixed deposit interest is calculated using the simple interest concept Interest = (principal * no. of years * rate of interest) / 100 principal = the amount you deposited rate of interest = the amount in % Ex: Deposit amount - 10,000 Rate of interest = 10% no of days = 365 Interest = (10000 * 365 * 10) / (365*100) = 1000
how to calculate Recurring deposit interest ?
Fixed deposit interest is calculated using the simple interest concept Interest = (principal * no. of years * rate of interest) / 100 principal = the amount you deposited rate of interest = the amount in % Ex: Deposit amount - 10,000 Rate of interest = 10% no of days = 365 Interest = (10000 * 365 * 10) / (365*100) = 1000
fixed deposit A/c dr. to int on fixed deposit
Fixed interest means that the interest on a loan or deposit does not change as the result of market fluctuations.
Fixed deposit interest rates is a guaranteed interest rate for the entire term of an investment. They allow for the customer to earn high interest rates.
To make a journal entry for provision on interest on fixed deposit, you would debit the Provision for Interest on Fixed Deposit account to recognize the expense and credit the Interest Income account to reduce the income earned on the fixed deposit. This adjustment ensures that the financial statements reflect the estimated liability for future interest payments accurately.
an income
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Yes of course, the interest on a fixed deposit is revenue because revenue is something owed but not yet paid. Hence, we can call it as revenue. Many Banks such as Axis, ICICI, IDBI and NBFCs like Bajaj Finserv are offering good interest on fixed deposit which can be called as revenue.
To the depositor, it is an income but to the bank or institution providing the fixed deposit as a product, it is an expense.
A deposit made by investors with corporations for a fixed time period, for a predetermined/agreed upon rate of interest is called a "Corporate Fixed Deposits"