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Most banks either compund mothly or yearly. Find that out, and check the terms and conditions to see whether they use average daily balance (rare but good) or if they don't compund if you withdraw money (too common). If everything is going to compund, you multiply your balance by your % APY, which depends on the account and your bank. The number you get is the interest yield for the month or year!
The math explanation...
The equation: P=C(1+r/n)^nt where P is what youwill end up with, C is the initial investment, r is your % APY, n stands for how many times it compunds each year, and t stands for time in years
Example: 0.05% APY, balance = $10,000, compounded monthly
In one year, the equation is P=10000 (1+0.05/12)^12 = $10511.62
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Bank interest received on saving account is taxable or nontaxable for the assessment year 2007-2008?
bankinterest received on saving bank account is taxable or nontaxable for the assessment year 2007-2008
What is entry for interest credited into Bank account?
bank account debit and interest payable credit
What is the difference between saving account and salary account in bank?
In Salary Account 0 balance is allowed and in saving account minimum balance required
What is an example of interest-bearing account?
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
What is saving bank account?
A savings bank account is an account that is designed to store savings. You cannot draw money out of it using a debit card or checks, but it pays a higher interest rate than a checking account.
What do banks pay to people with a saving account?
bank pays bonus and interest on saving accounts
Bank interest received on saving account is taxable or nontaxable for the assessment year 2007-2008?
bankinterest received on saving bank account is taxable or nontaxable for the assessment year 2007-2008
What is bank interest?
Interest is basically where the bank pays you for putting your money in one of their accounts. If you open a savers account in a bank and you put in £20, you will get about £1 every year for saving with them.
What is the Difference between saving bank rate and Deposit rate?
deposit rate interest rate paid by the depository institution on the cash on deposit where as saving bank rate is interest paid by the banking institution on saving account holder which is calculated on daily basis and credited to customer account quaterly or semi annually.
What is the current interest rate on a standard saving account at Bank of America?
The current interest rate for a regular savings account at Bank of America is 0.05. This rate applies to custodial savings for youth accounts as well.
What is the definition of saving bank?
A savings bank is a bank that is dedicated to savings accounts. They don't have all the freedoms of a checking account, but pay higher interest rates.
The bank no long have the saving account numbers what did the bank do with the money in saving account?
It is not common for a bank to lose any account number. It may be a good idea to consult the bank in order to know why the account number is missing.
What is meant by saving bank account?
saving accounts earnings
What is bank account interest?
interest charged to bank accounts
How much interest is generated for 100000 per month in state bank of india NRE saving account in India jharkhand?
1000
What is entry for interest credited into Bank account?
bank account debit and interest payable credit
Is the interest earn t in a bank account classed as an investment?
Interest earned in a bank account is not an investment. It is considered an income. The money that you have in the bank account that earned the interest for you is considered the investment
