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How to y calculation on interest of fixed deposit?

Answer

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01/23/2011

RBI does not have any chairman or Director. They only have a Governor. The present Governor of Reserve bank of India is Duvvuri Subbarao. Some of the previous governors of RBI in reverse order are:

  1. Y Venugopal
  2. Bimal Jalan
  3. C Rangarajan
  4. S Venkitramanan
  5. R N Malhotra
  6. A Ghosh
  7. Manmohan Singh
  8. I G Patel
  9. M Narasimham
  10. K R Puri
  11. N C Sen Gupta
  12. S Jagannathan
  13. B N Adarkar
  14. L K Jha
  15. P C Bhattacharya
  16. H V R Iyengar
  17. K G Ambegaonkar
  18. Sir Benegal Rama Rau
  19. Sir C D Deskmukh
  20. Sir James Taylor
  21. Sir Osborne Smith (The first governor)

Banks are financial institutions that can make or break an economy. Unsupervised and uncontrolled behavior from banks can spell doom to the economy and for the customers as well. Hence central banks like the Reserve Bank in India or the Federal Reserve in USA monitor the functioning of all banks in their jurisdiction and ensure that they function in a just fashion and customers stand to benefit at all times.

Each country has a central bank that supervises the banks that operate in that country.

You can use the below formula:

P - The amount of money you deposited

N - No. of years deposited

R - Rate of Interest Offered by the bank.

Interest = P * N * R / 100

You can substitute values for p, n and r to calculate the interest you will earn on a fixed deposit.