To the depositor, it is an income but to the bank or institution providing the fixed deposit as a product, it is an expense.
The basic requirements for opening a fixed deposit account are: a. Amount to deposit b. Existing relation with bank (You need to hold some sort of account with the bank. Else, you will be asked to open one) c. Source/Proof of legal income If you have these, any bank will be willing to open an fixed deposit account for you.
I want letter for bank fixed deposit
how to calculate Recurring deposit interest ?
To Manager Subject: Closing Fixed deposit account. This is to inform you that, My Fixed deposit will mature on 01/12/2012, Kindly request you to transfer the fixed deposit to my Saving account, details are mention below. Name: Saving bank account: your faithfully *****
To the depositor, it is an income but to the bank or institution providing the fixed deposit as a product, it is an expense.
an income
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.
what is the disadvantages of fixed deposit
The basic requirements for opening a fixed deposit account are: a. Amount to deposit b. Existing relation with bank (You need to hold some sort of account with the bank. Else, you will be asked to open one) c. Source/Proof of legal income If you have these, any bank will be willing to open an fixed deposit account for you.
A fixed deposit in the name of a firm is not a fixed asset.
both.. balance sheet under liquid asset..income statement under inflow/income..
fixed deposit A/c dr. to int on fixed deposit
I want letter for bank fixed deposit
fixed deposit has its fixed term, but debenture does not have any term. fixed deposit can be invested in eqty,debt or any other , but the debenture is debt only.
how to calculate Recurring deposit interest ?
fixed deposit