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What is interest rate for account with original deposit of 550 and increasing to 585.75 after 2 years?
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What is a NOW account?
A deposit account that pays interest.
What is now account?
A deposit account that pays interest.
What type of interest is interest paid on the amount of your original deposit plus on any interest that you have earned previously on the money in an account?
it is any interest after the first compounding there isn't a special name for it...
What is the principal of a compound interest?
Adding the interest to the original deposit accelerates the deposited value.
Can bank close your deposit account?
Sure you can. It's your money and your account and you can close it anytime you wish. However, if you are closing your deposit account before its intended maturity date the bank can charge you a small penalty on the interest component for doing so. But the original money you deposited will not be touched and will be refunded in full when you close the account.
How do you make journal entries on provision on interest on fixed deposit?
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 the the advantages and disadvantages of a certificate of deposit?
Certificates of deposit are a good idea because they are a high interest deposit and offer a higher interest rate than a savings account and treasury bills and notes.
Difference between current account and call deposit account?
A call deposit account is a hybrid form of Current account and general saving account which allows us to withdraw money at any time as in current account and provides us interest on the deposit amount as in other saving account.
What is a certificate of deposit?
When you put money in a savings account, you can draw it out at any time. In a certificate of deposit, you agree to leave it in the bank for a certain period of time. They pay slightly higher interest because they know that money will be there for 3 months, 6 months, 1 year, etc. If you draw it out early, they reduce your interest.
What does MOD balance mean?
money on deposit . It is not money on deposit. It is "Multi Option Deposit" which means: you can decide upon the money going to Fixed Deposit for the minimum amount you set for your account. For instance: You have 50000 in your account. In normal scenario, you will be getting interest on the above amount as per saving bank interest rate. But in case you have MOD account, you can decide that what ever amount is surplus of 10000, it goes into MOD balance and for those amount, you get a interest rate as you get incase of Fixed deposit.
What will be the initial deposit for bdo joint bank account?
The initial deposit for BDO Joint Bank Account is 2000 Philippine Pesos. The minimum account balance to earn interest is 5000 Philippine Pesos.
Where does a landlord keep a security deposit?
Most states require the landlord to place the deposit in an interest-bearing account, protected from his creditors.
