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What is the interest rate for fixed deposit in State Bank of India?
Wiki User
∙ 12y ago
State Bank of India
Time PeriodRate of Interest91 days to 179 days7.25%241 days to Less than 1 year7.75%> 1 year9.25%
Extra 0.5% for Senior Citizens.
Current as of November 2011
Wiki User
∙ 12y ago
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Highest Interest in which deposit - recurring deposit or fixed deposit?
how to calculate Recurring deposit interest ?
What is Accounting entry of interest on fixed deposits?
fixed deposit A/c dr. to int on fixed deposit
What is a fixed interest?
Fixed interest means that the interest on a loan or deposit does not change as the result of market fluctuations.
What is the benefit of fixed deposit interest rates?
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.
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.
Can a bank in India change the rate of interest during the currency of a term deposit with them?
No. The rate of interest on a term deposit (Fixed Deposit) cannot be changed during the duration of the deposit. For Ex: you deposit Rs. 10000/- on Jan 1st 2011 with a bank in India at 8% rate of interest for a period of 1 year. Even if the deposit rates change to let's say 7.5% a few weeks after that, the bank has to honor the commitment it has given to you at the time of opening the term deposit and it cannot change the rate of interest.
Is interest from fixed deposit an expense or income?
an income
How do you calculate interest rate for fixed deposit for a month?
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How do you calculate fixed 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
Is the interest on a fixed deposit are revenue?
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.
Is interest on fixed deposit an expense or income?
To the depositor, it is an income but to the bank or institution providing the fixed deposit as a product, it is an expense.
What is a corporate fixed deposit?
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"
