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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.
What else can I help you with?
What is Accounting entry of interest on fixed deposits?
fixed deposit A/c dr. to int on fixed deposit
Is interest from fixed deposit an expense or income?
an income
What is a fixed deposit?
A fixed deposit is a financial instrument provided by banks or NBFC's which provides investors with a higher rate of interest than a regular savings account.
What is the Difference between fixed deposit and recurring deposit?
Hi, Fixed Deposit : Deposit certain amount for certain period of time either monthly/yearly and fetching of amount is optional. If you need to get the FD amount in 1 year (example), interest will be added with the actual amount . The interesting rate is depends on your bank. Recurring Deposit : Deposit fixed amount in regular time period. At final you will get the total amount with specific interest.
What is fix deposit reciept?
A Fixed Deposit Receipt (FDR) is a financial document issued by a bank or financial institution that confirms a fixed deposit account. It serves as proof that an individual has deposited a specific amount of money for a predetermined tenure at a fixed interest rate. The FDR details the deposit amount, interest rate, maturity date, and any applicable terms and conditions. It is a secure investment option, as it typically offers higher interest rates compared to regular savings accounts.
Highest Interest in which deposit - recurring deposit or fixed deposit?
Fixed Deposit is giving you a more roi comparatively recurring deposit. but you can also invest your money into real estate giants like Savax Ventures who is also giving you fixed returns upto 15% per year from the minimum investment of GBP500 Only.
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.
What are the differences between a fixed deposit and a certificate of deposit?
A fixed deposit is a type of savings account offered by banks where you deposit a sum of money for a fixed period at a fixed interest rate. A certificate of deposit (CD) is similar but is typically offered by credit unions and has a higher interest rate but requires a minimum deposit and penalties for early withdrawal.
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.
Is interest from fixed deposit an expense or income?
an income
Is bank interest classed as revenue?
Yes. The interest earned by the bank is revenue to the bank and the interest paid by the bank to its deposit customers is revenue for the customer. Either ways it is considered an income or revenue. And, the person earning this revenue is liable to pay taxes for it.
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 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"
