Principle = 10,000/-
Interest Rate = 0.08
Tenor = 5 YEARS
Value of deposit on maturity = Principle X (1+Interest Rate) ^ Tenor
= 10,000 X (1+0.08)^5 = Rs 14,693.28
When you deposit money in a savings account at a bank, the bank uses that money to make loans to other customers and earn interest. In return, the bank pays you interest on the money you have deposited in your savings account.
No, it is not possible for your direct deposit to be deposited into another person's account without your authorization.
A day of deposit to day of withdrawal savings account refers to a type of savings account where the interest is calculated based on the number of days the funds are deposited in the account before withdrawal. This means that the interest accrues daily and is typically paid out monthly or quarterly. The account holder benefits from maximizing interest earnings by keeping funds deposited for longer periods. It's important to check the specific terms of the account, as withdrawal frequency and minimum balance requirements can affect interest accumulation.
(10000)(0.8)(5)/100 ~ 10400
Adding the interest to the original deposit accelerates the deposited value.
When you deposit money in a savings account at a bank, the bank uses that money to make loans to other customers and earn interest. In return, the bank pays you interest on the money you have deposited in your savings account.
5000
No, it is not possible for your direct deposit to be deposited into another person's account without your authorization.
No. If the account is earning interest the current amount should be greater than the initial deposit.
(10000)(0.8)(5)/100 ~ 10400
deposit rate interest rate paid by the depository institution on the cash on deposit where as saving bank rate is interest paid by the banking institution on saving account holder which is calculated on daily basis and credited to customer account quaterly or semi annually.
Adding the interest to the original deposit accelerates the deposited value.
A Savings Account is a type of account that is designed to promote savings among the general public. You can deposit and withdraw money from this account but at the same time the bank offers you an interest on the money deposited into the account.
direct deposit
Assuming you deposit the money on the first day of each year you will have 2,124 from the 1,400 you'd deposited earning a total of 724 interest
$16,105.10 if compounded yearly, $16,288.95 if compounded semi-annually, $16,386.16 if compounded quarterly, $16,453.09 if compounded monthly, and $16,486.08 if compounded daily.
The frequency with which you choose to receive your interest payment depends on the term of your Business Time Deposit Account. For terms of seven through 31 days, interest may be paid only at maturity. For terms of 32 days to one year, interest may be paid monthly, quarterly, semi-annually, annually, or at maturity. For terms greater than one year, interest must be paid at least annually and may be paid monthly, quarterly, or semi-annually.