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What is bank account interest?
interest charged to bank accounts
What is entry for interest credited into Bank account?
bank account debit and interest payable credit
What is an example of interest-bearing account?
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
How do I Access my investment account?
if your investment is in a bank go on line to the bank website and look for investments and if you have a account all you need to do is put the # or code in....... try it, it might work
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.
Why does interest on checking accounts increase with increasing inflation?
Example : you have Rs. 100 to spend you have invested in bank . the bank give you 5% interest so that now you will earn 105 Rs. on your investment. current inflation is 2% that means you are paying 2% and your bank gives you 5% so (5-2) 3% is your profit you are generating extra Rs. 3 on your investment in bank Now the inflation rate increases to 6 % and your bank still gives you 5% on the checking account while investment made in mutual fund gives you return of 8% than Bank (5%-6%)= Loss of 1% Mutual Funds (8%-6%)= Profit of 2% So to overcome effect of inflation and to stay in the competition with other investment and to regulate banking operation the bank will increase interest on checking account to keep investors investing in bank.
Which bank in has the highest interest in checking and savings account?
Karnataka bank in india has highest interest in savings account. For the amount kept between 7 to 45days you get 4.5% as interest
Is interest on bank account taxable or non taxable?
Taxable, of course. Virtually all interest income is taxable, unless fro a specific tax exempt type investment..like state and muni bonds.
What is a bank account you keep money in and get paid interest?
savings account
What happens to the money that you deposit in a savings account at a bank?
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.
What is the standard interest rate on an interest bearing checking account at Chase bank?
The standard interest rate on an interest bearing checking account at a Chase bank is 0.01%. They have a variety of checking accounts with the same interest rate or less.
What is sent by the bank regularly?
If you have an account in the bank then you generally wil receive interest for any money you have that is in the account. That is what is sent from a bank regularly.
