1 / 4

Calculation Of Interest. (Savings Bank)

Calculation Of Interest. (Savings Bank). Interest in a SB account is calculated every year on 31 st March. To calculate the annual interest in a SB account Interest Bearing Balance (IBB) is carried out each month.

amal-conway
Download Presentation

Calculation Of Interest. (Savings Bank)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Calculation Of Interest.(Savings Bank) • Interest in a SB account is calculated every year on 31st March. • To calculate the annual interest in a SB account Interest Bearing Balance (IBB) is carried out each month. • IBB is the Lowest balance between close of 10th and last day of calendar month. • If the balance in a particular month is less than Rs.20/- ignore it for IBB . RULE NO : 74 POSB Manual Volume -I

  2. * IBB is Calculated from April to March every year. * The formula of calculation of interest is as follows. Total Interest Bearing Balance X Rate of interest Interest = ----------------------------------------------------- 12 X 100 RULE NO : 74 POSB Manual Volume -I

  3. If the Interest arrived at is less than Re.1/- it is not added to the account. • Interest arrived is always rounded to nearest rupee. • Annual Interest calculation is done at Head Office only. RULE NO : 74 POSB Manual Volume -I

  4. Interest statement is sent to all Departmental Sub Offices by HO for posting in passbooks. • In Sanchya Post Software Interest is calculated automatically. RULE NO : 74 POSB Manual Volume -I

More Related