how to calculate accrued interest on fdr?how to see from
bank statement????basic procedure plz advice..
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Answer / Anand Singh
To calculate accrued interest on FD (Fixed Deposit), follow these steps:
1. Determine the interest rate specified by the bank for your FD.
2. Calculate the number of days since the last interest payment was made, taking into account the FD tenure and maturity date.
3. Apply the interest rate to the principal amount multiplied by the number of days to get the accrued interest amount.
4. Check your bank statement for the current balance in the FD account to find the principal amount.
5. Subtract the previous balance from the current balance to determine any additional deposits made during the period.
6. Use the formula: Accrued Interest = (Principal Amount * Interest Rate * Number of Days) - Additional Deposits
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