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INTEREST
CALCULATOR FOR SAVING FUND ACCOUNTS
Method of
Calculation of Saving Fund Interest :
(a)
Rate of interest on Saving Funds is regulated by Reserve Bank of
India and is same in all the Banks in India. At present
the interest rate payable on Saving Fund Accounts is 3.5%
(b) Interest on saving fund accounts are calculated on monthly
products method and is paid half year by Banks in India.
(c)
The minimum balances between tenth of the month and last day of the
month is taken as the monthly product. This means if one
withdraws any amount from 1st to 9th of the month, but re-deposits
on 10th of the month, he / she will be entitled to receive interest
for full month.
SAVING FUND
INTEREST CALCULATOR ( 3.5% p.a. )
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