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» Annual Interest Calculation Method for SB / PPF
Annual Interest Calculation Method for SB / PPF
|
(For Financial Year )
Month
|
Monthly Deposit
|
Balance / IBB
|
April
|
1000
|
1000
|
May
|
1000
|
2000
|
June
|
1000
|
3000
|
July
|
1000
|
4000
|
August
|
1000
|
5000
|
September
|
1000
|
6000
|
October
|
1000
|
7000
|
November
|
1000
|
8000
|
December
|
1000
|
9000
|
January
|
1000
|
10000
|
February
|
1000
|
11000
|
March
|
1000
|
12000
|
| | |
Total
|
12000
|
78000
|
SB - Rate of Interest = 4.0% pa ie 4.0 /100
Interest Bearing Balance (IBB) = minimum Balance in every month from 10th to end of the month for a particular account
Here Total IBB is 78000
Annual Interest =
|
IBB x Interest Rate
|
Amount should be rounded into nearest rupee
|
No. of Months x 100
|
Annual Interest =
|
78000 x 4.0
|
= 263/- ( rounded off)
|
12 x 100
|
Example
Year
|
Opening Balance
|
Monthly Contribution
|
Total Contribution
|
Interest Rate @4.0%
|
Closing Balance
|
1
|
-
|
1000
|
12,000
|
263
|
12,263
|
2
|
12263
|
1000
|
12, 000
|
***
|
***
|
Note :
Please refer the Rate of Interest revised by DOP then and there
Prepared by SAPOST
|
|
(For Financial Year )
Month
|
Monthly Deposit
|
Balance
|
IBB
|
04/04/2018
|
1000
|
1000
|
1000
|
08/05/2018
|
1000
|
2000
|
1000
|
03/06/2018
|
1000
|
3000
|
3000
|
01/07/2018
|
1000
|
4000
|
4000
|
August
|
0
|
4000
|
4000
|
02/09/2018
|
2000
|
6000
|
6000
|
03/10/2018
|
1000
|
7000
|
7000
|
10/11/2018
|
1000
|
8000
|
7000
|
15/12/2018
|
1000
|
9000
|
8000
|
01/01/2019
|
2000
|
11000
|
11000
|
February
|
0
|
11000
|
11000
|
20/03/2019
|
1000
|
12000
|
11000
|
| | |
|
Total
|
12000
|
|
74000
|
SB - Rate of Interest = 7.60% pa ie 7.60 /100
Interest Bearing Balance (IBB) = minimum Balance in every month from 5th to end of the month for a particular account
Here Total IBB is 74000
Annual Interest =
|
IBB x Interest Rate
|
Amount should be rounded into nearest rupee
|
No. of Months x 100
|
For Subsequent Deposit
Annual Interest =
|
74000 x 7.6
|
= 468.66 rounded off to 469/-
|
12 x 100
|
Example
Year
|
Opening Balance
|
Monthly Contribution
|
Total Contribution
|
Interest Rate @7.6%
|
Closing Balance
|
1
|
-
|
1000
|
12,000
|
469
|
12,469
|
2
|
12469
|
1000
|
12, 000
|
***
|
***
|
For Yearly once Deposit
Eg. One time Deposit Rs 1,00,000 during April ( on or Before 5th April )
Annual Interest =
|
1,00,000 x 12 x 7.6
|
= 7600 ( rounded off )
|
12 x 100
|
Year
|
Opening Balance
|
Yearly Contribution
|
Total Contribution
|
Interest Rate @7.6%
|
Closing Balance
|
1
|
-
|
1,00,000
|
1,00,000
|
7600
|
107600
|
2
|
107600
|
***
|
***
|
***
|
***
|
Note :
Please refer the Rate of Interest revised then and there by DOP
Prepared by SAPOST
|
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