How do I calculate simple interest rate?
How do I calculate simple interest rate?
Simple Interest Formulas and Calculations:
- Calculate Interest, solve for I. I = Prt.
- Calculate Principal Amount, solve for P. P = I / rt.
- Calculate rate of interest in decimal, solve for r. r = I / Pt.
- Calculate rate of interest in percent. R = r * 100.
- Calculate time, solve for t. t = I / Pr.
How do you calculate maturity amount?
The formula to calculate the FD returns is, A=P(1+r/n)^n*t. Here, A is the maturity amount, P is the principal amount invested in the FD, r is the rate of interest and n is the tenure.
How much interest will 5 lakhs earn?
Additionally, if a bank is having an interest rate of 7.25 per cent per annum, (Discounted Rate of Interest of 7.21 per cent), then on a principal amount of Rs 5 lakh, the total interest comes to Rs 1,80,322, which yields Rs 3,005 as the monthly interest amount.
Is FD interest paid monthly?
Features and Benefits of FD Accounts The return on investment is compounded periodically; it may be monthly, quarterly, or annually. Senior citizens are provided with 0.5% higher returns as compared to regular customers.
What is the interest of 10 lakh in SBI?
Balances above Rs 1 lakh and up to Rs 10 lakh will fetch 6 per cent per annum. For savings account balances above Rs 10 lakh, interest rate of 6.75 per cent per annum will be applicable.
Can I deposit 20 lakhs in bank?
If you cash deposit or cash withdraw more than Rs. 50 lakhs to / from your current bank account – Bank will report to Income Tax authority. If you cash deposit more than Rs. 10 lakhs from your savings bank account – Bank will report to Income Tax authority.
What will be the EMI for 15 lakhs?
14 Lakh Home Loan EMI Details
| Repayment Period | EMI Per Month |
|---|---|
| 10 Years | Rs. 16111 |
| 15 Years | Rs. 12428 |
| 20 Years | Rs. 10687 |
| 25 Years | Rs. 9717 |
How much interest will 10 lakhs earn?
Formula of Calculation of EMI
| Loan amount | Interest Rate | EMI per month |
|---|---|---|
| 5 Lakh | 8.35% | Rs. 6,159 |
| 10 Lakh | 8.50% | Rs. 9,847 |
| 15 Lakh | 8.60% | Rs. 13,112 |
| 20 Lakh | 8.70% | Rs. 17,610 |
Can I deposit 10 lakhs in bank?
Thus, as cash deposits and withdrawals of Rs 10 lakh or more in a bank account in a financial year are required to be reported to the tax authorities, you need to be careful if you are exceeding the prescribed threshold. This limit is Rs 50 lakh and more in case of current accounts.
How much interest will I get for 30 lakhs fixed deposit?
You should split the Rs 30 lakh between a mix of government-backed schemes, mutual funds and corporate fixed deposits. Park Rs 4.5 lakh in a Post Office Monthly Income Scheme. This will earn you 7.6% interest per annum, payable monthly. Invest the second tranche of about Rs 15 lakh in corporate FDs.
What is the interest of 1 lakh in SBI?
SBI FDs have tenures ranging from 5 years to 10 years with maximum rate of interest of 5.40%….SBI Fixed Deposit Interest Calculator.
| Tenure | Rates | Maturity Amount for ₹ 1 Lakh |
|---|---|---|
| 46 days to 179 days | 3.90% to 4.40% | ₹ 1,00,492 – ₹ 1,02,169 |
| 180 days to 210 days | 4.40% to 4.90% | ₹ 1,02,181 – ₹ 1,02,842 |
Which bank FD is best?
Best FD Interest Rates in India 2021
| Bank | Senior Citizen’s FD Interest Rates | Tenure |
|---|---|---|
| Bank of India | 3.50% – 6.15% | 7 days to 1825 days |
| Bank of Maharashtra | 3.50% – 5.75% | 7 days to 1096 days |
| Canara Bank | 3.50% – 6.00% | 7 days to 1095 days |
| Central Bank of India | 3.90% – 5.85% | 7 days to 1825 days |
Which is the best FD?
Fixed Deposit Interest Rates offered by Large Banks
| Bank Name | FD Interest Rates | Deposit Tenure |
|---|---|---|
| HDFC | 5.5% | 5 years 1 day up to 10 years |
| SBI | 5.4% | 5 years and up to 10 years |
| Kotak Mahindra | 5.3% | 5 years and up to 10 years |
| Bank of Baroda | 5.25% | Above 5 years and up to 10 years |
What is the interest rate for 1 lakh per month?
Shriram City Union Finance offers attractive monthly interest for Rs. 1 lakh fixed deposit. Shriram City provides all fixed deposit account holders with a lucrative interest rate of 8.25%.
What can we do with 1 lakh?
Low risk investments, such as bank FDs, government small savings schemes, etc., provide high safety but low returns. For a 5-year window, you can opt for schemes such as the NSC, Post Office Time Deposit or Post Office Monthly Income Scheme (POMIS).
What is the interest of 1 lakh in post office?
India Post Office FDs have tenures ranging from 3 years 1 day to 5 years with maximum rate of interest of 6.70%….India Post Office Fixed Deposit Interest Calculator.
| Tenure | Rates | Maturity Amount for ₹ 1 Lakh |
|---|---|---|
| 2 years 1 day to 3 years | 5.50% to 5.50% | ₹ 1,11,561 – ₹ 1,17,807 |
How much interest will I get if I deposit 1 lakh in bank?
Currently, the interest rate on savings bank deposits on balance up to Rs 1 lakh is 3.5 per cent. On balance above Rs 1 lakh, the interest rate is 3 per cent per annum, which is set at 2.75 per cent below RBI’s Repo Rate, with a minimum of 3 per cent for the entire balance.
Can we deposit 1 crore bank?
If FD interest rate is 6.5%, then you get Rs 6.5 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 54,167. If FD interest rate is 7%, then you get Rs 7 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 58,333.
Which bank is best for monthly interest?
Banks or NBFCs with high returns are considered the best option for monthly income schemes. SBI, HDFC Bank, PNB Housing Finance and Bajaj Finserv are some of the top banks or NBFCs for the monthly interest FD schemes.
Which is better MIS or FD?
The cash flow earnings from a MIS can vary over time as the earnings vary with market fluctuations. So if you are looking to get surety in terms of interest, an FD is right for you; if you are open to ups and downs in the money you make, choose MIS.