I just want to understand something. Say a bank says 12% interest on fixed deposit. They also have options for 3 months 6 months 1 yr 2/3/5 years etc. How will the interest be added on my principal amount? Like if i deposit my money in FD for 3 months @ 12% will it be the same as FD for 6 months? For example i have 10lakhs, ow how much will be my return if set it up for 3months vs 6 months vs 1/2 years. Kindly if anyone could explain it to me. Thanks in advance
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on day basis and 5% tax.
eg: for 1lakh for 30days at 12% p.a.:
100000x(12/100)x(30/365)x0.95
(the 0.95 is for 5% tax i.e. (100-5)/100)
And do not forget the government imposes 6% tax on the interest owned. And most of the banks pay out interest at the end of every quarter.
Its 12%/12 x number of months to the capital
calculate the yearly interest….divide by 12 to get the monthly interest…then multiply by the number of months of your FD to get your interest amount….10lakhs ko yearly interest is 60000 at 12% so for six months you will get half of it ie 30000…..for 3 months you will get 15000
It’s per annum so for 10 lakh for 6 months @12% , interest would be 60000 only.
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