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Interest Calculation Formula | Balance | Table Used |
|---|---|---|
A = P(1+r/n) | Minimum Balance | SAVINGS_TRXN_DETAIL |
A = P(1+r/n) | Average Balance |
| Panel |
|---|
r = R/100 x D/F P = AvB/D or MB/D I = P(r) only if P is greater than or equal to minimum balance required for interest calculation otherwise the interest (I) will be zero. AvB = Total Average Balance for duration D MB = Minimum Balance for duration D D = Duration/Interval (Days) for which the interest is being calculated F = Number of Days in Financial Year P = Principal amount (initial amount) (Average/Minimum Balance) R = Annual rate of interest (as a decimal) (defined during savings product creation) r = Effective interest rate for the duration D I = Interest Amount |
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