Page Comparison

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.

r = R/100 x D/F

where,

P = AvB/D or MB/D

I = Interest Amount

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

A = amount of money accumulated including interest