A bank pays simple interest at a certain rate per annum on fixed deposits parked with them for at least 6 years.
A customer closes his fixed deposit prematurely - after just 4 years. Due to this, the bank reduces the total
amount paid to him by an amount equal to a quarter of his principal amount to reflect the change in rate of
interest for the shorter period of his deposit. Find the difference between the rate of interest for the full term of 6
years and that obtained by the customer.
Answers
Step-by-step explanation:
fixed ... the bank or the company is not liable to pay any interest. ... He withdraws the FD after completing 1 Year
Step-by-step explanation:
e-Denae-Vijaya
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Fixed Deposit Rules
FD Rules:
Opening of deposit accounts
Application for fixed/short deposits and deposits at notice is taken on Form No.401 for individuals and Form No.401A for non individuals.
For all subsequent deposit, a simple Application-form (Form No.410 is to be filled)
Period and minimum amount of different types of deposits
Minimum period
At present, the minimum period for a term deposit shall be 7 days for deposit amount of Rs.100 lacs and above & minimum 15 days for amounts less than Rs.100 lacs.