BANKING GENERAL KNOWLEDGE
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Question
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Mr. Gupta opened a recurring deposite account in a bank. He deposited Rs. 2, 500 per month for two years. At the time of maturity he got Rs. 67, 500. Find:1. The total interest earned by Mr. Gupta2. The rate of interest per annum
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1. Rs. 85002. 10%
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1. Rs. 85002. 12%
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1. Rs. 75002. 8%
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1. Rs. 75002. 12%
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Explanation:
Detailed explanation-1: -Interest=2500×24(24+1)2×12×12100=Rs. 7500.
Detailed explanation-2: -Maturity Value= Total Deposited Amount + Total Simple Interest.
Detailed explanation-3: -A Recurring Deposit, commonly known as RD, is a unique term-deposit that is offered by Indian Banks. It is an investment tool which allows people to make regular deposits and earn decent returns on the investment.
There is 1 question to complete.