Mr. Suri opens a Savings Bank Account with SBI with an initial deposit of Rs.700. If he opens the account on 12th July and closes it on 12th November of the same year, what interest is accrued to him, the rate of interest being 4.5% p.a?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Rs. 10
B	Rs. 7
C	Rs. 8.88
D	Rs. 26.25

Explanation:

Detailed explanation-1: -The minimum amount to open a regular recurring deposit account is Rs. 100 per month. To open an SBI Flexi Deposit scheme, the minimum amount is Rs. 500 per instance and Rs 5000 per financial year.

Detailed explanation-2: -Rs. 150 for 8 months is 150×8=1200. Therefore, the maturity value Amit will have at the end of 8 months is Rs. 1236.

Detailed explanation-3: -A lot of public and private sector banks in India offer individuals different kinds of savings account as per their needs and requirements. All banks set interest rates on their savings accounts that usually vary from 2.50% per annum to 7.00% per annum depending on the amount of savings.

Detailed explanation-4: -What is the interest rate offered on a savings bank account by Bank of India? Bank of India offers 2.9% p.a. interest rate on balances above Rs. 1, 00, 000 or below Rs. 1, 00, 000.

There is 1 question to complete.