BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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On monthly products based on minimum balance between 10th and last working day.
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Daily balance is counted and interest is paid accordingly
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On average quarterly balance.
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On average half yearly balance.
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Detailed explanation-1: -Here’s the simple interest formula: Interest = P x R x T. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal). T = Number of time periods (generally one-year time periods).
Detailed explanation-2: -The Correct Answer is Reserve Bank of India(RBI).
Detailed explanation-3: -A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.
Detailed explanation-4: -Low-balance method, where interest is paid based on the lowest balance in the account for any day in that period, and . Investable-balance method, where interest is paid on a percentage of the balance, excluding the amount set aside for reserve requirements.