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Compound Interest
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- Definition: R.D. Account
- Maturity Period:
- Maturity Value (M.V.):
- Formula: Equivalent Principal for One Month
- Formula: Interest on R.D. Account
- Formula: Maturity Value (M.V.)
- Examples
Definition: Recurring Deposit Account (R.D. Account)
A scheme in which a fixed amount is deposited every month for a fixed period.
Definition: Maturity Period
Total time (in months/years) for which deposits are made.
Definition: Maturity Value (M.V.)
Total amount received at the end = Total deposits + Interest.
Formula: Interest on R.D.
\[I=P\times\frac{n(n+1)}{2\times12}\times\frac{r}{100}\]
Months = Years × 12
-
P = Monthly instalment
-
n = Number of months
-
r = Rate of interest (% p.a.)
-
I = Interest
-
M.V. = Maturity Value
Formula: Total Amount Deposited
Total Deposit = P × n
Formula: Maturity Value
M.V. = P × n + I
Shaalaa.com | Banking Example 1
Related QuestionsVIEW ALL [112]
A page of Passbook of Mrs. C. Malik Savings Bank Account in year 2002 is given below:
| Date Year 2002 | Particulars | Amount Withdrawn (in ₹) |
Amount Deposited (in ₹) |
Balance (in ₹) |
| Jan. 1 | By Balance | - | - | 2,100·00 |
| Jan. 7 | By Cash | - | 1,000·00 | 3,100·00 |
| Feb. 1 | By Cash | - | 500·00 | 3,600·00 |
| Feb. 15 | To Cheque | 2,000·00 | - | 1,600·00 |
| March 15 | By Cash | - | 2,000·00 | 3,600·00 |
| March 20 | To Cheque | 1,000·00 | - | 2,600·00 |
| June 12 | By Cash | - | 3,000·00 | 5,600·00 |
| June 28 | To Cheque | 1,000·00 | - | 4,600·00 |
| Oct. 15 | To Cheque | 3,000·00 | - | 4,600·00 |
| Nov. 5 | By Cash | - | 1,500·00 | 3,100·00 |
| Dec. 10 | By Cash | - | 500·00 | 3,600·00 |
| Dec. 20 | To Cheque | 1,000·00 | - | 2,600·00 |
If the rate of interest decreases from 5% to 4% with effect from June 1st, 2002, compute the interest at the end of the year.
Mr. Ashok has an account in the Central Bank of India. The following entries are from his passbook:
| Date | Particulars | Withdrawals (₹) |
Deposits (₹) |
Balance (₹) |
| 01-01-05 | B/F | - | - | 1,200·00 |
| 07-01-05 | By cash | 500·00 | 1,700·00 | |
| 17-01-05 | To cheque | 400·00 | - | 1,300·00 |
| 10-02-05 | By cash | - | 800·00 | 2,100·00 |
| 25-09-05 | By cheque | 500·00 | - | 1,600·00 |
| 20-09-05 | By cash | - | 700·00 | 2,300·00 |
| 21-11-05 | To cheque | 600·00 | - | 1,700·00 |
| 05-12-05 | By cash | - | 300·00 | 2,000·00 |
If Mr. Ashok gets Rs. 83.75 as interest at the end of the year where the interest is compounded annually, calculate the rate of interest paid by the bank in his Savings Bank Account on 31st December 2005.
Mr. Mishra has a Savings Bank Account in Allahabad Bank. His passbook entries are as follows:
| Date | Particulars | Amount Withdrawals(₹) |
Amount Deposits(₹) | Amount Balance(₹) |
| Jan. 4, 2007 | By Cash | - | 1,000·00 | 1,000·00 |
| Jan. 11, 2007 | By Cheque | - | 3,000·00 | 4,000·00 |
| Feb. 3, 2007 | By Cash | - | 2,500·00 | 6,500·00 |
| Feb. 7, 2007 | To Cheque | 2,000·00 | - | 4,500·00 |
| March 3, 2007 | By Cash | - | 5,000·00 | 9,500·00 |
| May 25, 2007 | By Cash | - | 2,000·00 | 11,500·000 |
| June 7, 2007 | By Cash | - | 3,500·00 | 15,000·00 |
| Aug 29, 2007 | To Cheque | 1,000·00 | - | 14,000·00 |
Rate of interest paid by the bank is 4.5% per annum. Mr. Mishra closes his account on 30th October, 2007. Find the interest he receives.
