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Question
Mr. Chaudhary opened a Saving’s Bank Account at State Bank of India on 1st April 2007.
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| 1st April 2007 | By Cash | - | 8,550·00 | 8,550·00 |
| 12th April 2007 | To Self | 1,200·00 | - | 7,350·00 |
| 24th April 2007 | By cash | - | 4,550·00 | 11,900·00 |
| 8th July 2007 | By Cheque | - | 1,550·00 | 13,400·00 |
| 10th Sept. 2007 | By Cheque | - | 3,500·00 | 16,900·00 |
| 17th Sept. 2007 | To Cheque | 2,500·00 | - | 14,400·00 |
| 11th Oct. 2007 | By Cash | - | 800·00 | 15,200·00 |
| 6th Jan. 2008 | To Self | 2,000·00 | - | 13,200·00 |
| 9th March 2008 | By Cheque | - | 950·00 | 14,150·00 |
If the bank pays interest at the rate of 5% per annum, find the interest paid on 1st April, 2008. Give your answer correct to the nearest rupee.
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Solution
Minimum balance for the month of April = ₹ 7,350
Minimum balance for the month of May = ₹ 11,900
Minimum balance for the month of June = ₹ 11,900
Minimum balance for the month of July = ₹ 13,400
Minimum balance for the month of Aug. = ₹ 13,400
Minimum balance for the month of Sept. = ₹ 14,400
Minimum balance for the month of Oct. = ₹ 14,400
Minimum balance for the month of Nov. = ₹ 15,200
Minimum balance for the month of Dec. = ₹ 15,200
Minimum balance for the month of Jan. = ₹ 13,200
Minimum balance for the month of Feb. = ₹ 13,200
Minimum balance for the month of March = ₹ 14,150
Total = ₹ 1,57,700
⇒ Principal for one month = ₹ 1,57,700
Interest paid on 1st April = `(1,57,700 xx 5 xx 1)/(100 xx 12)`
= ₹ 657·08
= ₹ 657 (to the nearest rupee)
RELATED QUESTIONS
A page from a savings bank account passbook is given below:
| Date | Particulars | Amount withdrawn (Rs.) |
Amount Deposited (Rs.) |
Balance (Rs.) |
| Jan 7, 2016 | B/F | 3,000.00 | ||
| Jan 10, 2016 | By Cheque | 2600.00 | 5600.00 | |
| Feb 8, 2016 | To Self | 1500.00 | 4100.00 | |
| Apr 6, 2016 | By Cheque | 2100.00 | 2000.00 | |
| May 4, 2016 | By Cash | 6500.00 | 8500.00 | |
| May 27, 2016 | By Cheque | 1500.00 | 10000.00 |
1) Calculate the interest for the 6 months from January to June 2016, at 6% per annum.
2) If the account is closed on 1st July 2016, find the amount received by the account holder.
Deepa has a 4-year recurring deposit account in a bank and deposits Rs 1,800 per month. If she gets Rs 1,08,450 at the time of maturity, find the rate of interest.
A page from the savings bank account of Mr. Prateek if given below.
| Date | Particulars | Withdrawals (In Rs) | Deposits (In Rs) | Balance (In Rs) |
| January 1st 2006 | B/F | - | - | 1,270 |
| January 7th 2006 | By Cheque | - | 2,310 | 3,580 |
| March 9th 2006 | To self | 2,000 | - | 1,580 |
| March 26th 2006 | By cash | - | 6,200 | 7,780 |
| June 10th 2006 | To Cheque | 4,500 | - | 3,280 |
| July 15th 2006 | By clearing | - | 2,630 | 5,910 |
| October 18th 2006 | To Cheque | 530 | - | 5,380 |
| October 27th 2006 | To self | 2,690 | - | 2,690 |
| November 3rd 2006 | By cash | - | 1,500 | 4,190 |
| December 6th 2006 | To cheque | 950 | - | 3,240 |
| December 23rd 2006 | By Transfer | - | 2,920 | 6,160 |
If h receives Rs. 198 as interest on 1st January, 2007, Find the rate of interest paid by the bank.
Rekha opened a recurring deposit account for 20 months. The rate of interest is 9% per annum and Rekha receives Rs. 441 as interest at the time of maturity.
Find the amount Rekha deposited each month.
Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for `1 1/2` years. If he recieved Rs 15,084 at the time of maturity, find the rate of interest per annum.
Using R.D., table calculate the values of a R.D., account of Rs. 80 for period of 9 months @ 11.5% p. a.
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.
If Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for years, then the total money deposited in the account is
Mrs. Asha Mehta deposit Rs 250 per month for one year in a bank’s recurring deposit account. If the rate of (simple) interest is 8% per annum, then the interest earned by her on this account is
Shilpa has a 4 year recurring deposit account in Bank of Maharashtra and deposits Rs 800 per month. If she gets Rs 48200 at the time of maturity, find
- the rate of simple interest.
- the total interest earned by Shilpa.
