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Question
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.
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Solution
Minimum Balance for
Jan = ₹1,000
Feb = ₹4,500
March = ₹9,500
April = ₹9,500
May = ₹9,500
June = ₹15,000
July = ₹15,000
August = ₹14,000
September = ₹14,000
Total ₹92,000
₹ 92,000 is treated as principal of one month for calculating the interest
Interest = `("P" xx "R" xx "T")/(100)`
= `(92,000 xx 4·5 xx (1)/(12))/(100)`
= ₹ 345.
RELATED QUESTIONS
Given below are the entries in a Saving Bank A/c passbook.
| Date | Particulars | Withdrawals | Deposit | Balance |
| Feb8 | B/F | - | - | Rs. 8500 |
| Feb 18 | To self | Rs. 4000 | - | |
| April 12 | By cash | - | Rs. 2230 | |
| June 15 | To self | Rs. 5000 | - | |
| July 8 | By cash | - | Rs. 6000 |
Calculate the interest for six months from February to July at 6% p.a.
Pramod deposits Rs. 600 per month in a Recurring Deposit Account for 4 years. If the rate of interest is 8% per year; calculate the maturity value of his account.
A man opened a savings bank account with a bank on 22nd Feb., 1998 and deposited Rs. 300. He further deposited Rs. 1,500 on 5th march 1998 and withdrew Rs. 500 on 12th April 1998. Assuming that he neither deposited not withdrew any money up to the last day of May 1998; write the amounts on which he would receive interest for:
(i) Feb., 1998 (ii) March, 98 (iii) April, 98 (iv) May, 98
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| 01.04.2007 | By B/F | 16500.00 | ||
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Mr. Chaudhary opened a Saving’s Bank Account at State Bank of India on 1st April 2007.
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Deposits (in ₹) |
Balance (in ₹) |
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| 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 |
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| Feb. 1 | By cash | - | 50·00 | 50·00 |
| Feb. 2 | By salary | - | 1,000·00 | 1,050·00 |
| Feb. 4 | To withdrawn slip | 200·00 | - | 850·00 |
| Feb. 15 | By overtime allowance | - | 300·00 | 1,150·00 |
| Feb. 24 | To Aslam | 100·00 | - | 1,050·00 |
| March 1 | By salary | - | 1,000·00 | 2,050·00 |
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| March 21 | To cheque no. 213 | 700·00 | - | 850·00 |
| March 27 | To self | 400·00 | - | 450·00 |
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| Apr. 11 | By interest | - | - | - |
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