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Question
Mr. S.K. Mishra had a Savings Bank Account in Punjab National Bank. His Passbook had the following entries:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| 1998, Jan. 8 | By Cash | - | 500·00 | 500·00 |
| March 19 | To Cheque No. 626 | 100·00 | - | 400·00 |
| May 23 | By Cheque | - | 1500·00 | 1,900·00 |
| July 29 | To Withdrawals Slip | 200·00 | - | 1,700·00 |
| Sept 2 | By Cash | - | 1,300·00 | 3,000·00 |
If the interest is paid at the rate of 5% per annum at the end of September every year, calculate the amount he will get if he closes the account on October 30, of the same year.
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Solution
As per entries of the Passbook page of Mrs. Mishra, we have:
| Month | Minimum Balance between 10th day and the last day (in ₹) | Qualifying Amount for interest (in ₹) |
| Jan. | `{:(500),(500):}}` | 500 x 2 = 1,00 |
| Feb. | ||
| March | `{:(400),(400),(400):}}` | 400 x 3 = 1,200 |
| April | ||
| May | ||
| June | 1,900 | 1,900 |
| July | `{:(1700),(1700):}}` | 1,700 x 2 = 3,400 |
| Aug. | ||
| Sept. | 3,000 | 3,000 |
| Oct. | 00 | 00 |
| Total | ₹10,500 |
∴ Principal for one month (i.e., `(1)/(12)`th of the year) = ₹10,500
Rate of interset = 5%
∴ Interest = `(10,500 xx 5 xx (1)/(12))/(100)`
= ₹ 43.75
The amount Mr. Mishra will get on closing the account on October 30 of the same year
= ₹ (3,000 + 43.75)
= ₹ 3,043.75
Note: As the account is closed on October 30, no amount has been shown for this month for interest.
RELATED QUESTIONS
Mrs Kapoor opened a Savings Bank Account in State Bank of India on 9th January 2008. Her pass book entries for the year 2008 are given below:
| Date | Particulars | Withdrawals (in Rs.) | Deposits (in Rs.) | Balance (in Rs.) |
| Jan 9, 2008 | By Cash | - | 10000 | 10000 |
| Feb 12, 2008 | By Cash | - | 15500 | 25500 |
| April 6, 2008 | To Cheque | 3500 | - | 22000 |
| April 30, 2008 | To Self | 2000 | - | 20000 |
| July 16, 2008 | By Cheque | - | 6500 | 26500 |
| August 4, 2008 | To Self | 5500 | - | 21000 |
| August 20, 2008 | To Cheque | 1200 | - | 19800 |
| Dec. 12, 2008 | By Cash | - | 1700 | 21500 |
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