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CHAPTER-BANKING
If the account is OPENED after 10th of that month, then will the minimum balance for the month be 0?
eg:- account opened on April 16- RS. 2500

Asked by Shreya 11th April 2017, 10:58 PM
Answered by Expert
Answer:

The minimum balance on the 10th day and up to the last day of the month qualifies as the principal for the interest of that month.

Minimum balance for the month of April = Rs. 2500

Since the account is opened after 10th of that month, so the amount on which the interest is calculated for that month will be 0.

Answered by Expert 12th April 2017, 3:14 PM
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