12th of April 2017


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

Shreya Mittal - ICSE - Class X

Tuesday, April 11, 2017 at 22:58:PM


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.

Wednesday, April 12, 2017 at 15:14:PM