• 77366
• February 29, 2024

How are fixed deposit rates calculated in a leap year? Here’s how banks handle the extra day

Banks calculate fixed deposit interest rates during leap years using different methods. Bank of Baroda calculates interest quarterly and proportionately for incomplete quarters. ET noted that Maturity Amount is computed without considering TDS effect. Other banks calculate interest based on the actual number of days.

• News Source Indiatimes (Click to view full news): CLICK HERE

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