Hi All,
How the FD interest is calculated when we break the deposit in the following conditions, Suppose my tenure is 12 months for 1 Lk ( interest 6%)
1. break on 5th month ( less than 6 months).
2. break on 7th month ( > 6 mnts and < 12 mnths) and with draw from bank
3. break on 7th month ( > 6 mnts and < 12 mnths) and chose new interest (8%)
– penalty charges – 1% (There is some new RBI guideline on this to exempt penalty )
Thanks,