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Published byKathryn Cheatle Modified over 2 years ago

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Interest in a SB account is calculated every year on 31 st March. To calculate the annual interest in a SB account Interest Bearing Balance (IBB) is carried out each month. IBB is the Lowest balance between close of 10 th and last day of calendar month. If the balance in a particular month is less than Rs.20/- ignore it for IBB. PPT 2.1.30 RULE NO : 74 POSB Manual Volume -I

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PPT 2.1.31 RULE NO : 74 POSB Manual Volume -I * IBB is Calculated from April to March every year. * The formula of calculation of interest is as follows. Total Interest Bearing Balance X Rate of interest Interest = ----------------------------------------------------- 12 X 100

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If the Interest arrived at is less than Re.1/- it is not added to the account. Interest arrived is always rounded to nearest rupee. Annual Interest calculation is done at Head Office only. PPT 2.1.32 RULE NO : 74 POSB Manual Volume -I

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Interest statement is sent to all Departmental Sub Offices by HO for posting in passbooks. In Sanchya Post Software Interest is calculated automatically. PPT 2.1.33 RULE NO : 74 POSB Manual Volume -I

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