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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.

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Presentation on theme: " 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."— Presentation transcript:

1  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

2 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

3  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

4  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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