How is interest computed in my savings deposit account?
Formula to compute your account’s interest
Gross Interest = [ Day 1(End of Day Balance x EDIR) + Day 2(End of Day Balance x EDIR) + Day 3(End of Day Balance x EDIR) + … Day 30(End of Day Balance x EDIR)
Where:
Effective Daily Interest Rate (EDIR) = Gross Interest Rate per annum / 360 days
Net Interest = Gross Interest – 20% WHT
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