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Discussion with Friend on Banking

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RBI has changed calculation method of interest on saving account. From 1st April 2010, interest on saving funds will be calculated on daily basis. 2nd April, 2010, I go to SBI Bank to meet my friend who is working in this bank.

 I asked some question from him and he answered all my questions

Vinod: Dear friend, how can you calculate every saving account’s interest on daily base?

Friend: Dear Vinod, all work is done automatically by computer system and it automatically calculates each day interest on saving after feeding the daily amount of saving of customers in it.

Vinod: Dear friend, tell which software are you using for doing this task?

Friend: We are connected with internet and using core banking solution for doing this task.

Vinod: This calculation system has applied only this saving account or any other account.

Friend: Vinod, if I want to tell the reality, then I can say that this system of calculation interest on daily basis was already applied on all loan accounts except saving account before 1st April 2010. We are just waiting the order of RBI and we have started its to use it on saving account after passing the order from RBI on 1st April 2010.

Vinod: Thank u very much, I hope; you will also help me to know more about bank, banking and its system.

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Accounting Education: Discussion with Friend on Banking
Discussion with Friend on Banking
Accounting Education
https://www.svtuition.org/2010/04/discussion-with-friend-on-banking.html
https://www.svtuition.org/
https://www.svtuition.org/
https://www.svtuition.org/2010/04/discussion-with-friend-on-banking.html
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