Sunday, September 7, 2014

BANK OVER DRAFT INTEREST CALCULATION




How to Calculate Bank Over Draft Interest ?
A: Take Closing Day Bank Balance and calculate with Interest Rate  for Example as follows:-
FORMULA : CLOSING AMOUNT * RATE OF INTEREST / 365 DAYS
AJMAL STEEL TUBES & PIPES INDUSTRIES L.L.C.
Statement of O/D 172 Interest Calculation for May 2013
Sr.
Date
Closing
Amount
Rate of
Interest
Interest
Amount
1
01/05/2013
      (2,074,520.05)
10.59%
            (601.61)
2
02/05/2013
      (1,281,772.20)
10.59%
            (371.71)
3
03/05/2013
      (1,689,788.70)
10.59%
            (490.04)
4
04/05/2013
      (2,445,844.35)
10.59%
            (709.29)
5
05/05/2013
      (2,103,340.65)
10.59%
            (609.97)
6
06/05/2013
      (1,063,550.33)
10.59%
            (308.43)
7
07/05/2013
      (1,063,550.33)
10.59%
            (308.43)
8
08/05/2013
      (3,266,462.33)
10.59%
            (947.27)
9
09/05/2013
      (3,296,962.33)
10.59%
            (956.12)
10
10/05/2013
      (3,841,751.33)
10.59%
        (1,114.11)
11
11/05/2013
      (3,978,801.17)
10.59%
        (1,153.85)
12
12/05/2013
      (3,987,103.51)
10.59%
        (1,156.26)
13
13/05/2013
      (3,987,103.51)
10.59%
        (1,156.26)
14
14/05/2013
      (3,976,598.51)
10.59%
        (1,153.21)
15
15/05/2013
      (4,450,407.55)
10.59%
        (1,290.62)
16
16/05/2013
      (4,151,507.20)
10.59%
        (1,203.94)
17
17/05/2013
      (4,273,690.32)
10.59%
        (1,239.37)
18
18/05/2013
          (713,229.97)
10.59%
            (206.84)
19
19/05/2013
          (699,829.97)
10.59%
            (202.95)
20
20/05/2013
          (699,829.97)
10.59%
            (202.95)
21
21/05/2013
          (700,079.97)
10.59%
            (203.02)
22
22/05/2013
          (699,829.97)
10.59%
            (202.95)
23
23/05/2013
      (2,449,878.50)
10.59%
            (710.46)
24
24/05/2013
      (2,372,976.19)
10.59%
            (688.16)
25
25/05/2013
      (2,375,612.43)
10.59%
            (688.93)
26
26/05/2013
      (2,617,843.95)
10.59%
            (759.17)
27
27/05/2013
      (2,617,843.95)
10.59%
            (759.17)
28
28/05/2013
      (2,552,373.95)
10.59%
            (740.19)
29
29/05/2013
      (3,511,857.95)
10.59%
        (1,018.44)
30
30/05/2013
      (2,948,507.70)
10.59%
            (855.07)
31
31/05/2013
      (3,536,945.48)
10.59%
        (1,025.71)






Total Interest
   (2,562,238.53)

   (23,034.52)
As Per BOB
   (23,034.52)
Difference to be check with BOB
                   0.00
 



Posted by at

17 comments:

  1. Sebastion KnightJune 8, 2013 at 10:36 AM

    This comment has been removed by a blog administrator.

    ReplyDelete
    Replies
    1. UnknownJune 8, 2013 at 12:26 PM

      This comment has been removed by the author.

      Delete
  2. RDDOctober 4, 2013 at 8:04 AM

    Thanks. This helped me understand the SBI HL MAXGAIN Overdraft Interest Rate Calculation more easily

    ReplyDelete
  3. UnknownJune 1, 2015 at 3:17 PM

    Hi,

    So this formula stand true for OD on bank FD as well? If no, please guide/share formula to calculate interest on the same.

    ReplyDelete
  4. UnknownAugust 9, 2015 at 10:51 PM

    Can I get the formula in a excel sheet

    ReplyDelete
  5. UnknownJanuary 18, 2016 at 10:15 AM

    COULD YOU PROVIDE THE FORMULA? YOU ONLY GAVE YOUR ANSWERS?

    ReplyDelete
  6. reddy010January 11, 2017 at 3:45 PM

    outstanding amount * rate of interest * no:of days/365

    ReplyDelete
  7. UnknownFebruary 2, 2017 at 11:54 PM

    how can i get this in excell

    ReplyDelete
  8. UnknownAugust 1, 2017 at 3:55 PM

    how to do in excal

    ReplyDelete
  9. UnknownSeptember 25, 2017 at 8:29 PM

    Interest on overdrafts is calculated on which method?
    eg.Interest method,Monthly product method

    ReplyDelete
  10. UnknownFebruary 4, 2018 at 3:42 PM

    IT IS VERY HELPFUL FOR ME...THANKS

    ReplyDelete
  11. UnknownJuly 31, 2018 at 3:11 AM

    This is very helpful thanks....what of if the Overdraft was nilled off in a day and later change to overdraft on the next day,do we still calculate for that day...

    ReplyDelete
  12. PROF.LUCIOUS HAWARDJune 17, 2020 at 11:24 PM

    Are you in a financial crisis, looking for money to start your own business or to pay your bills?
    GET YOUR BLANK ATM CREDIT CARD AT AFFORDABLE PRICE*
    We sell this cards to all our customers and interested buyers
    worldwide,Tho card has a daily withdrawal limit of $5000 and up to $50,000
    spending limit in stores and unlimited on POS.

    YOU CAN ALSO MAKE BINARY INVESTMENTS WITH LITTLE AS $500 AND GET $10,000 JUST IN SEVEN DAYS

    **WHAT WE OFFER**

    *1)WESTERN UNION TRANSFERS/MONEY GRAM TRANSFER*
    *2)BANKS LOGINS*
    *3)BANKS TRANSFERS*
    *4)CRYPTO CURRENCY MINNING*
    *5)BUYING OF GIFT CARDS*
    *6)LOADING OF ACCOUNTS*
    *7)WALMART TRANSFERS*
    *8)BITCOIN INVESTMENTS*
    *9)REMOVING OF NAME FROM DEBIT RECORD AND CRIMINAL RECORD*
    *10)BANK HACKING*
    **email blankatmmasterusa@gmail.com *
    **you can also call or whatsapp us Contact us today for more enlightenment *
    *+1(539) 888-2243*
    **BEWARE OF SCAMMERS AND FAKE HACKERS IMPERSONATING US BUT THEY ARE NOT
    FROM *
    *US CONTACT US ONLY VIA THIS CONTACT **
    *WE ARE REAL AND LEGIT...........

    2020 FUNDS/FORGET ABOUT GETTING A LOAN..*

    IT HAS BEEN TESTED AND TRUSTED

    ReplyDelete
  13. AnonymousJuly 15, 2020 at 11:14 AM

    email: visacreditcardsolution@gmail.comGET YOUR BLANK ATM CREDIT CARD AT AFFORDABLE PRICE*
    **We sell these cards to all our customers and interested buyers
    worldwide,the card has a daily withdrawal limit of $5000 and up to $50,000
    spending limit in stores and unlimited on POS.**

    **WHAT WE OFFER**

    *1)WESTERN UNION TRANSFERS/MONEY GRAM TRANSFER*
    *2)BANKS LOGINS*
    *3)BANKS TRANSFERS*
    *4)CRYPTO CURRENCY MINNING*
    *5)BUYING OF GIFT CARDS*
    *6)LOADING OF ACCOUNTS*
    *7)WALMART TRANSFERS*
    *8)BITCOIN INVESTMENTS*
    *9)REMOVING OF NAME FROM DEBIT RECORD AND CRIMINAL RECORD*
    *10)BANK HACKING*

    ReplyDelete
  14. UnknownSeptember 5, 2020 at 4:35 AM

    i am a successful business owner and father. I got one of these already programmed blank ATM cards that allows me withdraw a maximum of $5,000 daily for 30 days. I am so happy about these cards because I received mine last week and have already used it to get $20,000. Skylink technology is giving out these cards to support people in any kind of financial problem. I must be sincere to you, when i first saw the advert, I believed it to be illegal and a hoax but when I contacted this team, they confirmed to me that although it is illegal, nobody gets caught while using these cards because they have been programmed to disable every communication once inserted into any Automated Teller Machine(ATM). If interested get through to them on mail: skylinktechnes@yahoo.com  or  whatsapp/telegram: +1(213)785-1553  

    ReplyDelete
  15. perez turnerAugust 6, 2021 at 7:46 AM

    GET RICH WITH THE USE OF BLANK ATM CARD FROM
    (besthackersworld58@gmail.com)
    Has anyone here heard about blank ATM card? An ATM card that allows you to withdraw cash from any Atm machine in the world. No name required, no address required and no bank account required. The Atm card is already programmed to dispense cash from any Atm machine worldwide. I heard about this Atm card online but at first i didn't pay attention to it because everything seems too good to be true, but i was convinced & shocked when my friend at my place of work got the card from guarantee Atm card vendor. We both went to the ATM machine center and confirmed it really works, without delay i gave it a go. Ever since then I’ve been withdrawing $1,500 to $5000 daily from the blank ATM card & this card has really changed my life financially. I just bought an expensive car and am planning to get a house. For those interested in making quick money should contact them on: Email address : besthackersworld58@gmail.com or WhatsApp him on +1(323)-723-2568

    ReplyDelete

Subscribe to: Post Comments (Atom)