Bank Interest on Savings (Accumulated Savings Formula & Compound Interest Formula)

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