how does intrest work on saving account? Do a account holder get intrest on his balance monthly?
Answer (1)
19th Oct, 2020
Hello,
Interest on any savings account is calculated on the basis of interest rates offered by the respective banks. Now for your second query the account holder gets interest on his balance on the basis of his account type that is how interest is calculated . Interest can be compounded monthly, annually, quarterly or daily and it is paid on the basis of how interest is calculated.
Hope you got your answer.
Good luck.
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