Calculate quarterly paid interest for days base deposit

[abmati]

Hi friends, to find the maturity amount of a fix deposit we use the following formula:
A = P x (1 + r/n) ^ n*t
“A” =maturity amount.
“P” = investment amount.
“r” = annual interest rates.
“n” = the number of times the interest is compounded. (For instance, n is equal to 4 for quarterly compounding, SBI using it)
“t” = the investment tenure.
If we put a fix deposit Rs. 1,00,000 (P) for 2 years (t), @7.00% (r), in SBI, FD interest is payable quarterly, so n = 12/3 = 4
So A = 100000(1+7%/4)^4*2 = 214,372
Now, my question is if we keep the same fix deposit for 400 days tenure, @ 7.1%, how we calculate the maturity amount
Please help me to find the formula for the same.
Thanks...

 

[Dave Patton]

to vsuram
Did you post the initial question?

If this is a new question, please explain clearly your challenge in a new post.
An example with expected results can be helpful.

 

[vsuram]

I am trying to develop a spreadsheet for calculating maturity amounts of cumulative deposits with Tax Deduction at Source implications.
In one of the earlier posts an elegant solution for calculating maturity amounts for periods in of 1 yr and a few days was provided in this forum.
In practice however, there could be deposits for any period. We have a start date and a maturity date. Thus the deposit could be for "n" completed quarters and "d" days . ( d being less than a quarter.) In such cases, for n quarters the amount with interest compounded quarterly needs to be arrived at first
and on this simple interest needs to be carried out for d days as in the eg earlier discussed. What would be a suitable formula to do this in one step using LET function?

 

[vsuram]

I am trying to develop a spreadsheet for calculating maturity amounts of cumulative deposits with Tax Deduction at Source implications.
In one of the earlier posts an elegant solution for calculating maturity amounts for periods in of 1 yr and a few days was provided in this forum.
In practice however, there could be deposits for any period. We have a start date and a maturity date. Thus the deposit could be for "n" completed quarters and "d" days . ( d being less than a quarter.) In such cases, for n quarters the amount with interest compounded quarterly needs to be arrived at first
and on this simple interest needs to be carried out for d days as in the eg earlier discussed. What would be a suitable formula to do this in one step using LET function?

i solved it in a roundabout way.
First I calculated number of months between start and maturity dates using DATEDIF function, got completed quarters by dividing by 3, then found out last quarter end date by EDATE function. Now from maturity date i subtracted last quarterend date to get balance days. This looks inelegant. Thee may be a better solution

 

[Dave Patton]

Welcome to the forum.
I have been travelling; consequently, I could not post to threads.

If you provide examples and information on your challenge, someone will likely provide suggestions.

1. provide clear examples
2. we do not know what your challenges are
3. start a new thread. Your question is not the same as this thread.
4. try to install and use the forum's tool and XL2BB.

 

[Dave Patton]

Your post #13 looks reasonable.
I cannot comment further without seeing your data and expected results.
You can test the following with your data.

T202408b.xlsx
	A	B	C	D
1	Start	End	Days	Days
2	1-Jan-23	31-Aug-24	62	62
3
Sheet1

Cell Formulas
Range	Formula
C2	C2	=B2-EDATE(A2,FLOOR(DATEDIF(A2,B2+1,"m"),3))+1
D2	D2	=B2-EDATE(A2,INT((B2-A2)/89)*3)+1

 

[vsuram]

started a new thread as suggested

cumulative time deposits in indian banks​

gave an example too

 

[vsuram]

TDS by banks on cumulative deposits has been enigmatic. On one deposit for Rs.3,50,000 at 8.5 p.a for the period 14.12.23 to 31.3.24 accrued interest is shown as Rs 8924, leading to TDS of Rs 893. On another deposit of Rs.1,00,000 at 8.6 p.a for the period 6.2.24 to 31.3.24, accrued interest is shown as Rs.1314 and TDS of Rs.132. I couldnot understand how accrued interest is calculated.I couldnt find any online calculators too. Can some one help with the logic or readymade calculator