Interest calculations by banks

[vsuram]

Banks accept cumulative deposits wherein the interest is compounded at quarterly rests.
For a given duration, for all completed quarters, principal+interest is calculated using PV formula and on this amount simple interest is calculated for remaining days(less than a quarter) using ptr/100 formula.
However, during the currency of the deposit some banks show a field called "accrued interest till date" which gets incremented daily. an eg is given below:

I opened a Tdr for 150000 @ 8.75% . The next day, I.e for one day, it is showing an interest accrual of 36.05.
Unable to findout which formula was applied
On 2nd day., interest accrued is 72.11, twice of 1st day.
But how do we get 36.05 for one day., that is the question.

With ptr/100, t=1/365 , it comes to 35.9589.
With pv for compounding where t is taken as (1/365)*4 and r=8.75/4, it comes to 35.57.
But with what formula do you get 36.05
can some one help
This will greatly facilitate a fincal I am trying to develop.

 

[Domenic]

I'm not a financial expert, but it looks like the bank is using the 360-day method (also known as the Bank Method) . . .

=150000*(((1+8.75%/4)^4)^(1/360)-1)

Hope this helps!

 

[vsuram]

I'm not a financial expert, but it looks like the bank is using the 360-day method (also known as the Bank Method) . . .

=150000*(((1+8.75%/4)^4)^(1/360)-1)

Hope this helps!

tHANKS.
LOOKS LIKELY
THOUGH THE FIGURES ARENT EXACT.