With the interest rate schedule, you can calculate and monitor the interest on current accounts, settlement accounts, money market accounts, overdraft facilities, etc.
Calculate the interest on various accounts, including default interest on arrears with capitalization and compound interest. The interest rate schedule is the tool for calculating all types of interest, as well as for accounts with regular deposits and withdrawals, changing interest rates and account balances, and various capitalization methods!
How to calculate the interest rate schedule for settlement accounts, current accounts, money market accounts, and other accounts.
The interest rate schedule calculates the interest on current accounts such as overdraft facilities, overdraft facilities, settlement accounts, and salary accounts. When transactions (deposits, withdrawals) are made on the current account, the account balance can change from credit to debit. Hence the name current account. The bank periodically calculates interest and posts it to the account (capitalization). Interest on receivables or default interest on arrears can also be calculated. Capitalization can be configured to calculate compound interest. The interest rate schedule takes into account varying interest rates for credit and debit balances. Different interest rates can be applied to credit balances than to debit balances. The calculation of days and capitalization can be set independently for debit and credit balances.
Table Transactions: Enter the date, the deposits (positive), and the withdrawals (negative). If you want to calculate interest on receivables, enter the receivable amount.
Interest Rate Table: Since the interest rate can differ between debit and credit balances, it is necessary to enter the interest rate for both over time.
Day Calculation - Capitalization: Depending on the settings, interest and compound interest are calculated differently. Click on the 'Day Calculation - Capitalization' tab. By clicking the respective options, specify whether the year should be calculated as 360 days or according to the calendar, and whether the day calculation should be based on the calendar or 30 days per month.
Set Capitalization (when should interest be added to the principal): By clicking the respective options, specify whether the capitalization should occur monthly, quarterly, semi-annually, annually, or only at the end of the term (no compound interest).
Closing Date: Enter the date on which the account should be closed or when interest on the receivable should cease.
Calculate: Click Calculate to calculate the interest.
Save - Load - Delete Calculations: Registered users can save, load, and delete calculations. Further information about this function and the terms of use can be found here.
The 'Interest Rate Scale' Table: The result of the interest rate scale calculation is the Interest Rate Scale table.
