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Recurring & Fixed Deposits Maturity Amount

edited April 2013 in General
Maturity amount is not matching for Fixed deposits and recurring deposits.

e.g. Rs. 1000 kept in Fixed deposit for 10 years with interest rate 8.25, interest is given quarterly will have maturity Rs. 22628.1
where as in Mprofit it is indicating maturity as Rs. 22786.5 which is more than actual...

This is giving incorrect maturity amounts.

Comments

  • Yes, there is a difference as the banks calculate in a slightly different manner then we do. Currently, with MProfit the value we are showing is more of an indicative value, we do plan to change our formula in the future to match what the banks are using.
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