Lets discuss about power compounding in savings account interest calculation

[NikhilG]

This month one more bank moved towards monthly interest to be credited for savings account like IDFC, that's our RBL bank.
They calculate interest on your daily balance( balance at the end of day) and will credit it monthly.
Now according to what I understand the balance next month would also include credited interest which will work from next month there by helping the compounding factor against the other banks which will credit quarterly.
Do you think my understanding is correct?
And if yes, how much do we gain by that?

 

[praful47]

What time does the bank take into consideration for EOD balance ?

 

[hender]

What time does the bank take into consideration for EOD balance ?

Wohi time dalne ka 😂

 

[hender]

This month one more bank moved towards monthly interest to be credited for savings account like IDFC, that's our RBL bank.
They calculate interest on your daily balance( balance at the end of day) and will credit it monthly.
Now according to what I understand the balance next month would also include credited interest which will work from next month there by helping the compounding factor against the other banks which will credit quarterly.
Do you think my understanding is correct?
And if yes, how much do we gain by that?

R B L

 

[praful47]

Wohi time dalne ka 😂

Haa .. .

 

[Hemang]

This month one more bank moved towards monthly interest to be credited for savings account like IDFC, that's our RBL bank.
They calculate interest on your daily balance( balance at the end of day) and will credit it monthly.
Now according to what I understand the balance next month would also include credited interest which will work from next month there by helping the compounding factor against the other banks which will credit quarterly.
Do you think my understanding is correct?
And if yes, how much do we gain by that?

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BHai above is the link for the calculator provided by the idfc bank themselves for the difference calculation, and i am pasting the screenshot for the same for your reference.
I have taken 2 lac amount which one might leave for daily expenses, rest amount is always invested somewhere.