CA Srikant Agarwal
For knowing the interest accrued for a period (say a financial year) on FDs (Fixed Deposits) most of the people rely on the interest certificate issued by the banks or on 26AS statement available from Income Tax site, which is generally available at the end of year and many a times is not readily available for many reasons like banks has not submitted interest details in their TDS return, many follow up with the bank is required for obtaining interest certificate and all.
Online interest calculators are available but none of them provide interest on financial year wise. They generally provide interest for the whole period of investment or interest break up for the different years which does not coincide with financial year (or previous year) applicable for the purpose of Income Tax return filing.
In this utility function we have incorporated features of calculating interest on Financial Year wise which will help the users to determine the amount of interest and to prepare their financial statements accordingly.
It may be noted that maturity amount and Interest amount calculated by using this utility may be insignificantly different from actual maturity amount and interest given by banks and financial institutions because of rounding off error.
Hope users will find this utility very user friendly.