Mathematics · Commercial Math & Banking Calculations

A customer opened a Fixed Deposit of Rs. 80 Lakh on 1 January 2025 for 366 days at 7.50% per annum. Due to an emergency, the customer requests a premature withdrawal on 25 January 2025 (after 24 days). The bank's policy specifies that for deposits kept less than 30 days, the applicable rate is 4.00%, subject to a 1.00% premature penalty deduction. Given that a deposit must be kept for a minimum of 7 days to earn interest, what is the net interest rate applicable and the interest amount paid for 24 days? (Assume 365 days in the year).