Mathematics · Simple Interest and Banking Calculations
A customer's Fixed Deposit (FD) of 10,00,000 rupees matured with auto-renewal instructions at 7% per annum interest. Due to a bank system error, it was not renewed and remained in a non-interest/savings account for 3 months (0.25 years), earning only 3% p.a. interest. The Banking Ombudsman orders the bank to pay the differential interest rate of (7% - 3%) = 4% p.a. for this period. Calculate the differential interest amount awarded.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 17,500 rupees
- 217,500 rupees
- 310,000 rupees✓
- 45,000 rupees
Correct answer
10,000 rupees
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