Key Points
Leap years happen every four years and consist of 366 days, unlike the usual 365..
Interest is calculated quarterly compounded for complete quarters.In the case of an incomplete terminal quarter, interest is calculated proportionately based on the actual number of days, considering the year as 365/366 days...
Jana Small Finance Bank bases its interest computation on the actual number of days in a year, utilizing 365 days for non-leap years and 366 days for leap years..
IDFC FIRST Bank rounds up the interest to the nearest rupee and calculates it based on 365 days for fixed deposits in non-leap years and 366 days for those in leap years...
If the fixed deposit spans both leap and non-leap years, the interest is calculated based on the specific number of days for each year (366 days for leap years and 365 days for non-leap years)..
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