Bank deposit is a popular method of investment for people who are averse to risks in other forms of investments. There’s the element of trust too.
But is that trust mutual! Perhaps not! Here’s an example.
I have a deposit maturing on August 15. I got the interest on the maturing deposit credited on August 14, as August 15 is a bank holiday.
Sounds proactive, but the calculation would be till August 14. But the deposit amount is not available. It will be credited to my account on August 17 as 16 is a Sunday.
So it’s advantage bank and disadvantage customer. Common sense would have tolerated interest calculation and deposit credit on the same day, either on 14th or 17th. Otherwise it would be extortion!
Picture credit: goodreturns