What is the formula for PIGMY deposit interest?

For Pigmy Deposit, the customer pay the amount daily basis. Keep this amount in Pigmy suspense A/c. After one month the whole amount transfer to Pigmy Deposit A/c. like wise 12 month (1 year is the limit of term to PD)

Method of Interest Calculation for Pigmy Deposit.

Assume the person deposited Rs. 100/- on daily for one year at an interest rate of 4% Per annum.

1. Total Principal (P):

P= Daily Deposit XNo. of Days=Rs.100X365 = Rs. 36,500

Interest= Principle X % X 1 (means 1 year) = Rs. 1,460.00