Amount: the amount you like to deposit and withdraw (deposits in +ve and withdrawals in -ve)
Comment: Any comments if you want to put
Month: derived from the date col - used in the Monthly summary sheet
Year: derived from the date col - to get per day interest rate
Days: derived from the date col - to identify the number of days to apply interest
Interest for days: Calculated interest on the month of deposit / withdrawal.
The first 3 are inputs and remaining 4 columns are to be copy/paste from previous row.
Interest Rate:
Year: Just the year
Interest Rate Per Year: Input the interest rate per year
Interest Rate Per Month: Interest Rate Per Year / 12 months
Interest Rate Per Day: Interest Rate Per Year / number of days in a year
The first two columns are input and remaining 2 columns are calculated
Monthly Summary:
Month: Year and Month (the date is always 1 - check the formula bar). This is used to calculate cumulative interest and to get the deposit / withdrawals.
Opening Balance: Closing balance of previous month
Deposit / Withdrawals: Sum of deposit and withdrawals in a month - comes from ‘Transactions’ sheet
Interest for deposits/WD: Day level interest calculated for the deposits and withdrawals for each month. This also comes from ‘Transaction’ sheet.
Interest on balance: This calculates the cumulative interest portion. Interest rates are taken from ‘Interest Rate’ sheet at month level.
Closing Balance: Sum of all the above.
No inputs are needed in this sheet.
Hope it will be helpful and all the best for your kids future.
I do save something for my kid using this scheme. I try to put the maximum amount in a year. I wish my parents saved something for me, which would have supported for my education.