The phrase
"accumulated balance" refers to the total amount of money or resources that have been collected or saved over a period of time.
Full definition
Even though these costs are paid on an annual basis, your lender will require you to pay a monthly fraction towards each cost and
accumulate the balance in your escrow account.
While choosing the right low - APR offer can help you avoid
accumulating a balance on a high - interest card in the first place, it's not too late if you've already made a poor choice for your purchases.
GAO calculated hypothetical accumulations using historical stock and bond market returns as well as what return rates would be necessary to
accumulate balances of $ 1 million or $ 5 million under each contribution scenario.
Lenders also keep internal records of payments, with delinquencies causing late fees and
higher accumulated balances as well as keeping borrowers from receiving higher credit limits.
Introductory APR offers for new purchases can be convenient when you have a large purchase coming up, but what about those who have
already accumulated a balance on their cards?
Accumulated balance of an EPF (Employee Provident Fund) account only up to the date of leaving employment will be exempt from income tax, says a tax expert.
If the interest rate or
accumulated balance on your credit card is part of the reason you are dissatisfied, you might want to consider transferring the balance to a card with lower interest rate.
It feels like a lot of money is going away at once and
the accumulated balance can cause anxiety.
If they leave their company, employees can work with a financial professional to roll over
the accumulated balance into an IRA or other retirement plan in a tax - free transaction.
If you are a salaried individual, you may make some mandatory contributions to schemes like EPF / NPS / GPF etc., On attaining the retirement age, you get lump sum amount /
accumulated balance.
In fact, paying the minimum amount each month while continually carrying over an interest -
accumulating balance — and probably adding additional charges to the card each month — can ruin your finances.
The plan will blow up, however, if after you consolidate your balances into a personal loan, you continue to
accumulate balances on your credit cards.
Again, new laws have changed this to require 45 days» notice, but that isn't a lot of time if you've been
accumulating a balance over several months or years.
On death,
the accumulated balance is paid to the legal heir.
The accumulated balance in the account then pays the costs and the policy holder never has to invest any more money into the policy.
The result of this is the account balance or
the accumulated balance in the insurance account.
Further, if one decides to surrender this policy even after 10 - 12 years, he / she will not get
the accumulated balance till that year but a certain percentage of premiums paid.