Calculate interest on fixed deposits (FDs) and fixed deposits (RDs) using inherited Java program

Inheritance is a concept that allows us to access the properties and behavior of one class from another class. The class that inherits methods and member variables is called a superclass or parent class, and the class that inherits these methods and member variables is called a subclass or subclass. In Java, we use "extends" keyword to inherit a class.

In this article, we will discuss a Java program to calculate interest on term deposits and time deposits using inheritance. First, create these four Java files in your local machine IDE -

• Acnt.java − This file will contain an abstract class ‘Acnt’ used to store account details such as interest rate and amount. It will also have an abstract method 'calcIntrst' with parameter 'amnt' for calculating the interest rate.

• FDacnt.java − It will calculate the interest rate on Fixed Deposits (FDs). In it, 'FDacnt' class will inherit 'Acnt' class and override 'calcIntrst' method.

• RDacnt.java − It will calculate the interest rate on Fixed Deposits (FDs). In it, 'RDacnt' class will inherit 'Acnt' class and override 'calcIntrst' method.

• Intrst.java − This file will contain the main method.

Example

Acnt.java

public abstract class Acnt{
    double intrstRate;
    double amnt; 
    abstract double calcIntrst(double amnt);
}

FDacnt.java

import java.util.*;
public class FDacnt extends Acnt {
   double FDintrstRate;
   double FDAmnt;
   int period;
   int age;
   double Gen, SenCitizen;
   Scanner input = new Scanner(System.in);
   @Override
   double calcIntrst(double amnt){
      this.FDAmnt = amnt;
      System.out.println("Enter your FD days");
      period = input.nextInt();
      System.out.println("Enter the age of account holder ");
      age = input.nextInt();
      if (amnt < 10000000) {
         if (period >= 7 && period <= 14) {
            Gen = 0.0450;
            SenCitizen = 0.0500;
         } else if (period >= 15 && period <= 29) {
            Gen = 0.0470;
            SenCitizen = 0.0525;
         } else if (period >= 30 && period <= 45) {
            Gen = 0.0550;
            SenCitizen = 0.0600;
         } else if (period >= 45 && period <= 60) {
            Gen = 0.0700;
            SenCitizen = 0.0750;
         } else if (period >= 61 && period <= 184) {
            Gen = 0.0750;
            SenCitizen = 0.0800;
         } else if (period >= 185 && period <= 365) {
            Gen = 0.0800;
            SenCitizen = 0.0850;
         }
         FDintrstRate = (age < 50) ? Gen : SenCitizen;
      } else {
         if (period >= 7 && period <= 14) {
            intrstRate = 0.065;
         } else if (period >= 15 && period <= 29) {
            intrstRate = 0.0675;
         } else if (period >= 30 && period <= 45) {
            intrstRate = 0.00675;
         } else if (period >= 45 && period <= 60) {
            intrstRate = 0.080;
         } else if (period >= 61 && period <= 184) {
            intrstRate = 0.0850;
         } else if (period >= 185 && period <= 365) {
            intrstRate = 0.10;
         }
      }
      return FDAmnt * FDintrstRate;
   }
}

The translation of

RDacnt.java

is:

RDacnt.java

import java.util.*;
public class RDacnt extends Acnt{
   double RDIntrstRate;
   double RDamnt;
   int periods;
   double monthlyAmnt;
   double Gen, SenCitizen;
   Scanner input = new Scanner(System.in);
   @Override
   double calcIntrst(double amnt){
      this.RDamnt = amnt;
      System.out.println("Enter your RD months");
      periods =input.nextInt();
      System.out.println("Enter the age of account holder");
      int age =input.nextInt();
      if (periods >= 0 && periods <= 6) {
         Gen = .0750;
         SenCitizen = 0.080;
      } else if (periods >= 7 && periods <= 9) {
         Gen = .0775;
         SenCitizen = 0.0825;
      } else if (periods >= 10 && periods <= 12) {
         Gen = .0800;
         SenCitizen = 0.0850;
      } else if (periods >= 13 && periods <= 15) {
         Gen = .0825;
         SenCitizen = 0.0875;
      } else if (periods >= 16 && periods <= 18) {
         Gen = .0850;
         SenCitizen = 0.0900;
      } else if (periods >= 22) {
         Gen = .0875;
         SenCitizen = 0.0925;
      }
      RDIntrstRate = (age < 50) ? Gen : SenCitizen;
      return RDamnt * RDIntrstRate;
   }
}

The translation of

Intrst.java

is:

Intrst.java

import java.util.*;
public class Intrst{
   public static void main(String[] args){
      Scanner sc = new Scanner(System.in);
      System.out.println("Choose from the Options: " + "\n1." + " FD Interest" + " \n2." + " RD Interest"
      + "\n3." + " Exit");
      int choice = sc.nextInt();
      switch (choice){
         case 1:
         FDacnt fds = new FDacnt();
         System.out.println("Enter your FD Amount");
         double fAmnt = sc.nextDouble();
         System.out.println("Interest gained on your FD Amount is: $ " + fds.calcIntrst(fAmnt));
         break;
         case 2:
         RDacnt rds = new RDacnt();
         System.out.println("Enter your RD amount");
         double RAmnt = sc.nextDouble();
         System.out.println("Interest gained on your RD Amount is: $ " + rds.calcIntrst(RAmnt));
         break;
         default:
         System.out.println("Choose correct choice");
      }
   }
}

To compile this code, type the following command: javac Intrst.java

Now to run: java Intrst

Output

Choose from the Options: 
1. FD Interest
2. RD Interest
3. Exit
1
Enter your FD Amount
56000
Enter your FD days
325
Enter the age of account holder 
32
Interest gained on your FD Amount is: $ 4480.0

The above program is a menu driver. When we execute the program, three options will appear on the screen. Select 1 to calculate the interest rate for time deposits, and select 2 to calculate the interest rate for time deposits.

in conclusion

We use the concept of hierarchical inheritance to calculate fixed deposits and fixed deposit interest. Class "Acnt" is inherited by its two subclasses "FDacnt" and "RDacnt".

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