The formula, how to calculate the latest interest rate on bank deposits 2022

03/23/2022 01:20 GMT+7

Term savings is the amount of deposit that will be specified for a term with a committed interest rate. Accordingly, the bank will offer many different terms for customers to choose according to their needs, such as monthly savings, quarterly savings, annual savings, etc. Each term is a corresponding interest rate.

So if we have a bank deposit, how can we calculate the savings interest rate? Below is the formula and method to calculate the most standard term savings interest rate as follows:

For term deposit, it will be done by the following formula:

Daily interest amount = Deposit x interest rate (%year) x number of deposit days/365.

Or:

Monthly interest = Deposit amount x interest rate (%year)/12 x number of months deposited.

The way to calculate the most standard term savings interest rate is as follows:

If you deposit 100 million VND with a term of 6 months at a bank with an interest rate of 6.00%/year, the way to calculate the bank interest rate for the savings in this case is as follows:

Monthly interest rate is 100,000,000 x 6:100:12 = 500 thousand dong

Interest rate after 6 months of deposit is 100,000,000 x 6:100:12 x 6 = 3,000,000 VND

It can be said that the form of term savings has the advantage that savings customers will often receive higher interest rates than indefinite savings deposits.

However, people should also note that if you have a term savings account, you must withdraw your money according to the committed time limit to receive the entire selected interest rate. But on the contrary, if we withdraw money before the deadline, not on time as committed, we will not be charged interest.

PV