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Do you know how to calculate the bank interest percentage yet?
For example, when you deposit in a bank account. Each form of savings has a different interest rate calculation method, such as term savings and demand savings.
I. Formula for calculating bank interest rate
Read more:
#first. How to calculate interest rate for term savings?
With this form of term deposit, you will receive a committed interest rate at the time you deposit. Interest rates will be different, for example you deposit a term of 3 months, 6 months, 9 months or 12 months… for example.
Term deposit interest rates will be much higher than demand interest rates. When withdrawing before maturity, you will receive the interest rate of no term.
The calculation formula is as follows:
Interest = Interest rate (%/year)/12 x Deposits x number of months sent
Let’s example:
I deposit 100,000,000 with a term of 6 months, with an interest rate of 5%/year. So the amount I will receive after 6 months is:
Các bài viết liên quan:
Interest = 5%/12 x 100,000,000 VND x 6 = 3,000,000 D
#2. How to calculate interest rate on demand savings?
What is a term savings deposit, you probably already know, ie you can withdraw anytime you want, this form usually has a lower interest rate.
The calculation formula is as follows:
Interest = Interest rate (%/year) x Deposits x (Number of days sent/360)
Still the same number as the example above:
I deposit 100,000,000 without term with 2% interest rate/year. I have left money in my account for about 5 months (from the date of sending), the amount I will receive after 5 months is:
Interest = 2% x 100,000,000 VND x (150/360) = 833,000 D
II. Epilogue
That’s it, simple as that. In general, the formula calculate interest rate on savings Banking is also not difficult at all, there are also many online tools to support this, however, remembering the formula is still better.
Hope this article is useful to you!
Kien Nguyen – Blogchiasekienthuc.com
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