Today, the question of how to calculate interest on deposits is not difficult for those who have the Internet and plan to place their money in a technically advanced bank. Such a credit institution, as a rule, places on the page a calculator for each type of deposit, which indicates how much money will be received based on the amount invested, the interest rate and the terms of the deposit.
Before calculating the interest on deposits, it makes sense to study the terms of the contract in detail. For example, there are deposits where the declared relatively high interest is accrued only if the amount has “lied” strictly before the end of the term. For example, if you put 100 rubles at 5 percent for 1 year, then according to the results of the year you will receive 100 x 0.05 = 5 rubles. If the money is prematurely withdrawn from the deposit, the amount may be 2 rubles, because for this situation, interest is provided at a reduced rate (fixed or expressed as a fraction of the figure indicated in the conditions).
Another thing is if the conditions of the contract provide for the accrual of interest for a period of less than a year. How to calculate interest on deposits in this case? To do this, use the following formula: B * (1 + P * K \ G \ 100) n - K, where K is the deposit amount, P is the interest rate, K is the number of days in each accrual period (month, quarter), G - the number of days in a year (365, 366), n - the number of charges in a year (for a monthly charge - 12, for a quarterly - 4).
If interest is included in the amount that has already been calculated for the previous period, then interest is calculated according to the formula: B times (1 + \ 100 \ ), where the expression in parenthesis is raised to the power of n. For example, you put 100 rubles at 10% per annum with interest accrued monthly, which you do not withdraw. Interest in this case will be received as 100 * (1 + 10 \ 100 \ 12), the figure in the bracket is raised to the 12th degree.
Some credit organizations offer different interest rates on deposits for different categories of the population within the framework of one program. Sberbank, for example, in some cases determines higher rates for people of retirement age (women over 55, men over 60). The general rule is this: the larger the deposit amount and the longer it is in the bank, the higher the interest. However, in the long run, other factors may affect the proposed rates, including:
- General economic situation. The better the economy develops, the greater the demand for loans, the higher the rate that banks can offer their investors.
- The stability of the national currency. The less stable the ruble, the greater the inflation, the higher the interest on deposits.
- The financial condition of a particular financial organization and the system as a whole. If a credit institution has issued too many loans, then it may have a cash deficit, which entails the phenomenon of high interest rates on deposits. Large financial institutions, as a rule, do not offer improved conditions, as they should not additionally “pay” their customers for the risk.
- Features of the tax policy of the state, the activities of the regulatory body, etc.
Recently, the appearance of “virtual” banks, which exist only in the form of an Internet page, has been recorded. They can offer extremely high interest on deposits and other preferences. In this case, it is better to check the availability of such an organization on the Central Bank’s website, check the TIN information, license numbers, spelling of the name, availability of office premises, personnel, as otherwise, you can give money to the hands of scammers, and then the question “how to calculate interest on deposits” can be postponed indefinitely.