Saving 400 million VND in the bank, how much interest per month?

With 400 million VND of idle money, many people wonder what form of investment to make effective profits. Accordingly, if you want high profits, you can invest in stocks, but if you want stability and safety, saving in the bank is a reasonable choice.

How much interest do you get per month if you save 400 million VND?

Each bank has different interest rates for each term. Therefore, the amount of interest customers receive is also different at each bank. In addition, the actual interest received depends on the actual number of days in a month such as a month with 30 days, a month with 31 days and February with 28 or 29 days.

Formula for calculating interest when saving:

Interest amount = Deposit X Interest rate/365 X Actual number of deposit days

For example, a customer deposits 400 million for a 1-month term at BIDV bank with an interest rate of 3%/year. The interest the customer receives at the end of the term (assuming a month has 30 days) will be: 400 million x 3%/365 X 30 = 986,301.36 VND.

Meanwhile, if a customer deposits 400 million for a 1-month term at Techcombank with an interest rate of 3.6%/year, the interest the customer will receive at the end of the term (assuming a month has 30 days) will be: 400 million x 3.6%/365 X 30 = 1,183,561.64 VND.

If a customer deposits savings at Oceanbank with the highest current 1-month interest rate of 4.6%/year, the interest received at the end of the term will be: 400 million x 4.6%/365 X 30 = 1,512,328.76 VND.

Interest rates may vary depending on the bank's policy. Therefore, customers who want to know the exact amount of interest on savings deposits should contact the bank directly where they want to open a savings account.

Notes when saving money in the bank

To make an effective profit, before deciding to choose a bank to deposit monthly savings, customers need to pay attention to the following issues:

Choose a bank to deposit money

To ensure safety, you should choose banks that have been operating in the financial and banking sector for a long time and have a stable customer base.

High deposit interest rates

To attract deposits, small and medium-sized banks offer attractive interest rates. Therefore, depositors should consult the products of many banks to get the best interest rates.

Receive interest at the end of the period

Normally, the interest rate of the end-of-term interest payment method is higher. Therefore, customers can consider this method to increase their benefits.

Choose the appropriate term

Savings terms are now very flexible, from short term (1 - under 12 months) to long term (over 12 months). The longer the term, the higher the interest rate. Therefore, if you do not need to use the money, you should deposit long term interest to receive attractive interest rates.

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