How is the interest rate on a 100 million deposit calculated?

What factors affect interest?

The interest amount when depositing 100 million at the bank depends on a number of factors such as the amount of savings, the bank's applicable interest rate, the time of withdrawal, the term of the savings deposit, the form of interest payment and the form of savings deposit.

The amount of interest that customers receive at each bank will not be the same, because it depends on many factors such as term and interest rate.

How to calculate interest on a deposit of 100 million

Interest on time

This is considered the general calculation method that most banks currently apply. General calculation formula based on deposit date (1 month is calculated by the bank as 30 days):

Interest = Deposit amount x Interest rate (% per year) x Number of deposit days/360

Or can also be calculated by month of sending:

Interest = Deposit amount x Interest rate (% per year)/12 x Number of months of deposit

Illustration

Monthly interest rate

With monthly interest, still calculated according to the above formula:

Interest = Deposit amount x Interest rate (% per year)/12 x Number of months of deposit

Therefore, according to this calculation, if you deposit 100 million, the interest rate is 6.5%/year, term is 12 months, then each month you will receive: (100,000,000 x 6.5%)/12 = 541,667 VND

Non-term interest rate

Non-term interest rate applies when withdrawing money before maturity. Instead of receiving interest at the original interest rate, customers will only receive interest corresponding to the non-term interest rate at that time, which is 0.5%/year.

Thus, it can be seen that if the customer withdraws early, the interest that the customer receives will be much smaller than the original estimate. In case the customer needs money near the maturity date of the savings book, they can use the savings book mortgage loan method with a fairly low interest rate.

With this method, the bank will still pay interest as initially committed for the mortgaged loan amount. Customers only need to pay the difference between the loan interest and the savings interest until the savings book matures.

The interest rate for a deposit of 100 million will be different for each bank and each time. If you want to know exactly how much interest is for a deposit of 100 million in the bank, the depositor needs to contact the specific bank to get the most accurate information.

Minh Huong (synthesis)

Source: https://vtc.vn/lai-suat-tien-gui-100-trieu-duoc-tinh-the-nao-ar851941.html