How Is Deposit Interest Calculated?

The interest calculation formula, as a basic calculation method for bank deposit interest, loan interest, etc., has played a significant role in both the daily checkout of the bank and the daily life of ordinary people, and its role will become greater .

Interest calculation formula

When calculating the interest on savings deposits, the principal is set at the "yuan" as the starting point. The angles and cents below the yuan do not include interest. The interest is calculated in sections to the centimeter, and the total interest is rounded down below.

The interest calculation formula is mainly divided into the following four cases. First, the basic formula for calculating interest. The basic formula for calculating the interest on savings deposits is: interest = principal × deposit period × interest rate;

Second, the conversion of interest rates, where the conversion relationship between annual interest rate, monthly interest rate, and daily interest rate is: annual interest rate = monthly interest rate × 12 (month) = daily interest rate × 360 (day); monthly interest rate = annual interest rate ÷ 12 ( Month) = daily interest rate × 30 (days); daily interest rate = annual interest rate ÷ 360 (days) = monthly interest rate ÷ 30 (days). In addition, the use of interest rates must be consistent with the deposit period;

Third, the starting point of interest calculation in the interest calculation formula. 1. The starting point of interest calculation for a savings deposit is yuan, and the cents below yuan do not count interest; 2. The interest amount is calculated to the cent, and the actual cent is rounded to the nearest cent. Fractions; 3. Except for the annual settlement of current savings, which can be used to transfer interest to principal and interest, all other savings deposits, regardless of the duration of the deposit, will follow the principal and the cash when the withdrawal is made, excluding compound interest;

Fourth, the calculation of the deposit period in the interest calculation formula. 1. The calculation of the deposit period is based on the calculation of the head but not the end of the calculation. 2. The calculation is based on 30 days each month, regardless of the big month, small month, flat month, and leap month. The year is calculated according to 360 days. 3. The maturity date of various deposits is calculated year by month and day by day. If the account opening date is the missing date of the maturity month, the end of the maturity month is used as the maturity date.

1. The head does not count. When calculating the interest, the number of days of deposit is always the head, not the end, that is, from the date of deposit to the day before the withdrawal;

2. Regardless of leap year and normal year, regardless of the month is large or small, the year is 360 days, and the month is calculated as 30 days;

3. Calculated for the year, month, and day. The maturity dates of various time deposits are based on the year, month, and day. That is, from the date of deposit to the same day of the following year, it is a pair of years, and the date of deposit to the same day of the next month is a pair of months;

4. The regular savings expiration date. For example, if you are not working on a statutory holiday, you can withdraw one day in advance. The interest is calculated as it is due.

Interest calculation formula: principal × annual interest rate (percentage) × deposit period

If you collect interest tax × (1-5%)

Total principal and interest = principal + interest

The calculation formula for accrued interest is: accrued interest = principal × interest rate × time

Accrued interest is accurate to 2 digits after the decimal point, and interest accrued days are calculated based on actual holding days.

PS: The deposit period should correspond to the interest rate, not necessarily the annual interest rate, but also the daily interest rate and the monthly interest rate.

I. Basic formula for calculating interest The basic formula for calculating interest on savings deposits is: interest = principal × deposit period × interest rate 2. The conversion relationship between the annual interest rate conversion rate, monthly interest rate, and daily interest rate is: annual interest rate = monthly interest rate × 12 (month) = daily interest rate × 360 (days); monthly interest rate = annual interest rate ÷ 12 (months) = daily interest rate × 30 (days); daily interest rate = annual interest rate ÷ 360 (days) = monthly interest rate ÷ 30 (days) ). The use of interest rates should be consistent with the deposit period. 3. Starting point of interest calculation 1. The starting point of interest calculation for savings deposits is RMB. 2. The interest amount is calculated to the nearest cent. The actual cent will be rounded to the nearest cent. 3. Except for the annual settlement of demand savings, which can be used to transfer interest to principal and interest, all other savings deposits, regardless of the duration of the deposit, will be paid with the principal and cleared at the time of withdrawal, excluding compound interest. Fourth, the calculation of the storage period 1. The calculation of the storage period is based on the calculation of the head but not the tail. 2. Regardless of the big month, small month, flat month, and leap month, it is calculated as 30 days per month and 360 days as a whole year. 3. The maturity dates of various deposits are calculated on a year-by-month basis. If the account opening date is the date missing from the maturity month, the end date of the maturity month is used as the maturity date. V. Calculation of interest on foreign currency savings deposits. The interest rates on foreign currency savings deposits are in accordance with the interest rates announced by the People's Bank of China. The interest calculation rules and calculation methods are the same as those for RMB savings.