Guide on How to Calculate Bank Interest Rates

Each bank will have different types of savings and regulations on interest rates, but the calculation formulas will all comply with the laws and regulations of the State Bank. Below is the simplest, easiest way to calculate bank interest rates, please refer to and explore.

Methods for calculating bank savings interest rates and tools for quick, simple conversion
 

1. What is bank interest rate?

Bank interest rate is the percentage ratio between the interest and the capital deposited or lent over a certain period, regulated by the bank or agreed upon between the bank and the service user.

2. How to calculate bank interest rate

Note: Each type of savings and each bank will have different interest rates.

2.1. Formula for calculating non-term savings interest

When depositing non-term savings, customers can withdraw money at any time, at the beginning without prior notice. The detailed formula for calculating non-term bank interest rates is as follows:

Interest amount = Deposit amount x Interest rate (%/year) x actual number of days deposited/365.
 

2.2. Formula for calculating fixed-term savings interest

Fixed-term savings deposit is the amount of money that a customer deposits at the bank for a specific term. When depositing fixed-term savings, customers only receive the full interest amount as initially projected after the term ends. If withdrawn before the term ends, you will receive a lower interest rate, usually equal to the non-term interest rate.

How to calculate bank interest rates specifically by month, by year as follows:

* How to calculate bank interest rates by year

Interest amount = Deposit amount x Interest rate (%year)

* How to calculate bank interest rates by month

Interest amount = Deposit amount x Interest rate (%year)/12 x number of months deposited.

* How to calculate bank interest rates by day

Interest amount = Deposit amount x Interest rate (%year) x number of days deposited/365.

Example: You deposit 500,000,000 dong for 6 months at a bank with an interest rate of 6% per year. Calculate interest as follows:

- Monthly interest is: 500,000,000 x 6/100/12 = 2.5 million dong.

- Interest after 6 months of deposit is: 500,000,000 x 6/100/12 x 6 = 15 million dong.

Knowing the bank interest rate calculation method mentioned above, when you know the fixed-term savings interest rate, you can easily calculate your own savings interest rate.

3. Fastest online savings interest rate calculator

In addition to the bank interest rate calculation method mentioned above, you can calculate savings interest rates online through the interest rate calculator on websites, applications of most banks. In the following article, Mytour.vn will guide you through the savings deposit interest rate calculator of Timo bank. Details as follows:

Quick guide: Enter Deposit amount, Interest rate, Deposit term > Press See Results.

Detailed guide:

Step 1: Access the online savings interest rate calculator Here

Step 2: Enter Deposit amount, Interest rate, Deposit term then press 'See Results'.

4. Some of the highest bank interest rates currently

Currently, bank interest rates are adjusted upwards for all deposit and loan terms. Specifically as follows:

Since November 22, 2022, VPBank has increased its highest bank interest rate to 11.1% per year, applied for the first month when customers deposit Prime Savings for 36 months. From the following months, the bank interest rate is at 9.25% per year.

Since November 23, 2022, VietABank has officially raised its highest bank interest rate to 9.2% per year for terms of 18 and 24 months (online savings deposit). Some other banks with high interest rates are: SCB (9.65% per year), TechcomBank (9.3% per year), Vietcombank (7.4% per year), BIDV and Agribank (7.9% per year).

Note: Deposit interest rates at banks are updated as of November 29, 2022, and may change over time. Please contact the nearest bank branch or hotline for specific advice.

https://Mytour.vn/calculate-bank-interest-rate-31725n.aspx
Hope through this article you will understand what bank interest rate is and how to calculate bank interest rate most simply. If you want to know more information about savings interest rates, loan interest rates of the bank you are using, besides going to the nearest branch/transaction office or contacting the hotline, you can refer to Agribank loan interest rates as well as BIDV bank interest rates that we have updated to have more options for yourself.