You can absolutely make a profit by putting money in an ATM. The interest rate on money in an ATM card will be calculated according to the method of non-term savings deposits. However, the interest rate when leaving money in an ATM account is very low, usually only fluctuating from 0.1% to 0.3% / year.
Accordingly, the interest is low because the bank will calculate the interest rate on the money in your bank as a savings deposit with no term. You can withdraw the principal whenever you want. The bank cannot use this money to rotate to create other sources of profit.
Many people wonder whether putting money in an ATM card generates interest or not. (Illustration photo)
How to calculate interest when putting money in ATM card
When leaving money in an ATM card, the cardholder can withdraw or pay at any time. Therefore, the interest will be calculated by the bank in the form of an unlimited savings deposit.
The formula for calculating interest received when leaving money in an ATM card is calculated as follows:
Interest = (Principal amount x interest rate (%/year) x actual number of days deposited)/365.
For example, your bank card has an amount of 20,000,000 VND with an interest rate of 0.2%/year. If you do not withdraw money from the card within a year, the interest will be calculated as follows:
Interest = (20,000,000 x 0.2 (%/year) x 365) / 365 = 40,000 VND.
Normally, the money in the ATM card will be calculated by the bank at the non-term interest rate and the monthly interest will be paid directly into the customer's account.
Gia Hung (Synthesis)
Source
Comment (0)