How much interest do you get from saving 200 million VND per month?

How much interest do you get from saving 200 million VND per month?

Each bank will apply a different deposit interest rate. Therefore, the amount of money customers receive is also different at each bank. Moreover, the actual interest amount 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 = Deposit X Interest Rate/365 X Actual Number of Deposit Days

For example: A customer deposits 200 million for a 1-month term at BIDV bank with an interest rate of 3%/year. At this time, the interest that the customer receives at the end of the term (the term month has 30 days) will be: 200 million x 3%/365 X 30 = 493,150.68 VND.

Monthly interest depends on the interest rate applied by each bank. (Illustration photo)

Or, a customer deposits 200 million for a 1-month term at Vietcombank with an interest rate of 2.6%/year. Then, the interest the customer receives at the end of the term (the term month has 30 days) will be: 200 million x 2.6%/365 X 30 = 427,397.26 VND.

If a customer deposits savings at Oceanbank with the highest current 1-month interest rate of 4.6%/year, the interest amount will be: 200 million x 4.6%/365 X 30 = 756,164.38 VND.

Thus, interest rates may vary depending on the bank's policy. 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

Before deciding to choose a bank to deposit monthly savings, customers need to pay attention to the following issues to ensure safety and efficiency:

High deposit interest rate

Interest rate is the first criterion that depositors are interested in. Therefore, depositors should consult the products of many banks to get the best interest rate.

Reputation

Banks that have been operating in the financial and banking sector for a long time and have a stable customer base always bring a more secure feeling when making savings deposits.

Receive interest at the end of the period

Between the form of saving with monthly interest and receiving interest at the end of the term, the interest rate applied at the end of the term is higher. Therefore, customers can consider the form of receiving interest to increase benefits.

Promotion program

To attract customers, banks often launch attractive incentive programs. When comparing incentive policies of banks at each time, depositors can choose the appropriate product that brings the greatest benefits.

Lagerstroemia (synthesis)

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