With 400 million VND of idle money, many people wonder what form of investment to make effective profits. Accordingly, if you want high profits, you can invest in stocks, but if you want stability and safety, saving in the bank is a reasonable choice.
How much interest do you get from saving 400 million VND per month?
Each bank has different interest rates for each term. Therefore, the amount of interest customers receive is also different at each bank. In addition, the actual interest 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 400 million for a 1-month term at BIDV bank with an interest rate of 3%/year. The interest the customer receives at the end of the term (assuming a month has 30 days) will be: 400 million x 3%/365 X 30 = 986,301.36 VND.
Meanwhile, if a customer deposits 400 million for a 1-month term at Techcombank with an interest rate of 3.6%/year, the interest the customer will receive at the end of the term (assuming a month has 30 days) will be: 400 million x 3.6%/365 X 30 = 1,183,561.64 VND.
(Illustration)
If a customer deposits savings at Oceanbank with the highest current 1-month interest rate of 4.6%/year, the interest received at the end of the term will be: 400 million x 4.6%/365 X 30 = 1,512,328.76 VND.
Interest rates may vary depending on the bank's policy. Therefore, 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 in bank
To make an effective profit, before deciding to choose a bank to deposit monthly savings, customers need to pay attention to the following issues:
Select bank to deposit money
To ensure safety, you should choose banks that have been operating in the financial and banking sector for many years and have a stable customer base.
High deposit interest rate
To attract deposits, small and medium-sized banks offer attractive interest rates. Therefore, depositors should consult the products of many banks to get the best interest rate.
Receive interest at the end of the period
Normally, the interest rate of receiving interest at the end of the term is higher. Therefore, customers can consider this form to increase benefits.
Choose the appropriate term
Savings terms are now very flexible, from short-term (1 - under 12 months) to long-term (over 12 months). The longer the term, the higher the interest rate. Therefore, if there is no need to use the money, customers should deposit long-term interest to receive attractive interest rates.
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