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Happy holders of their own bank deposits could earn more on a bank investment if they did not neglect publicly available information on how to calculate interest on a deposit. After assessing the main parameter - the interest rate, you need to pay attention to other conditions on which capitalization depends. To do this, you need to understand the difference between simple percentages and complex ones and, using specific examples, familiarize yourself with the calculation of the income amount for various types of savings.

What is interest on a deposit?

According to the classic definition of finance, interest is understood as profit (remuneration) accrued and paid to the investor for the use of his funds. The purposes of use may be investments or any other activity involving the temporary alienation of these funds in favor of an interested party. Credit institutions make accruals in accordance with concluded agreements, using simple and complex calculation methods.

Simple

With simple accrual, the profitability of the deposit is determined by calculating percentages at a time for the entire account period or regularly at intervals, for example, once a month. The amount of monthly profit made according to this accrual scheme is accumulated in a special account, separate from the main body of the deposit without return. Simple % can be withdrawn at the end of each contract period.

Complex

When calculating compound interest when opening deposits, the investor's profit is formed by calculating interest on the amount increased by adding to the current deposit body the interest yield of the previous period (frequency of capitalization). At a fixed rate, compound interest is more profitable for the investor than simple interest. The disadvantage is that banks use restrictions in the deposit agreement when making withdrawals. This carries risks. For example, while the client is waiting for the end of the contract, a surge in inflation can eat up the entire return on a deposit of any size.

How to calculate interest on a deposit using a simple formula

If you have an urgent need to manage your funds by opening an investment at simple interest, then it is best to calculate the profitability yourself according to the formula for calculating simple interest. In practice, you may encounter two types of bank savings based on replenishment: replenishable and non-replenishable by balance. How to calculate the numbers for each type is described below.

With payment of simple interest at the end of the contract term

• S = (P x I x (T / K))/100;
• S – profit margin;
• P – investment size;
• indicator I – annual rate;
• T – placement period (calculate in days);
• K – number of days in the current year;
• Suppose a citizen decides to invest money for 180 days at an annual interest rate of 12%, the savings amount is 100,000 rubles, according to the above formula, the profitability can be calculated as follows: (100,000*12* (180/365))/100 = 5,916 rubles.

Calculation of deposit with capitalization

Sometimes circumstances allow you to get additional money that you would like to save and increase in a bank deposit. There is no need to open a new separate account. If there is an appropriate clause in the agreement, you can add money to the existing deposit. To check the correctness of the accrual with replenishment, use the formula that will help calculate the amount of the deposit with capitalization:

• S = ((P x I x (T / K))/100) + ((P 1 x I x (T 1 / K))/100);
• where the first and each subsequent component differ from each other by the variables P and T (the size and period of placement of the main body of the account).

Suppose a citizen invested money for 60 days at 12% per annum with the possibility of replenishment. The initial amount is 50,000 rubles. On the 20th day, the citizen tops up the account with 10,000 rubles. It turns out that 50,000 rubles were on deposit for 19 days (T). Starting from the 20th to the 60th day (20 days, T1), the body of the account amounted to 60,000 rubles. Interest on the deposit must be calculated as follows: ((50,000*12*(19/365))/100+((60,000*12*(20/365))/100 = 312.33+394.52=706.85 rubles

How to calculate income on a deposit with interest capitalization

Those who have come across microcredit organizations (MFOs) in their lives know that these creditors like to charge their debtors every day with interest on the balance, which inflates the amount of debt. A simple bank depositor cannot count on the same returns, but the profit from the bank's accrual of the amount to which the value of interest for the previous period (capitalization) is added is of particular interest. It is better to calculate the interest on the deposit amount yourself. This requires mastery of complex calculation formulas.

Non-replenishable deposit

When assessing the offer of a credit institution and the size of the loan, which implies a non-replenishable account with monthly capitalization of interest, it is necessary to use the compound interest algorithm. If MFOs set a frequency of once a day, then banks start with three months and less often with one. If capitalization is carried out every quarter or month, profitability increases more significantly. Interest on deposits made at compound interest is calculated using the basic formula:

• S = (P x I x (G / K))/100;
• S – profit amount;
• P – investment size;
• I – annual interest rate;
• G – period after which capital is replenished;
• K – number of days in the current year.

Next, the resulting amount of profitability is added to the original body of the deposit, and the resulting figure is put into circulation again. For example, a citizen invested 100,000 rubles for a period of 90 days at 10% per year. Capitalization period is 30 days. The calculation of annual interest on deposits in rubles will be as follows:

1. The first month of interest accrual when the deposit is opened: (100,000*10*(30/365))/100=822.
2. Second month: ((100,000+822)*10*(30/365))/100=829.
3. Third month: ((100 822+829)*10*(30/365))/100=835.

Deposit with replenishment during the term of the agreement

An investment agreement with replenishment implies that after each separate period a certain amount of funds is added to the initial investment. The partial complexity of the formula for calculating income led to the development of special online deposit calculators for the profitability of replenished savings. If it is important for you to know how to calculate income, then check out the formula:

• S = P additional*M / I*((1+I / M) M*n-1)+P*(1+ I / M) M*n;
• S – amount of income;
• P – initial amount of bank deposit;
• P add. – replenishment amount;
• I – annual interest rate (in hundredths, that is, it must be divided by 100);
• M – number of capitalization periods;
• n – deposit term (number of years);
• Suppose a citizen deposits 100,000 rubles in the bank for one year. at 12%, he can afford to replenish his savings by 4000 monthly; upon expiration of the contract, the bank will have to return the amount: 4000*12/0.12*((1+0.12/12)12*1-1)+100000 *(1+012/12)12*1=163,412.52 rubles.

How to calculate deposit income taking into account the effective rate

Often, when assessing the profitability of savings, people pay attention to just one parameter - the advertised interest rate, written in huge font. At best, some citizens have an understanding that % can be added to the balance and create a more effective accumulation than when accrued over the entire period. This is a superficial understanding that leads to an underestimation of one's benefits.

What is the effective deposit rate

This term is used by financial market professionals who understand that a bank attracts a client not only with one figure of the nominal interest rate, but also with the possibility of capitalization of interest, as well as bonuses for fulfilling conditions. The total high interest income, taking into account all the nuances, is called the effective rate. This parameter differs from the nominal rate specified in the contract. With a regular investment, the interest can be mechanically calculated, accrued and withdrawn at the end of the contract period.

Calculation formula

A good general idea of ​​how to calculate the effective interest rate can be obtained by analyzing the following calculation formula taking into account capitalization:

• calculate the effective rate = ((1+(nominal rate/12) T-1)*12 / T;
• T – number of months of investment;
• for example, a citizen wants to place an investment for a period of two years with the condition of monthly capitalization, at a nominal rate of 9%;
• The effective rate is: ((1+9%/12)24-1)*12/24)*100 = 9.82%.

Which deposits are taxable?

The method of calculating income tax on a deposit in rubles occurs if the interest rate exceeds the Central Bank refinancing rate by 10%. It is equal to 8.25, plus 10% will be 18.25%. If your investment earns more, you will have to pay tax. If the client has foreign currency savings, the tax is deducted at 9%, residents (35%) and non-residents (30%) are taxed. Money is paid only from the difference - if the rate is 20% per annum, then the tax will be calculated from 1.75%. There is no need to calculate the amount and fill out a declaration; the bank itself will deduct the money when paying income.

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Is it possible to open several deposits in my name at once?

You can open any number of deposits.

Under what conditions is the deposit renewed?

If you have not withdrawn the money from the deposit, it is automatically renewed on the terms and at the rate that are in effect on the renewal date. Thus, the interest on the deposit may change. If the deposit is no longer valid, it is extended until demand at a rate of 0.01% per annum, as specified in the agreement.

How to withdraw money from an account or savings book from another region?

Contact the office and submit a request for transfer from another region. In three business days the money will be in your bank.

Is it possible to withdraw the interest added to the deposit amount and in what way?

Interest added to the deposit amount can be withdrawn at any time in whole or in part. Receive interest through Sberbank Online or at the bank office.

How to find out how much interest is accrued on a deposit?

Accrued interest can be checked in Sberbank Online or the bank office.

What is the maximum deposit amount?

The maximum deposit amount is the deposit amount at the end of the day on the date of opening or prolongation of the deposit, increased by 10 times.

What is the minimum balance?

The minimum deposit balance is the minimum amount that must be kept in your account during the term of the deposit.

Will I be able to withdraw money from a deposit opened with Sberbank Online in different regional banks?

If you plan to withdraw money in another region, fill out an application to request the amount at the office. After three business days you will be able to withdraw your money.

From 07/08/19, Sberbank changed the minimum deposit balances. For Manage deposits in rubles, the maximum minimum balance became 400 thousand rubles, and for Manage deposits in US dollars, the maximum minimum balance became 20 thousand US dollars. At what interest rate will the rollover of Manage deposits open before the above changes with minimum balances of 700 thousand and 2 million in rubles take place? 100 thousand in US dollars?

For ruble deposits with minimum balances of 700 thousand and 2 million rubles, the interest rate of the maximum minimum balance, which is set after 07/08/19, will be applied.

Deposits in US dollars with a minimum balance of 100 thousand US dollars are extended at an interest rate for a minimum balance of 20 thousand US dollars

Will the size of the minimum balance decrease after prolongation?

The minimum balance specified in the deposit agreement will not change when the agreement is extended

Sberbank's deposit calculator is a software product with which you can determine which of the available deposit offers can provide you with the most favorable interest rate on your deposit.

If income allows you to make savings, free money should be protected from inflation, as a result of which it gradually depreciates, and, if possible, it should be increased. To do this, you need to choose a bank deposit offer whose interest rates could cover the level of current and projected inflation in the country. So, if you plan to place your funds on a Sberbank deposit, provided that the forecasted inflation for 2014 is 5.2%, you should consider offers with an annual interest rate of at least 5.2% - and this is only so that in a year the amount of your funds was equivalent to the current one in commodity terms.

Specify contribution parameters

Deposit calculation result

Interest calculation options

The final amount of interest on a Sberbank deposit can be calculated using a simple formula only in the case of a one-time deposit of the entire amount of funds on a deposit that does not imply periodic capitalization and withdrawal of the amount at the end of the deposit period. If the deposit program involves capitalization, in addition to this, you are going to regularly deposit additional funds into the account, the calculation will be carried out using a more complex formula. In this case, you should use a deposit calculator to calculate the final profit. By setting the frequency of interest calculation and depositing additional amounts on deposit, you can get a calculation taking into account these factors.

Don't forget about taxes

Deposit programs also have calculation nuances, which offer interest rates that exceed the Central Bank refinancing rate by 5 points in rubles or 9 points in foreign currency. Income received from such a deposit will be taxed, as a result, in some cases, deposits with high interest rates will be less profitable than deposits with moderate interest rates.

In general, there are many nuances. It is important not to get confused in the variety of deposit programs and choose the most profitable one. This is exactly why deposit calculators are created. Our Sberbank deposit calculator includes all parameters without exception that affect the final result, from the type of currency to the frequency of deposit replenishment. Thanks to this, calculations that are as close to reality as possible are possible.

Save and increase your funds, and trust the deposit calculator to select the best options for this. A smart program will do this quickly, accurately and efficiently.

The online deposit calculator will help you quickly calculate interest on any deposit, including with capitalization, with top-ups and taking into account taxes, and will also show a schedule for calculating interest. If you are planning to open a deposit, then the calculator will help you calculate the potential profitability in advance.

Interest capitalization

With a regular deposit, the bank pays the accrued interest to the depositor monthly (or at other intervals stipulated by the terms of the agreement). This is called "simple interest." A deposit with capitalization (or “compound interest”) is a condition under which accrued interest is not paid, but is added to the deposit amount, thus increasing it. The total income from the deposit in this case will be higher.

Using a deposit calculator, you can compare the results of calculating two identical deposits (with and without capitalization) and see the difference.

Effective interest rate on deposit

This characteristic is relevant only for deposits with interest capitalization. Due to the fact that interest is not paid but is used to increase the deposit amount, it is obvious that if the deposit amount increases monthly, then the newly accrued interest on this amount will also be higher, as will the final income.

Formula for calculating the effective rate:

Where
N is the number of interest payments during the deposit term,
T - term of deposit placement in months.

This formula is not universal. It is only suitable for deposits with capitalization once a month, the period of which contains an integer number of months. For other deposits (for example, a deposit for 100 days), this formula will not work.

However, there is a universal formula for calculating the effective rate. The disadvantage of this formula is that you can get the result only after calculating the interest on the deposit.

Effective rate = (P/S) * (365/d) * 100

Where
P - interest accrued for the entire deposit period,
S - deposit amount,
d - deposit term in days.

This formula is suitable for all deposits, with any terms and any frequency of capitalization. It simply calculates the ratio of the income received to the initial deposit amount, reducing this value to annual interest. Only a small error may be present here if the deposit period or part of it falls on a leap year.

This is the method used to calculate the effective rate in the deposit calculator presented here.

Tax on income on deposits

The Tax Code of the Russian Federation provides for taxation of deposits in the following cases:

• If the interest rate on a ruble deposit exceeds the value of the key rate of the Central Bank of the Russian Federation at the time of conclusion or extension of the agreement, increased by 5 percentage points.
• If the interest rate on a foreign currency deposit exceeds 9% .

The tax rate is 35% for residents of the Russian Federation and 30% for non-residents.

In this case, not all income received from the deposit is taxed, but only the part received as a result of exceeding the interest rate on the deposit of the threshold rate. In order to calculate the tax base (the amount subject to tax), you must first calculate the interest accrued at the nominal rate of the deposit, and then make a similar calculation at the threshold rate. The difference between these amounts will be the tax base. To obtain the tax amount, all that remains is to multiply this amount by the tax rate.

Our deposit calculator will calculate your deposit taking into account taxes.

If you are going to open a bank deposit, then you need to find the most profitable one among the many offers of banks, having calculated in advance the profit of the deposits they offer - our online deposit calculator will help you with this.

With its help, you can calculate not only the simplest types of deposits with interest payment at the end of the term, but also with more complex conditions, for example, deposits with interest capitalization or with periodic replenishment from time to time.

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FAQ

Are there taxes on individual deposits? Do I have to pay taxes on income (interest) if I have several deposits in different banks?

Purely formally, yes, there is an income tax on deposits of individuals - in other words, a tax on deposits. But don’t rush to get upset, the taxation of deposits in Russia is as human as possible, so to speak, so in the vast majority of cases you will not pay any taxes on income from deposits, even if you have several of them, because income from deposits is in normal banks that They give an adequate market interest rate on deposits and are not subject to taxes.

Why is that? See below in which cases accrued interest on bank deposits will still be subject to taxes:

• if the interest rate on a deposit in rubles exceeds the current refinancing rate of the Central Bank of the Russian Federation + 5 percentage points (i.e. at the moment it is 6.25 + 5 = 11.25%), then, in accordance with Articles 212 paragraph 2 and 224 of the Tax Code of the Russian Federation, tax Interest income on the deposit will be taxed at 35%, but tax will not be charged on all interest income, but only on that part that is received by exceeding the interest rate above 11.25%.
• similar to the point above, but applies only to deposits in any foreign currency, and the interest rate limit after which taxation begins is 9%.

In fact, you will not find deposits in normal, large, well-known and reliable banks with such high rates (for deposits in rubles above 11.25% per annum, and in foreign currency above 9% per annum), we are 100% sure, since such a high interest rate the rate is very far from the market situation. If you suddenly find an opportunity to make a deposit somewhere where the annual interest rate exceeds the specified limits, then this is by no means a reason for joy, but a very good reason to think 10 times and check everything most carefully before entrusting money to such a person. bank, so as not to end up “deceived by the depositor”.

For example, perhaps this is not a bank at all, but some other credit organization, or there is no real organization at all, but there is a “one-day company” registered in the name of an unknown person, deposits in which are not deposits at all from a legal point of view, but contributions to some “mutual aid fund” and the like. Of course, such pseudo-deposits in pseudo-banks will not be insured by the state represented by the DIA, and if it turns out to be fraud in the end (and it most likely will be), then you will never see your invested money again, unfortunately.

The accrued interest on the deposit, which was previously calculated for me by the bank, does not coincide slightly with the data calculated by your deposit calculator, why is that?

The results of deposit calculations in different calculators may differ slightly (within a few percent), this is normal and is due to errors in rounding fractional figures and different calculation methods, for example, in some banks 1 additional day is added to the standard annual deposit, in some on the contrary, 1 day is taken away, etc.

Under what conditions do bank deposits give the maximum return?

1. At the same interest rate, a deposit with interest capitalization (i.e. with interest added to the principal amount of the deposit, the option in our calculator “Accrued interest” → “add to deposit”) will be more profitable than a deposit where interest is periodically or at the end of the term are paid separately.

   This is due to the fact that during capitalization, the deposit amount, on which interest is accrued, increases over time from the interest accrued to it, which means that the interest accrued further increases. Capitalization is often called "interest on interest", you may have heard this.



2. When choosing a deposit with interest capitalization, other things being equal, choose the one where capitalization occurs more often. Standard banking practice is to capitalize interest on a monthly basis, but weekly and daily capitalization is also common.

   The difference in income, depending on the frequency of capitalization, is small, but it still exists, for example, if the nominal interest rate on a deposit is 10% per annum, then with quarterly capitalization the effective interest rate will be 10.38%, with monthly - 10.47%, weekly - 10.51 %, and with a daily basis - 10.52%.