Conventional Deposit Interest Does anyone know what a deposit is? Deposits are a type of deposit where withdrawals can only made within a certain time and under certain conditions. Similar to savings, simply a type of savings which can only taken if the time period has arriv or in other words it cannot withdrawn at any time like savings.
There are several characteristics in deposits, including:
– The majority of banks set a minimum initial deposit of IDR 10 million (different for each bank)
– Has a higher interest rate or profit sharing compared to savings
– Has a maturity of 1 month, 3 months, 6 months, 12 months, or 24 months and can renewed automatically
– Deposits can be in rupiah or foreign currency
– Disbursement of deposits before maturity will charged.
This type of savings is very suitable for those who find it difficult to save because money withdrawals cannot made before the maturity date, because fees will charged which will result in a loss. Because there are many advantages that you will get when choosing this deposit, including:
– Obtain interest or profit sharing which is generally higher than other forms of savings
Interest rates or profit sharing for deposits are higher than types of savings deposits.
The interest or profit sharing for each bank is different, so be sure to ask the bank for more detailed information before opening a deposit.
– Able to manage finances in a more planned manner according to the needs and term of the deposit
This deposit has a predetermined withdrawal period according to the initial agreement, so a penalty will imposed if you make a withdrawal outside of this time.
Of course this will make customers more disciplined and foster the character of not being extravagant by withdrawing savings at any time.
Besides that, deposits can also plan money to deposited for a certain period of time so that they can calculate the estimated amount of interest or profit sharing that will obtained. The longer the deposit time and the larger the nominal money, the more profitable it will be.
– Low risk
For customers who are not too brave to take high risks, deposits are very appropriate for customers as an investment instrument. In addition to the relatively high interest rates or profit sharing offer, deposits are also guarante by LPS.
Record the Easiest and Simplest Way to Calculate Conventional Deposit Interest
How to calculate conventional deposit interest can now applied in various ways and formulas. Calculating deposits usually done so that these deposit investments have the potential to generate a lot of profit. Deposit Interest is a benefit in the form of funds provided by a bank to its customers who invest their money in deposit instruments.
However, in this case, customers also have to calculate the deposit interest in detail.
How to Calculate Conventional Deposit Interest
In this case, calculating deposit interest can applied using a formula based on monthly interest profits. For those of you who don’t understand, please pay attention to the steps below:
Total Interest = (Amount of Deposit x Interest Rate x 80% x 30 days) : 365 days
The 80% figure in the formula is obtain from the percentage of income minus the percentage of tax that must be borne, namely 100% – 20%.
Here’s an example of how to calculate it:
If someone makes a deposit of IDR 10,000,000 for a period of six months. Meanwhile, the deposit interest rate set at 6% with a tax deduction of 20%.
Then the calculation method based on income per month is as follows:
(Amount of Deposit x Interest Rate x 80% x 30 days) : 365 days
(Rp 10,000,000 x 6% x 80% x 30 days) : 365 days
14,400,000 : 365 = IDR 39,452
From the results of the calculation above, the net profit you can get every month is IDR 39,452.
This is an easy way to calculate conventional deposit interest using a formula based on interest gains every month.