If 5 million yuan is deposited in the bank for 3 years, the annual interest rate is 2%, and the corresponding interest can be obtained at maturity: 5 million * 2% * 3 = 300,000 yuan. Different banks have different interest rates, but the interest calculation formula is the same: interest = principal * interest rate * interest period. Take the interest rate of 2% as an example, the interest of 5 million yuan for three years is 300,000 yuan (different banks have different interest rates, but the interest-bearing formula is the same: "interest = principal * interest rate * interest-bearing period"). If 5 million is deposited in the bank for 3 years, the annual interest rate is 2.0%, and the corresponding interest will be earned at maturity, that is, 5 million * 2% * 3 = 300,000 yuan.

What is interest?

Interest is the use fee of money in a certain period of time, and it refers to the reward that money holders (creditors) get from borrowers (debtors) for lending money or monetary capital. Including deposit interest, loan interest and interest generated by various bonds. Under the capitalist system, the source of interest is the surplus value created by hired workers. The essence of interest is a special transformation form of surplus value and a part of profit.

The starting point of interest calculation formula;

1, the starting point of savings deposit interest is RMB, and interest is not paid for cents below RMB;

2. The interest amount shall be calculated to one decimal place and rounded to one decimal place when actually paid;

3. All savings deposits, regardless of the deposit period, are paid with the principal at the time of withdrawal, excluding compound interest, except that the current savings are settled annually and the interest can be converted into the principal;

Calculation of deposit period in interest calculation formula;

1, and the storage period is calculated by counting the first number and the last number;

2, regardless of the big month, small month, flat month, leap month, every month is calculated as 30 days, and the whole year is calculated as 360 days.

3. The maturity date of all kinds of deposits shall be calculated on an annual and monthly basis. If the account opening date is the missing date of the expiration month, the expiration date should be the last day of the expiration month.

Influencing factors of interests:

The amount of interest depends on three factors: principal, deposit period and interest rate level.

The calculation formula of interest is: interest = principal × interest rate × deposit term.

Time deposit is a kind of deposit in which the bank and the depositor agree on the term and interest rate in advance at the time of deposit and withdraw the principal and interest after maturity. It has the characteristics of minimum deposit period of 3 months, maximum deposit period of 5 years, wide choice and stable interest income.

According to the website of Bank of China, combined with the interest rate marketization reform, the upper limit of the floating range of deposit interest rate of financial institutions will be adjusted from 1. 1 times of the benchmark deposit interest rate to 1.2 times. In addition, the benchmark interest rates of other grades of loans and deposits are adjusted accordingly, and the term grades of benchmark interest rates are appropriately degenerate. This can guarantee the interests of the people.