The basic algorithm of bank interest is as follows:
1: interest is calculated by year, month and day.
If the interest-bearing period is a whole year (month), the interest-bearing formula is:
Interest = principal × year (month )× year (month) interest rate
If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:
Interest = principal × year (month )× year (month) interest rate+principal × odd days × daily interest rate.
2. Calculate the interest according to the actual days.
That is, every year is 365 days (leap year is 366 days), and each month is the actual number of days in the Gregorian calendar of that month. The interest-bearing formula is: interest = principal × actual days × daily interest rate.
If you go to the bank to deposit money, let's see how the deposit interest is calculated. Bank deposits are generally divided into demand deposits and time deposits.
Calculation of interest on bank demand deposits;
When making a current savings deposit, the interest balance shall be settled one by one on the account page, and the depositor shall pay the interest in one lump sum when closing the account. Current savings (passbook) deposits are settled once a year (June 30th is the settlement date). At the time of interest settlement, the interest above "Yuan" can be incorporated into the principal, and the part below "Yuan" can be transferred to the interest balance. Calculation formula: interest = accumulated interest product × daily interest rate.
If the interest rate of current savings deposit is adjusted during the deposit period, the interest shall be calculated according to the interest rate of current savings deposit listed on the interest settlement date. If all the current savings deposits are withdrawn, the interest will be calculated and paid according to the current savings deposit interest rate announced on the closing day.
How to calculate the interest of bank time deposit;
Regular interest calculation is a business in which banks can deposit and withdraw funds after a certain period of time according to the needs of users, which has very stable income and higher interest. The specific calculation method is as follows: interest = principal × interest rate × deposit term.
Interest rate Generally, different time deposit rates are set according to different time, including three months, six months, 1 year, two years and three years, which can be found in official website, the central bank. Then, according to the above formula, you can calculate the interest of your time deposit.
The difference between fixed interest rate and floating interest rate;
1, essential difference
The fixed interest rate is stipulated by the state, which is not affected by the average social profit rate and the change of capital supply and demand in a certain period of time.
Floating interest rate refers to the interest rate that is adjusted accordingly with the change of price or other factors during the loan period.
2. Differences in characteristics
The fixed interest rate is high, which can lock in the borrowing cost; No longer affected by changes in the overall interest rate adjustment; Long-term liabilities can be listed. If the bank guarantee contract exceeds one year, it can be classified as long-term liabilities. However, if the bank guarantee is within one year, the accountant may have different recognition.
The adjustment of floating interest rate can reflect the supply and demand of funds in the capital market in time; The risk of interest rate changes borne by both borrowers and lenders is small; It is helpful for financial institutions to adjust the scale of assets and liabilities and corporate financing decisions in time according to the changes in market interest rates; It is helpful for the central bank to know the effect of monetary policy in time and make corresponding policy adjustments.