What is a savings deposit?

Savings deposit is when an individual or organization deposits their idle money in a bank for the purpose of receiving periodic interest at an interest rate set by the bank.

The most classic form of bank savings is to deposit at a transaction office and be issued a savings book proving that the customer has deposited money for a certain period of time and enjoys a specific interest rate.

To withdraw money, customers must bring their savings book to the transaction office along with their identification documents to complete the procedure.

From the past to the present, depositing money in banks has always been a safe investment channel. Although it does not yield as high a profit as many other channels (investing in the stock market, real estate or business...), it brings stability and certainty with minimal risk, almost no risk.

From their reputation, banks or credit institutions mobilize capital from people's savings deposits, then lend it out and invest it in different industries to develop the economy.

To ensure that depositors do not suffer losses, savings interest rates must always be positive, meaning that interest rates must always be higher than the annual inflation rate, ensuring profitability.

Saving 1 million, 10 million, 100 million, how much interest per month?

Currently, most banks allow customers to make term deposits with an amount of 1 million or more. With this policy, customers can easily participate in depositing money with other incentives. In addition, the profit level that customers receive is high or low depending on the deposit amount, bank, term, etc.

With 1 million 1 month can earn how much money, the interest can be calculated with the formula:

Interest = Deposit x Interest rate (%/year) x Number of deposit days/365

In there:

Deposit: The amount of money you want to save.

Interest rate: Bank interest rate, can be non-term, 1 month, 3 months or 6 months,…

Number of days deposited: Is the actual number of days deposited, because there may be cases of early or late settlement.

For example, the current 1-month savings interest rate at Vietcombank is 1.7%/year. According to the above formula, when saving 1 million VND, customers will receive interest of 1,397 VND/month, depositing 10 million VND will receive interest of 13,972 VND/month, depositing 100 million VND will receive interest of 139,726 VND/month.

Or at Techcombank, the bank's 1-month savings interest rate is currently 2.5%/year. So when saving 1 million VND, customers will earn 2,054 VND/month. Saving 10 million VND earns 20,547 VND/month, and saving 100 million VND earns 205,479 VND/month.

Minh Huong (synthesis)