Come on, learn how to calculate the following deposit interest!

1. Based on Total Income per Month

To find out the deposit interest every month, Moms can calculate deposit interest based on total income per month.

Here's how to calculate deposit interest:

Total Interest = (Total deposit x interest rate x 80% x 30 days) : 365 days

The 80% figure is obtained from the proportion of income that is deducted from the proportion of taxes that must be borne, which is between 100% -20%.

Take for example, you want to deposit a deposit of IDR 20,000,000 for 6 months.

At that time, the prevailing deposit rate was 6% with a 20% tax deduction.

So, how to calculate deposit interest per month is:

(Deposit amount x interest rate x 80% x 30 days) : 365 days

(Rp 20,000,000 x 6% x 80% x 30 days) : 365 days

28,800,000 : 365

= IDR 78,904

Based on calculations, the profit earned from interest each month is IDR 78,904.

Because Moms save deposits with a tenor of 6 months, the interest per month can be multiplied by 6 months to get the total interest you get.

2. Based on Total Income per Maturity

The next way to calculate deposit interest is based on total income per maturity. This method is used to calculate the total income you get each maturity. That way, you can find out the total amount of profit.

The formula for calculating deposit interest based on total income per maturity is:

Deposit Interest = Total deposits + (Profit from deposit interest – Total deposit tax)

Meanwhile, how to calculate the profit on deposits can use the following formula:

Benefits of Deposit Interest = (Total deposit x interest rate x total tenor): 365 days

Furthermore, the amount of tax received can be calculated by the formula:

Total Deposit Tax = Deposit interest gain x tax rate

Take for example, you deposit IDR 20,000,000 for a period of 6 months.

The deposit interest rate is set at 6% with a tax withdrawal that must be borne by 20%. So what must be calculated first is the profit from deposit interest, namely:

(Total deposit x interest rate x total tenor): 365 days

(Rp 20,000,000 x 6% x 180 days) : 365 days

= IDR 591,780

Then, you need to calculate the amount of tax deductions that must be borne, by:

Deposit interest gain x tax rate

IDR 591,780 x 20%

= IDR 118,356

If you have obtained the figure for the profit on deposit interest and the amount of tax deductions that must be borne, then you can start calculating the profit for deposit interest.

The formula:

Deposit amount + (Deposit interest income – Deposit tax amount)

IDR 20,000,000 + (IDR 591,780 - IDR 118,356)

IDR 20,000,000 + IDR 473,424

IDR 20,473,424

So, those are some ways to calculate deposit interest that can be done easily. Happy investing for a brighter future. Source: orami