Since December 22, the Industrial and Commercial Bank of China has lowered the interest rate of time deposits and large-amount certificates of deposit, and the reduction range of deposits of various terms is between 10-30 basis points, and the income from saving money to earn interest has decreased again, and some people have calculated that the interest rate of 200,000 yuan for three years is less than 1,800 yuan, which shows the impact of the interest rate cut on deposit income.
Suppose that according to the latest interest rate of the Industrial and Commercial Bank of China, if 70,000 yuan is deposited in the bank, how much interest can be obtained after one year? Let's calculate it.
What is the interest of a 70,000 yuan deposit after one year?
Demand deposits are the most familiar type of savings, with an annualized interest rate of 0.2%. What is the annualized interest rate? Simply put, it is the interest that can be obtained after saving 100 yuan for one year, and 0.2% means that 100 yuan can get 0.2 yuan of interest after saving for one year.
If you deposit 70,000 yuan into ICBC's demand deposit, the interest you can get after one year is: 70,000 * 0.2% * 1 = 140 yuan
The interest on demand deposits is indeed too small, so it is not recommended to keep a large amount of money in demand deposits for a long time.
What is the interest of a fixed deposit of 70,000 yuan after one year?
The annualized interest rates of ICBC's fixed deposits of various maturities have been lowered, and we calculate the fixed deposit interest rates of 3-month, 6-month, 1-year, 2-year, 3-year and 5-year respectively under the latest interest rate.
1. 3-month time deposit
The original annualized interest rate of ICBC's 3-month fixed deposit was 1.25%, 1.15% before the interest rate cut, 70,000 yuan was deposited into a 3-month time deposit, and the accumulated interest was 70,000 * 1.15% * 1 = 805 yuan, and the interest before the interest rate cut was 875 yuan, which was 70 yuan less.
2. 6-month fixed deposit
The annualized interest rate of ICBC's 6-month fixed deposit was 1.35%, 1.45% before the interest rate cut, and one year after two deposits, and the accumulated interest was: 70,000 * 1.35% * 1 = 945 yuan, and the interest before the interest rate cut was 1,015 yuan, 70 yuan less.
3.1 year term deposit
The annualized interest rate of ICBC's 1-year fixed deposit after the interest rate cut is 1.45%, which is 10 basis points lower than before the interest rate cut, and the interest after maturity is: 70,000 * 1.45% * 1 = 1015 yuan, and the interest before the interest rate cut is 1085 yuan, 70 yuan less.
4.2 years term deposit
The annualized interest rate of 3-month, 6-month and 1-year time deposits has been reduced by 10 basis points, and the listed interest rate of 2-year fixed deposits has been lowered even more, reaching 20 basis points, the original annualized interest rate is 1.85%, and the average annual interest after maturity is: 70,000 * 1.65% * 1 = 1155 yuan, and the interest before the interest rate cut is 1295 yuan, 140 yuan less.
5.3 years term deposit
The annualized interest rate of ICBC's 3-year time deposit after the interest rate cut is 1.95%, and the interest rate reduction is larger than that of the 2-year term, which was originally 2.2%, 70,000 yuan is deposited, and the average annual interest after maturity is: 70,000 * 1.95% * 1 = 1365 yuan, and the interest before the interest rate cut is 1540 yuan, 175 yuan less.
6.5 Year Term Deposit
The original annualized interest rate of ICBC's 5-year fixed deposit was 2.25%, which was reduced by 0.25% to 2%, and it took 5 years to get all the interest after 70,000 yuan was deposited, and the average annual interest was: 70,000 * 2% * 1 = 1,400 yuan, and the interest before the interest rate cut was 1,575 yuan, 175 yuan less.
If you buy a large certificate of deposit with 70,000 yuan, what is the interest after one year?
ICBC's large-denomination certificates of deposit have been cut at the same rate this time, and the adjustment is slightly greater than that of time deposits. The starting point of a large-amount certificate of deposit is 200,000 yuan, and only 70,000 yuan cannot be deposited directly, so you need to make up 200,000 yuan with relatives and friends before depositing, and share the interest after maturity.
Certificates of Deposit are divided into 1 month, 3 months, 6 months, 1 year, 2 years and 3 years according to different tenors, and the interest is calculated as follows.
1. 1-month and 3-month certificates of deposit
The annualized interest rate of ICBC's 1-month and 3-month large-amount certificates of deposit was lowered by 10 basis points, the original was 1.6%, and the adjusted rate was 1.5%, and 70,000 yuan was purchased for many times, and the one-year interest was: 70,000 * 1.5% * 1 = 1,050 yuan, and the interest before the interest rate was 1,120 yuan, 70 yuan less.
2. 6-month certificates of deposit
The original annualized interest rate of 6-month large-amount certificates of deposit was 1.7%, down 0.1% to 1.6%, 70,000 yuan for two consecutive purchases for one year, the interest that can be obtained is: 70,000 * 1.6% * 1 = 1,120 yuan, and the interest before the interest rate cut is 1,190 yuan, 70 yuan less.
3.1-year certificates of deposit
After the interest rate adjustment, the annualized interest rate of the one-year large-amount certificate of deposit dropped to 1.8%, which was 1.9% before, and the interest was exactly one year after the purchase of a period, and the interest was: 70,000 * 1.8% * 1 = 1,260 yuan, and the interest before the interest rate cut was 1,330 yuan, 70 yuan less.
4. 2-year certificates of deposit
The annualized interest rate of ICBC's 2-year large-amount certificate of deposit before the interest rate cut was 2.15%, and it was reduced by 25 basis points to 1.9%, and the average annual interest obtained after the purchase of this large-amount certificate of deposit was 70,000 yuan * 1.9% * 1 = 1,330 yuan, and the interest before the interest rate cut was 1,505 yuan, 175 yuan less.
5. 3-year certificates of deposit
The 3-year large-amount certificate of deposit is the largest variety of interest rate cuts, 2.65% before the interest rate cut, and the latest 2.35% after a 30 basis point reduction, and the average annual interest obtained after three years of purchase is: 70,000 * 2.35% * 1 = 1,645 yuan, and the interest before the interest rate cut is 1,855 yuan, 210 yuan less.
Don't think of insurance as a deposit
After the deposit interest rate is lowered, some depositors may listen to the deception of bank staff and buy insurance in order to get more returns. I'm not saying that savings insurance like annuity insurance is bad, but it's not for everyone, at least you have to know what kind of financial product you want your money to invest in.
What is the biggest problem with savings insurance? It is not possible to withdraw the money in advance, even if it is necessary to use the money in advance, unless the loss of principal is accepted, and the interest of early withdrawal of time deposits and large certificates of deposit is the most.
So, if you're sure you won't be using a sum of money for a while, you may want to consider savings. Otherwise, don't be fooled, bank staff work hard to promote insurance because of the large share and high bonus, so they often only talk about the advantages of insurance, ignoring or less about the disadvantages.
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