Sample computation of interest – Time Deposit Rate from BPI Direct Savings Bank

Today I emailed BPI Direct, asking if the interest rates in the following table taken from their website is monthly rate.

BPI Direct Savings Bank, Time Deposit Rates Sep23-29

The table of BPI’s time deposit rates above may have changed already as you read this blog entry, so please verify in this page: BPI Direct – Time Deposit Rates.

This was the response I got:

 

Please be informed that the interest rate posted in BPI Express Online is computed per annum.

Sample computation for 364 days:  

Principal x Rate x Time / 360  (less 20% witholding tax) = gains 
   (50,000.00 x 1% x 364)    =  505.55 – 101.11 (20% w tax) = 404.44 
                   360 

 

The amount is too small for me. What do you think?

Related Posts:

Posts that may be related to "Sample computation of interest – Time Deposit Rate from BPI Direct Savings Bank":

Catzie

A Filipino programmer with a variety of interests such as baking, singing, making up silly song/rap lyrics, K-pop, drawing, creating unique dessert flavors, obsessing about finding out how some things works, board games, anime, video games, and forgetting things that usually go in her long list of interests. Running small-time online dessert shops Cookies PH and Catzie's Cakery.

Leave a Reply

Your email address will not be published. Required fields are marked *