Term deposits are among the investment instruments preferred by those who want to invest their savings. Deposits; It provides an advantage for investors who intend to invest in the long term, due to interest rates that increase at the same rate with the maturity period. At the same time, it is highly sought after by bank customers as it is a low-risk and profitable method.
Banks offer many different options to their customers regarding futures transactions. You can ensure that your money is handled in a qualified manner by getting to know these investment instruments that are suitable for every budget. After the introduction process, it is possible to reveal your potential earnings range by calculating interest income.
How is deposit interest calculated?
There are different methods you can choose in the interest yield calculation process. If you know the rates given by the bank, you can calculate your monthly income by using the formula “(Investment Amount / 100) x (Interest Percentage / 12)”. However, banks have included calculation programs so that you can follow the process more practically.
Interest yield calculation tool
Banks offer different interest rates to their customers on a campaign basis. Therefore, making calculations using the tool offered by the bank increases the accuracy. For example, Akbank’s deposit calculation system; It is possible to create an investment strategy through the tool, as it allows you to learn the estimated amount of earnings on a monthly and amount basis. In this way, you can start earning interest income with the ease of opening an account without going to a branch.
How to get interest-bearing account income?
In order to obtain interest-bearing deposit income, an account must first be opened in banks that offer the relevant opportunity. You can complete the registration process with customer representatives via the Akbank Mobile application or branches. After the approval process, you need to review current deposit options and rates.
You should evaluate the earning amounts according to the format of the products with the calculation tools offered by the bank. With the help of the tool, you can calculate your return based on your time period and investment amount. It is possible to develop financial strategies by taking into account your savings, needs and appropriate period. Thus, you have successfully completed the planning step.
Once you have made your decision, you need to complete the application process for the deposit account. Once the deposit is opened, the money you will transfer begins to be processed. Your earnings will be reflected in your account at the end of the period, provided that you do not close the account during the maturity period. You can follow your transactions and earnings calendar via the bank’s mobile application.
Term deposit application requirements
Before applying for a time deposit account, you must meet some basic requirements. You can open a time deposit by following conditions that cover many different situations, from the process of becoming a bank customer to meeting the lower limit range. The conditions for opening an interest-bearing account are as follows:
- You must have an active account at the bank where you will invest and there must be no blockages.
- The interest rate depends on the amount the customer will transfer to the account. At the same time, the maturity period also has an impact on the amount of earnings.
- In order to actively benefit from interest income, you should act in accordance with the monthly and annual calendar of your investment. However, it is possible to protect your income without disrupting the maturity date with options such as flexible accounts.
- The upper limits of the rates are determined within the campaign conditions. Therefore, there are different profit ranges for each product.
- The rate table offered in campaigns varies according to current market values.
- Futures account products can be offered in different formats. Earning amounts and conditions vary depending on the product content.
You can make strategic deposit investments within the framework of the conditions and evaluate your savings with a low risk rate. Thus, it becomes possible for you to achieve profitable results.
Things to consider when opening a time deposit
To use time deposit accounts as an effective financing tool, you should pay attention to some basic details. Acting on the basis of maturity periods, benefit conditions and current interest rates will provide advantages in your investments. The points you should pay attention to during the account opening and usage process are as follows:
- There are different interest ranges for each campaign and product format. You should evaluate all options effectively before making a decision.
- Rates may change as a result of current market values. When opening your account, you should carefully review the values specified on the screen.
- Closing or cashing out the account before the maturity period expires will prevent you from withdrawing your earnings. Therefore, when determining the time period, you should take strategic action according to your needs.
- Withholding tax rates are applied to your earnings. At this point, you can consider options such as the 5% withholding tax discount offered by Akbank for annual maturity investments.
You can successfully benefit from the products to achieve financial returns, subject to consideration. Thus, in addition to utilizing your savings, you will also have the opportunity to earn additional income. You can visit Akbank Mobile to benefit from advantageous campaigns.