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SeABank adjusted principles and formula to calculate interest rate of deposits

icon calendar02/01/2018

Based on the Circular No. 14/2017/TT-NHNN dated on September 29th, 2017 issued by State Bank of Vietnam, from January 01st, 2018, SeABank begins to adjust principle and formula to calculate the interest rate of deposits for individual and corporate customers.

Accordingly, the principles will be adjusted as follows: interest rate is calculated by the real balance, interest rate and the number of day within term; interest rate is calculated by %/year (365 days); in case that customers want to close savings, the interest rate is applied to the non-term interest rate according to the regulation of SeABank at time of closing savings. 

The formula of interest calculation based on principle as follows: the interest amount  of the term = total day interest. Of which, the day interest = (the real balance x interest rate)/365, the real balance is the balance at the day of closing savings. 

This principle and formula is applied to all savings product and payment account for individual and corporate customers. In detail, new periodly savings or renewal savings from January 01st, 2018 will be applied the new principle and formula of interest calculation. Those opened before January 01st, 2018 that will be closed from January 01st, 2018 will be applied the old one until the end  of term. For non-term deposit (including payment account and other non-term deposits) will be applied the new principle and formula one. 

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