Result
Interest income
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This calculation is for informational purposes only and does not replace advice from a qualified professional. Formulas and rates may not fit your exact situation — double-check the figures before making decisions.
How it is calculated
Interest = deposit amount × annual rate ÷ 100 × term in days ÷ 365. This is simple interest: it accrues only on the original deposit amount, not on interest already earned — there's no capitalization adding it back to the base for the next accrual.
This calculation fits deposits where interest is paid out at the end of the term or transferred to a separate account rather than folded into the deposit. If the deposit's terms capitalize interest (adding it to the balance so it also earns further interest), the income will be higher — compute that with the separate compound interest calculator.
The term is entered in days and divided by 365 — a common but not universal convention: some banks count a 360-day year. The final amount may differ slightly from the bank's own calculation depending on the exact accrual method in the contract.