For the rest of the fixed-term deposits of the private sector, the guaranteed minimum rate will be 61%, which represents an effective annual rate of 91%.
This means that if a person makes a fixed term of $100,000 for 30 days, at the end of the term he will receive $106,250, that is, the $100,000 that he had deposited at first plus an interest of $6,250.
However, if you decide at the end of that month to make a new fixed term for 30 days with the initial money plus the $6,250 earned in interest, you will obtain $112,890 at the end of the term, that is, the $106,250 deposited at the beginning of the month plus a interest of $6,640.
In case there are no changes in the interest rate during the next year, if before each expiration the person makes a new fixed term for 30 days with the initial capital and the interest earned, in 12 months he will have $ 207,000
That is, the $100,000 initially deposited plus interest of $107,000.
Fixed terms: how much each bank pays
Source: Ambito
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