Hey @RDX ! Hope you’re having a great day! You may find the required answer below.
Case Scenario: User has deposited INR 10,00,000 in NiyoX - Equitas SA.
The first one lakh rupees will earn 3.5% interest and the remaining nine lakhs will earn 7.0% interest. Below is how to calculate the same:
In NiyoX, the interest payouts are paid on quarterly basis,
The first INR 1,00,000 will earn 3.5% interest p.a . Here’s how to calculate the same,
(3.5/100) x (1,00,000) x (0.25) = ₹875 (This is the exact amount payout on quarterly basis)
The rest INR 9,00,000 will earn 7% interest p.a. Here’s how to calculate the same,
(7/100) x (9,00,000) x (0.25) = ₹15,750 (This is the exact amount payout on quarterly basis)
If both the payout segments are combined, you earn a total of ₹16,625 per quarter.
So, multiplying the same by 4, you earn ₹66,500 per year at a cumulative interest of 6.65% p.a if you deposit INR 10,00,000.
Here’s how to calculate the cumulative interest:
((((3.5/100) x (1,00,000)) + ((7/100) x (9,00,000)))/10,00,000) x 100 = 6.65%
You earn ₹182.6 per day which earns you a cumulative interest of 0.01826% per day
You earn ₹5541 per month which earns you a cumulative interest of 0.5541% per month
Hope this helps you calculate and manage your funds in a better fashion. If you do have further queries, feel free to reach out to us!
P.S: Interest is calculated on End of Day balance.