Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Community

A one-stop forum for all your banking questions

32 Days Notice Deposit

Reply
GuguM4
Occasional Visitor
Can someone explain to me in simple terms...
So R1 000 000.00 in 32 day at an interest of 6.65% will pay out R66 500.00 does this mean you get it every month as is or the R66 500.00 is divided by 12 months?
0 Kudos
Reply
1 REPLY 1
Mkhululi
New Contributor
it is divided by 12 months, but when you add the interest at the end of the year, it will likely be more than R 66 500 as it will be compounded monthly, unless the interest rate decreases during the 12 month period....
0 Kudos
Reply