Specific sample figures for monthly interest income based on different interest rates offered by Philippine banks for a 1 million pesos time deposit:
1. **PNB (Philippine National Bank)**¹:
- Interest Rate: **2.125% per annum**
- Monthly Interest Income:
$$ \frac{1,000,000 \times 0.02125}{12} = \text{PHP} 1,770.83 $$
2. **Security Bank**²:
- Interest Rate: **4.31% per annum** (for 1,000,000 – 2,999,999 pesos deposit)
- Monthly Interest Income:
$$ \frac{1,000,000 \times 0.0431}{12} = \text{PHP} 3,591.67 $$
These figures are based on the annual interest rates provided by the banks and calculated using the formula for monthly interest income. Please note that these rates are subject to change and it's best to contact the banks directly for the most current rates. Additionally, the actual income may be subject to taxes and fees as per the bank's policy and local regulations.
Source: Conversation with Bing, 4/10/2024
(1) undefined.
https://www.pnb.com.ph/index.php/time-deposit-interest-rate.
(2) undefined.
https://www.securitybank.com/personal/accounts/time-deposit/peso/.
(3) undefined.
https://pesolab.com/philippine-time-deposit-how-to-get-the-best-interest/.
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https://philippines.deposits.org/accounts/bdo-1-year-time-deposit.html.
(5) undefined.
https://grit.ph/time-deposit/.
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