About this project
The deposit calculator located on the site Fin-Plus.Ru is the only open resource on the net that calculates both interest income on deposits in Russian banks and tax amount withheld by those banks. The calculation takes into account the following features:
- Interest taxation rules are defined by the 23rd Chapter of Russian Tax Code "Personal Income Tax" (see article 214.2, article 217 paragraph 27 and article 224). The legislation is not an unchangeable matter and is being amended regularly. The calculation is made according to rules effective as of income accrual date.
- The taxable part of interest income depends on the central bank refinancing rate. Russian Central Bank changes this rate periodically. The calculation uses the rate as of income accrual date.
- Income tax rate depends on whether the taxpayer is a Russian tax resident or not. Those who physically live in Russia 183 days a year or more (citizenship does not matter) are considered tax residents and levied at the 35% rate. Non-residents are taxed at the 30% rate. (See article 224).
- For tax calculation purpose interest income in foreign currency are revaluated to rubles. Currency rate to use is set by by the Russian Central Bank on income date (see article 210 paragraph 5).
Should these requirements are not taken into account the total income result is not correct especially when there is an interest capitalization.
At the calculation, there is an option to use data from Working Calendar. If chosen in case the last deposit term day is a non-working day, then the deposit is prolongated until the nearest workday.
The new currency rate values are acquired on a daily basis.
This service can be useful when you:
- defining interest income and planning your budget;
- preparing tax return (form 3-НДФЛ);
- comparing the effective profitability of deposits made in different Russian banks on different conditions.
While calculating future period income the system will use law revision, refinancing, tax and currency rates as of current (calculation) date. If one of these parameters will be changed later (which will surely happen) then the final result should be also recalculated. In other words, the open deposit calculations made in different days may be different. Other discrepancy sources between plan and fact values are:
- Sometimes it not possible to unambiguously define effective date of a new law amendment.
- Subtotal and total rounding rules.
Calculation results are in the following table format:
|Field name||Field description|
|Date||Date when the income is accrued or paid|
|Day number||Day number when the income is accrued or paid |
(numbering starts with the day following the deposit date)
|Interest income (currency)||Interest income amount accrued or paid on this date|
|Taxable income (currency)||Taxable part of interest income amount that forms tax base|
|Income tax rate (%)||Rate at which the income is taxed|
|Tax amount(currency)||Tax amount withheld by a bank at income accrual or repayment|
|After tax income (currency)||Net income after taxes|
|Currency rate |
(Russian Central bank)
|Rate set by Russian Central Bank on income date|
|Taxable income (rubles)||Taxable part of interest income revaluated on central bank currency rate on income date, i.e. tax base in rubles|
|Tax amount (rubles)||Tax amount in rubles withheld by bank on income date|
|Field name||Field description|
|Amount repaid on maturity||comprises of deposit amount plus after tax interest income amounts|
|Effective interest rate||is a relation of after tax interest to initial deposit amount (in proportion to the deposit term). This rate coincides with rate on deposit which has neither interest capitalization nor taxation.|
Deposit income calculation made by the use of this site is not an any form guarantee that such income amount will be ever received. The site author is not associated with any banks and is not responsible for consequences of using calculation results or impossibility to use this resource information.
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