Calculate your deposit returns easily
Find out your gross and net interest returns quickly in your browser by entering principal, annual interest rate, and term duration.
Deposit Interest Calculator Tool
Investment Details
Advanced Options (Tax)
Tax rates vary depending on term length and currency. Used to calculate net return.
Calculation Result
Fill in principal and interest rate to see the calculations.
* This tool provides approximate results based on general formulas. Real payments might slightly differ depending on the bank's day calculation method (e.g. 360/365). When months are selected, 1 month is calculated as 30 days.
Why Covrixa?
How It Works?
Calculate how much return you will get from the bank in a few simple steps by entering principal, interest rate, and term.
Enter principal
Type the main amount you will deposit into your account without commas or dots.
Set the term
Choose how long you will keep your money in the bank. You can enter in days or months.
Type interest rate
Indicate the annual interest rate offered by the bank. You can also add withholding tax optionally.
See your return
Net and gross returns along with total amount at maturity are calculated instantly as you type.
About Deposit Interest Calculator
Covrixa Deposit Interest Calculator is a financial tool that allows you to foresee how much your savings will earn in a time deposit account. By simply entering your principal, annual interest rate, and term duration, you can view your potential gross and net returns in seconds. Term deposits are one of the most widely used investment vehicles in Turkey, offering a low-risk option especially suitable for short-term savings.
The calculations are based on standard time deposit logic using simple interest. When you enter a withholding tax rate in Advanced Options, the tool estimates your net return based on the rate you provide. Compared to other investment types, deposit interest typically carries lower risk, but it is important to evaluate whether the returns provide real gains after inflation. Unlike stocks or cryptocurrency, time deposits offer capital protection and predictable returns.
Deposit interest calculation is particularly useful when comparing bank offers, choosing the right term, and doing tax planning. The daily average net return metric makes it easy to compare your deposit returns with other investment types. Our tool is also helpful for household budget planning, emergency fund management, and short-to-medium term financial goal setting.
Privacy Note: Your financial calculation inputs are not sent to Covrixa servers; calculations run in your browser. Third-party analytics services such as Google Analytics may be used to measure site performance.
What is the formula?
Gross Interest = Principal × (Interest Rate / 100) × (Days / 365). Tax is subtracted from this if entered.
Does it calculate compound interest?
No, this tool calculates simple deposit interest for a single term. Use our Compound Interest Calculator for regular additions.
What is Withholding Tax Rate?
It is the tax deducted by the government from the interest income earned. Rate may vary depending on term and currency.
Deposit Interest Calculation Formula
Deposit interest is the return your deposited money earns over a fixed term. In Turkey, deposit interest calculations include withholding tax (stopaj), so there is a difference between gross interest and net return.
Basic Deposit Interest Formula:
Net Return = Principal × (Interest Rate / 100) × (Days / 365) × (1 - Withholding Tax Rate)
Withholding Tax (Stopaj) Rates (2026):
- Up to 6 months term: 5% withholding tax
- 6 months - 1 year term: 3% withholding tax
- Over 1 year term: 0% withholding tax
Withholding tax is deducted from your gross interest income and paid to the government. As the term lengthens, the rate decreases, incentivizing longer-term investments. Demand deposit accounts carry a 5% rate. Foreign currency accounts (USD, EUR) may have different rates. The difference between simple and compound interest is: simple interest is calculated only on the principal, while compound interest adds earned interest back to the principal for subsequent periods. This calculator uses the simple interest method.
Example Calculation Scenario
Let us walk through a real-world example to see how deposit interest is calculated step by step. You can test these exact figures in our calculator.
Scenario: Alex wants to deposit 100,000 TRY for 32 days. The bank offers an annual interest rate of 45%. Since 32 days is under 6 months, the withholding tax rate is 5%.
- Gross Interest: 100,000 × (45 / 100) × (32 / 365) = 100,000 × 0.45 × 0.08767 = 3,945.21 TRY
- Withholding Tax: 3,945.21 × (5 / 100) = 197.26 TRY
- Net Interest: 3,945.21 − 197.26 = 3,747.95 TRY
- Total at Maturity: 100,000 + 3,747.95 = 103,747.95 TRY
As shown, Alex earns a net interest of 3,747.95 TRY after 32 days. The daily average net return is 3,747.95 / 32 ≈ 117.12 TRY. Since the withholding tax rate is 5%, only 5% of the gross interest goes to tax, and Alex keeps the remaining 95%.
For comparison, using a 400-day term (over 1 year) with the same principal and rate would incur 0% withholding tax, making the net return equal to the gross interest. This illustrates how longer terms benefit from lower tax rates.
Frequently Asked Questions
What is a deposit interest calculator?
A deposit interest calculator helps you calculate the gross and net interest returns you will earn on your principal based on a given interest rate and term duration for a time deposit account. It is primarily used to compare different bank offers, determine which term works best for your needs, and estimate your post-tax return in advance.
With this tool, you can evaluate different interest rates, term options, and withholding tax rates from various banks simultaneously to find the most suitable deposit strategy. For example, you can compare the net return difference between a 32-day term and a 180-day term, helping you decide how long to lock in your funds.
The daily average net return metric also helps you compare deposit returns with other investment types such as stocks, foreign currency, or gold. This supports portfolio diversification decisions without relying on a single investment vehicle.
Should the interest rate be annual or monthly?
The interest rate entered in this tool should be the annual rate (%). Banks generally announce deposit interest rates on an annual basis. For instance, a "42% annual interest" offer means the rate you would earn if your money were deposited for a full year. However, when you enter the term in days or months, the tool proportionally adjusts the annual rate to give you the correct result for any term length.
For example, with an annual rate of 45% and a 32-day term, the tool calculates the gross interest by prorating the annual rate to 32 days. This ensures accurate results for any term you choose. While a few banks may use monthly rates, the standard practice in Turkey is to quote annual rates.
When making investment decisions, consider not only the interest rate but also the withholding tax rate, rollover conditions at maturity, and whether your bank uses a 360-day or 365-day calculation method.
What is withholding tax and how is it calculated?
Withholding tax (stopaj) is a tax deducted from interest income by the government. When interest accrues on your time deposit account, the bank deducts the withholding tax from the gross interest and deposits the net amount into your account. The bank pays the tax directly to the tax authority on your behalf.
As of 2026, Turkish lira deposit withholding tax rates are: 5% for terms up to 6 months, 3% for terms between 6 months and 1 year, and 0% for terms longer than 1 year. Foreign currency accounts (USD, EUR) have different rates. In this tool, you can enter the withholding tax rate under "Advanced Options" or use the default rates. The calculation formula is: Tax = Gross Interest × (Tax Rate / 100).
Withholding tax rates may change periodically through government regulations. It is recommended to check current rates and update them in the tool if necessary.
Is my data stored on the server?
Your financial calculation inputs are not sent to Covrixa servers; all calculations run entirely in your browser (client-side). This fully protects the privacy of sensitive financial information such as your principal amount, interest rate, term duration, and tax rate. No data is shared with third parties or stored server-side.
Third-party analytics services such as Google Analytics may be used to measure site performance and improve user experience. However, these services only collect anonymous data such as page views and user interactions; they cannot access your financial calculation inputs. Google AdSense advertisements may also appear on the page.
When you close the page or your browser, all entered data is erased. Since we do not require account creation, registration, or login, no records of your financial data are kept. You can use the calculator with confidence and peace of mind.
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