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Syrian Pounds Time Deposits:

To know the interest rates applicable to Syrian pounds deposits please click on “commissions in Syrian Pounds”.

N.B the minimum amount of the deposits in Syrian Pounds is 50 000 S.Ps.

Upon breaking the deposit prior to maturity date, even though by just one day, no interests are applied to the whole amount.

Case study for calculating the interests applicable on a time deposit account:

A time deposit account was opened on 6/9/2006 in the amount of 500 000 S.Ps for a month and applicable interest rate is 7.5 %:

The interest is calculated as from the day next to the date of the depositing time that is from 7/9/2006. Consequently, maturity date of the interests will be on 7/10/2006, i.e. 30 days subsequent to the depositing time out of 365 days of the annual interest rate 7.5 %. (The days of the month weather 30, 31 or 29 if it happens in February, should be accounted for, and holidays should be taken into consideration as well).

If the amount was deposited on Thursday, calculating the accrued interest starts as from the next working day.

If, upon maturity date of the deposit, the customer wanted to renew the deposit, the new interest rate set by the Credit and Fund Council, in case the interest rates were changed, will apply:

(500000*     7.5 %*     30 day / 365)  = 3082.19  S.Ps.

Taxes levied on the yields of negotiable capitals are collected (to be forwarded to the ministry of finance) in the rate of % 7.5 of the accrued interest’s amount i.e.:

(3082.19*   7.5 %)   = 231.16                            S.Ps tax levied on yields.

Domestic administration tax is deducted from the taxes collected by the ministry of finance in the rate % 10 of the levied tax amount i.e.:

(231.16*     10 %)   =   23.12                               S.Ps. is the amount of the domestic administration tax.

Thus, net interest amount, after tax collection, will be as follows:

(3082.19 – 231.16 – 23.12 )  =  2827.91             S.Ps. the net accrued interest

Saving Accounts Interests:

Delay interest rate:

Up to 1 million:        5 %.

Above 1 million:       3 %.

The minimum amount required for opening a saving account is 10000 S.Ps. a customer has the right to open just one account in the banks distributed throughout the country weather it was a private or a resident bank.

Case study for calculating interests accrued to saving accounts

A saving account was opened on 3/5/2006 S.ps in the amount of 500000 S.Ps. Interests are to be accrued as from 4/5, till 30/6, since annual interests are calculated twice /a year, at the end of June 30/6/2006 and in the last month of each year.  Therefore the number of days for which interests are calculated is, up to 30/6/2006, 57 days.

(500000*  5  % *   57 days)/ 365  =   3904.11        S.Ps

Taxes levied on the yields of negotiable capitals are collected (to be forwarded to the ministry of finance) in the rate of 1.5 % of the accrued interest’s amount .i.e. just 20 % of the accrued interest’s amount while the remaining 80 % is tax frees according the following:

(3904.11*     1.5 %)  = 58.56                                   S.Ps.      Levied tax on yields.

(3904.11*     20 %*  7.5 %)  = 58.56                       S.Ps.      Levied tax on yields.

Then domestic administration tax is collected in the rate of 10 % of the tax levied on yields as follows:

(58.56*  10 %)    =    5.86                    S.Ps.  Levied domestic administration tax.

The net interest = the interest – tax on yields- domestic administration tax:

(3904.11 – 58.56 – 5.86) =        3839.69          S.Ps.  the amount of net interests.

Interests accrued on Current (on demand) Accounts in S.Ps:

Private sector 1 %, Public Sector 0.5 %.

Interests accrued on current (on demand) accounts are calculated on 30/6 and on 31/12.

Case study for calculating interests accrued on current accounts:

A current accont was opened on 2/6/2006 in the amount of 100000 S.Ps: calculating the accrued interest starts as from 2/7 until 30/6/2006

The period’s number of days in this case = 143 days out of 365 days:

(100000*  1 % *  143 days)/ 365  = 391.78         S.Ps.

Levied taxes on the yields of negotiable capitals are collected (to be forwarded to the ministry of finance) in the rate of % 7.5 of the accrued interest’s amount.

Levied Tax on Yields:

(391.78*  7.5 %)   = 29.38                                    S.Ps Levied tax on yields

Then the domestic administration tax is collected in the rate of 10 % of the tax levied on the yields of the capitals, as follows:

Domestic Administration:

(29.38 *  10 %   =      2.94)                                 S.Ps. domestic administration.

The net interest = the interest – tax on yields- domestic administration tax:

(391.78 – 29.38 – 2.94 = 359.46)                       S.Ps  accrued net interest.

Interests of Deposits in Foreign currency:

To know applicable interest rates click on the page of “commissions in foreign currencies”:

Case study: calculating the accrued interests on time deposits accounts in U.S $:

A deposit account was opened on 6/9/2006 from a current account- transfers in U.S $- for a month; the applicable interest rate is, as set by the General Administration, 2 %, the minimum amount required for opening a deposit account.

Calculating the accrued interest starts after 2 Syrian European working days, e.g.

If 6/9/2006 coincides with Thursday, the next working days in Syria and Europe, since Friday, Saturday and Sunday are, respectively, holidays in Syria and Europe will be Monday and Tuesday. Thus calculating the interest on the deposit starts on Wednesday 12/9/2006 and maturity date will be 12/10/2006 and the number of the days for which the accrued interests are calculated will be 30 days out of 365 days with 2 % annual interest rate:

Case study for the above mentioned deposit for one month:

$                                  8.22 = 365/ (30 days 2 % * 5000 *)

Levied taxes on the yields of negotiable capitals are collected (to be forwarded to the ministry of finance) in the rate of % 7.5 of the accrued interest’s amount

The finance Tax:

$                                  0.62 = ( 7.5 %  = 8.22 *)

hen the domestic administration tax is collected in the rate of 10 % of the tax levied on the yields of the capitals.

Domestic Administration tax:

Domestic Administration $          0.06 = ( 10 %    0.62 *)

The resulting interest, after tax levy will be:

The net interest $         7.54 =         (0.62     -     0.06   - 8.22) %

Whereas if the current account was in banknote, it is deducted from the original interest at a rate of 0% 04 and the interest will become 1.992 % instead of 2 %.

If the deposit was broken, prior to maturity date on 9/9, the interest of the current account will be 1.75.

Whereas calculating the margin of the interest on banknotes at a rate 0% 04 of the original amount of the interest is carried on according to the following:

Example:  In a banknote deposit for one month, we deduct the 0% 04 margin of the interest from the interest rate:

The moth’s interest rate 2 % * the margin 0% 04 = 0.008

We subtract 0.008 from 2, and the resulting interest after deducting the margin, will be 1.992.