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YOUR WALLET
Savings end November with positive balance of R$ 684.5 million
Last month's surplus was the result of deposits of R$ 193.3 billion and withdrawals of R$ 192.6 billion - Photo: Marcos Santos/USP Imagens
Brazilians have made more deposits in their savings than withdrawals from them in November. According to the Central Bank, total balance was positive at R$ 684.5 million. The numbers were released this Thursday (6 December). The surplus is the result of R$ 193.3 billion in deposits and R$ 192.6 billion in withdrawals.
With the performance, the total stock of money in savings accounts reached R$ 779.8 billion. In addition to the deposits, a total R$ 2.9 billion in income was added to the stock with interest paid, thus, increasing the total amount saved.
Interest on savings
Interest on savings accounts in Brazil is defined by the Referential Rate (TR), set by the Central Bank, plus 0.5% per month. This formula, however, only applies when the benchmark interest rate (Selic) is at or above 8.5% a year.
When the Selic is equal to or less than 8.5% a year, as is currently the case, the calculation changes: it is the sum of the TR plus 70% of the Selic. The basic interest rate is currently at 6.5% a year.