The rate of refinancing establishes the Central Bank of the Russian Federation. Without going into economic details of the definitions and mechanisms of interaction of the Central Bank with other banks, the rate of refinancing can be defined as a percentage value, under which the Central Bank lends to commercial banks. In addition, however, the rate of refinancing is used in other monetary areas:
• Interest on ruble deposits in banks, exceeding the rate of refinancing on 5 or more items are subject to tax on income of physical persons;
• The tax base from income from savings percentage under the credit agreement, calculated as the difference between 2/3 rates of refinancing and the amount of interest on the loan.
• In case of violation of terms of payment of obligatory payments – taxes and fees – a penalty is charged, the amount of which is calculated as 1/300 part of the rate of refinancing for each day of delay;
• In civil-legal relations if either party fails to fulfill obligations under the agreement, the other party has the right to charge interest at the rate of refinancing in the amount of the debt, unless otherwise provided by contract.
In the last of these cases the need to calculate interest at the rate of refinancing occurs most frequently. For this you need to clarify 3 things. First, the current size of the rate of refinancing. Second, the number of days allowed by the contractor of delay. Thirdly, the exact amount of incurred debt. The current rate of refinancing can be viewed on the website of the Central Bank.
Adding these figures, calculate interest at the rate of refinancing is quite simple. To do this, perform three mathematical operations:
1. Divide the rate of refinancing by the number of days in a year
2. The resulting value and multiply by the number of days of delay
3. The resulting percentage and multiply by the amount of debt.