Instruction

1

The rate

• Interest on ruble deposits in banks, exceeding the rate

• The tax base from income from savings percentage under the credit agreement, calculated as the difference between 2/3 rates

• 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

• In civil-legal relations if either party fails to fulfill obligations under the agreement, the other party has the right to charge

**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.2

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.3

Adding these figures, calculate

1. Divide the rate

2. The resulting value and multiply by the number of days of delay

3. The resulting percentage and multiply by the amount of debt.

**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 year2. The resulting value and multiply by the number of days of delay

3. The resulting percentage and multiply by the amount of debt.