The minimum fixed-term investment figure from which banks must report the movements of their clients has just been raised
By iProfessional
19/04/2023 – 18,49hs
Investments in fixed term and the dollar hoarding are the forms of saving more popular among Argentines since they can be alternatives against inflation.
Those who choose the fixed term depositsshould be aware of increases or changes in the interest rate carried out by the Central Bank of the Argentine Republic.
But that is not all: in addition, it must be taken into account that the AFederal Administration of Public Revenues (AFIP) Investigate the investments you make from a minimum amount
AFIP investigates your investment in a fixed term from this amount
Currently, banks must report the movements of user accounts and cards from a minimum amount. The same goes for fixed-term investments..
The AFIP informed that the financial entity will have to communicate the total accumulated amount of the established term deposits in the monthly information period, when it is equal to or greater than $200,000, while until now it was $90,000. This will be from May 1st.
This amount of $200,000 is monthly and includes all types of accreditation. In other words, the rule also applies to savings accounts, salary or social security accounts, and special accounts.
The financial entity must report the accumulated amount of time deposits when it is equal to or greater than $200,000
In this way, based on this provision, financial entities must inform the AFIP of movements when the total accumulated amount of monthly accreditations or withdrawals in Argentine or foreign currency is equal to or greater than $200,000. They must also inform the balances of the accounts reached by the norm that on the last business day of the reported monthly period, are equal to or greater in the month -in absolute values- than $200,000.
In addition, the apartment went up to $120,000 so that these same entities communicate to the AFIP about the consumption made with debit cards.
The new floors were set through resolution 5349/2023 that was published in the Official Gazette.
How much is the interest rate for a fixed term?
Currently, deposits to fixed term they have one interest rate of 78% per year. This rate corresponds to deposits of up to 10,000,000 pesos from individuals.
With a nominal annual rate (TNA) of the 78%time deposits have a interest of 6.41% per month.
The effective annual rate (EAR) that is of 113,2%, is significantly higher, since it exceeds the consumer price index (CPI) expected for 2023, the Survey of Market Expectations (REM) estimates that it will be between 100 and 102.9%.
The BCRA is expected to increase the interest rate for time deposits due to inflation.
The effective annual rate is obtained in the case of renew the fixed term every 30 daysinvesting the initial capital and the interest earned in each month for a consecutive year.
How much interest does a 30-day fixed term pay?
Taking into account that the nominal annual rate For fixed-term investments it is 78%, and the nominal monthly rate It is 6,41%the interest that will be earned monthly can be calculated.
If an initial deposit of $200,000 in a 30-day fixed term, will be obtained 12,821.92 pesos of interest, contemplating the initial capital, the total amount of money will be 212,821.92 pesos.
In the event that a investment to 30 days, but what do I know reinvited the initial capital and constantly accrued interest for 12 months, will get a total capital of 426,400 pesosof which $200,000 correspond to the original deposit and $226,400 to the interest generated.
