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The government took the astounding decision to cap the interest on the e-DEPO account at 2.5 percent of the total. Today the fee is still 3.1%, which means it will be down 60 basis points from next month.
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Why is this important?
In recent months, the Bureau of Depository and Forwarding’s e-DEPO account has drawn attention because this account brings in more money than bank savings books. The government is now cutting revenue.In the news: The government is concerned about the impact of interest on the e-DEPO account on government finances and has therefore decided to cap the savings allowance.
- Because of the amendment to the law, interest rates will drop to a total of 2.5 percent next month, compared to 3.1 percent today. Thus, the savings allowance decreases by 60 basis points.
- You still have to pay a 30 percent withholding tax on your savings allowance, and as a result your net allowance drops from 2.17 to 1.75 percent in May.
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