How can you live with 1 million yuan in a bank and only live on “interest”?

2022-04-29 0 By

We all know that saving money is one of the most important things in Chinese minds.According to data released by the former central bank governor, although China’s savings rate has been declining in the past decade, it also remains at around 45 percent today.Globally, this is not the highest savings rate, but it is one of the top five.Especially after the outbreak of the “Black Swan” event in recent years, people’s lives have been affected to varying degrees, and their awareness of saving has become stronger.As people usually have something to do will go to the bank to deposit thousands of, tens of thousands of yuan, so China’s RENMINBI deposits are also growing.Seeing this, some netizens may wonder how much savings Chinese people have today.By the end of last year, the balance of Chinese people’s deposits stood at 232.5 trillion yuan, with RMB deposits increasing by 19.68 trillion yuan, up 32.3 billion yuan from the same period a year earlier, according to financial data released by the People’s Bank of China in January 2022.Household deposits rose 9.9 trillion yuan, and now stand at about 103.34 trillion yuan, according to central bank data over the years.On average, almost 73,290 yuan was saved per person.See this per capita deposit number, believe the first reaction of most people is oneself again “by average”, the second reaction is this 73290 yuan enough to do?After all, after saving money, the second most important thing in Chinese minds should be buying a house.According to the data released by the National Bureau of Statistics, the sales amount of commercial housing in China last year was 18.193 billion yuan, and the sales area was 1,79433 million square meters.According to the calculation, the average house price in China is now around 10000 yuan.It can be seen that if you buy a house of 100 square meters, you need about 1 million yuan.There seems to be a big gap between the savings per person and the house they want to buy.Therefore, some people think that the savings of more than 70,000 yuan per person does not seem to have much effect.Now, some of you might wonder, well, since saving more than $700,000 doesn’t make a difference, what about saving $1 million?The house is certainly bought, if not buy a house, how much interest can deposit bank, enough for the future life?So what’s the interest on a million dollars in a bank and for that question, let’s first look at what’s the interest on a million dollars in a bank.According to the benchmark interest rate set by the central bank, it is divided into current interest rate table and fixed interest rate.The annual interest rate is 0.3 percent for current accounts, 1.75 percent for one year, and 2.75 percent for more than two years.So we know that if you deposit 1 million yuan, the interest is only 3,000 yuan a year.If you deposit for a year, the annual interest is about 17500 yuan.If you save for more than two years, according to the annual interest rate, you can get 27,500 yuan a year, or 2,292 yuan a month on average.Although the interest earned on a fixed deposit of more than two years is over 2,000 yuan, which seems quite a lot.Now most of the college students a month’s living expenses are almost the same amount of money, if usually save a little, a month down not only life is very moist, and may still have surplus.But leaving the ivory tower of college seems to be a different story.Chinese residents spent an average of 24,100 yuan last year, or 2,009 yuan per month, according to the latest data on consumer spending and income released by the National Bureau of Statistics.The average consumption of urban residents is 30,307 yuan, or 2,526 yuan per month.Rural residents spend 15,916 yuan on average, or 1,326 yuan per month.Judging from the above data, a million yuan of interest saved for more than two years in rural areas should lead a very good life if it is just for daily expenses.But if you live in the city, the interest of 2,292 yuan should not be enough to live on.Especially in the super first-tier cities like Shanghai, even the most basic life may not be able to maintain.After all, Shanghai residents spent an average of 48,879 yuan last year, up 6,343 yuan from 42,536 yuan the year before, according to data released by the city.On average, they spend 4,073 yuan a month.So, if you really want to live on interest, you can choose the countryside and the third and fourth tier cities, but not the big cities like Shanghai.In general, since the data used above are average data, it cannot represent all places.In addition, depending on the different habits of life, some people may feel inadequate.Therefore, if you feel that it is not enough, it is suggested that you can use 1 million yuan for investment and financial management while finding a relaxing job to kill time and obtain stable income.However, it is worth mentioning that investment and financial management is good but risky, so people without professional knowledge in this respect, do not easily choose to try.(This article is originally produced by Thumb Finance, please do not reprint without permission.Offenders will be prosecuted!