What is Locked Savings?
FTK's Locked Savings fixed deposit is a product that deposits assets to obtain interest remuneration. When depositing, the user needs to select the duration days, and the principal and interest can be recovered after the expiration. Return, only the principal can be retrieved, and no interest remuneration can be obtained. After the Locked Savings period expires, the principal and interest will be automatically transferred back to the user's spot wallet.
About Locked Savings
- The deposit and interest will be automatically redeemed to the spot wallet on the next day after the expiration date of the Locked Savings, and you will receive a rich interest reward at one time.
- No interest will be calculated on the day of deposit, and interest will be calculated from the day after the deposit is successful. If you purchase a seven-day fixed deposit, the interest will be calculated for seven days from the second day of the deposit.
- You can still redeem the time deposit at any time, but before the automatic redemption on the maturity date, you will not be able to receive interest payment if you redeem early.
- The annualized rate of return of the time deposit in the Locked Savings is not fixed. The actual annualized rate of return will be based on the interest rate announced on the current FTK Earn page.
Annual Percentage Yield of Locked Savings
(Deposit assets * Annual Percentage Yield Return corresponding to the period) / 365 = Interest is expected to be earned every day, and interest will be calculated on the next day after the deposit. Redeem your fixed deposit principal + interest to the spot wallet automatically, and it will truncate to 8 decimal places.
USDT Duration for 30 days with Annual Percentage Yield 6%
When you deposit 100USDT to Locked Savings on 4/30, and interest will start to be accrued for you on 5/1. The actual interest accrual period is from 5/1 to 5/30, and the early morning of the next day after the period expires In the early morning of 5/31, your fixed deposit principal and interest income will be automatically redeemed to the spot wallet. The trial calculation of your expected interest income is as follows:
=[(Deposit amountAnnual Percentage Yield)/365]Duration
=[(100*6%)/365]*30 = 0.49315068 USDT