how is bank interest calculated?

Question

for example, I’ve put in $8000 into the bank with 2% pa. in a month, the interest that I should have gotten is [($8000×2%)/12] = $13.33. however, I received $10.79. is there something wrong with my calculations or is this how banks work?

In: Economics

Answer 1

In some countries there’s a thing called Deposit Interest Retention Tax (DIRT). Maybe that’s why? The calculation would be:

Deposit(1 + interest rate- tax rate)