# How To Calculate Interest Under Article 395 Of The Civil Code Of The Russian Federation

## Video: How To Calculate Interest Under Article 395 Of The Civil Code Of The Russian Federation

If you have the right to receive a certain amount of money, and you received this money with a delay, then, according to Art. 395 of the Civil Code of the Russian Federation, you have the right to compensation by the debtor for the fact that he used your money too much. This compensation represents a certain percentage of the amount.

## Instructions

### Step 1

According to Article 395 of the Civil Code of the Russian Federation, the basis for calculating interest compensating for late payment is the discount rate of the bank interest, otherwise called the refinancing rate. This rate is periodically set by the corresponding instruction of the Bank of Russia. Until June 2010, this rate changed on average once a month, but since then the changes have been much less frequent.

### Step 2

To calculate the interest, you need to find out what the refinancing rate was set by the bank on the day when the monetary obligation was nevertheless repaid (and not at all on the day from which the delay began!). If it has not yet been paid off, it is too early for you to calculate the interest on compensation of the delay, since you have more significant problems associated with obtaining the actual amount of the debt.

### Step 3

If an agreement between you and the opposite party establishes a different percentage of reimbursement of overdue refunds, then you use, of course, this very percentage, and not the bank's discount rate.

### Step 4

The discount rate is set as a percentage per annum. According to the practice of applying the provisions of the Civil Code under consideration, the number of days in a year is considered equal to 360, in a month - 30, unless otherwise established by agreement of the parties. The number of days of delay in the obligation is counted from the day when this obligation should have been fulfilled until the day when it was actually fulfilled, unless otherwise provided by law or contract.

### Step 5

The interest for the use of funds, charged in accordance with Article 395 of the Civil Code of the Russian Federation, is calculated according to the following formula: (amount of the monetary obligation) * (interest rate of refinancing) * (number of days of delay in fulfilling the obligation) / (360 days). For example, you were delayed in payment of 15 thousand rubles for two months. At the end of these two months of delay, the bank's discount rate was 8% per annum. Thus, in addition to these 15 thousand, you have the right to claim interest in the amount of 15000 * 0.08 * 60/360 = 200 rubles.

### Step 6

If you collect interest through the court, then the latter has the right to decide whether to use the discount rate on the day the claim is filed or on the day the decision is made. The court also has the right to increase or decrease the amount of compensation due to you, depending on the actual consequences of the delay in payment.