banking Calculator
Savings Interest Calculator
Calculate interest earned on your savings account. See how your savings grow with daily, monthly, or quarterly interest.
₹1,00,000
₹
₹1,000₹10,00,00,000
%
110
months
1120
Results
Interest Earned
₹0
Final Balance
₹0
Effective Annual Rate
0.00%
How to Use Savings Interest Calculator
- 1
Enter average account balance
- 2
Input savings account interest rate
- 3
Specify time period
- 4
View interest earned
Savings Interest Calculator Formula
Interest = (Principal × Rate × Time) / 100 for simple; With compounding for quarterlyExample Calculation
Input Values
Average Balance
₹1,00,000
Interest Rate (Annual)
3.5 %
Period
12 months
Results
Interest Earned
₹3,546
Final Balance
₹1,03,546
Effective Annual Rate
3.55%
Frequently Asked Questions
How is savings account interest calculated?
Banks calculate interest on daily balance and credit quarterly. Most pay 2.5-4% per annum.
Is savings interest taxable?
Yes, but deduction up to ₹10,000 (₹50,000 for seniors) is available under Section 80TTA/80TTB.
How to maximize savings interest?
Maintain higher balance, use high-interest savings accounts from small finance banks (6-7% rates).