Savings Account Interest Calculator

₹ 5000 ₹ 2000Cr
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MM
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Total Amount including Interest

₹0

Rate of Interest*

3%

My Savings Amount

₹0

Interest Earned

₹0

Savings Account Interest Calculator is an important financial planning tool that helps you understand the interest earned on your savings. If you are wondering how much interest the money in your savings bank account is earning for you, use this calculator and adjust your savings to avail maximum interest benefits. This tool enables you to plan your finances better by showing the growth of your savings and helping you make informed decisions about depositing your funds.

Using a Savings Interest Calculator

The interest rate calculator will help you determine the amount of interest you will earn based on your savings. You can set your savings goal depending on your long-term or short-term financial goals. The tool is easy to use and only requires you to enter your current balance and time duration. The calculator automatically displays the interest rate applicable to your Savings Account.

To use our Savings Account calculator, you just need to:

  • Enter your account balance.
  • Enter the time duration for which you can hold the amount.
  • It will automatically calculate the interest you will earn.

How does the Savings Interest Rate Calculator work?

This investment growth calculator relies primarily on these three factors:

  • Account Balance
  • Interest Rate
  • Duration

Interest on Savings Accounts is calculated using the daily balance method, which applies the interest rate to the balance at the end of each day based on the following formula:

Daily Interest = Daily balance x Interest rate / Days in the year

The interest is calculated on the balance maintained in a Savings Account daily and is credited to your account quarterly.

Benefits of Axis Bank Savings Account Interest Calculator

Axis Bank’s Savings Account Interest Calculator will be your perfect financial goal planner and help you chalk out an accurate financial plan. These are some of the key benefits of our calculator:

  • The calculator offers unparalleled accuracy to help make a well-projected and accurate financial planning.
  • Its easy-to-use interface saves you a lot of time and effort and solves your financial queries in just a click.
  • Our tool also aims to promote financial literacy and serves an educational purpose.

Frequently Asked Questions

Yes, the calculator is easy to use and only requires you to enter your account balance, interest rate, and time in years.

Banks typically calculate interest by using the Daily Interest formula, which is:

Daily Interest = Daily Balance x Interest Rate/Days in the year.

The interest is calculated daily on the balance maintained in your Savings Account and is credited to your account on a quarterly basis.