This **Savings Account Interest Calculator** helps you to know how much interest you can get in your savings account on daily basis.

Interest in your savings account is calculated on daily basis on the lowest balance of the day and is credited after every quarter. Hence we get quarterly compounding in our savings account in India.

**Download Savings Account Interest EXCEL Calculator from here**

### Download our Android App FinCalC to see more details of your Savings Account Interest

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**ALSO READ: Latest Interest Rates in Post Office Schemes**

## What is Savings Account Interest Calculator

Savings Account Interest calculator is a free online calculator that helps you to calculate interest in your Bank’s Savings Account. This will help you to make an estimate about how much interest you can expect from savings account based on your balance, interest rate and number of days you are able to maintain balance in your account.

**It is important to note that Interest in your savings account is calculated daily on the lowest balance using simple interest.**

So in case you make a debit (withdraw money) on a particular day, the lowest balance in your bank account will be realized and interest will be calculated on lowest balance on that day.

In case of credit (Deposits), the lowest balance will be before the credit was made and hence the new balance after deposits will be considered from next day for interest calculation.

## How to use Savings Account Interest Calculator

You can easily calculate interest in your savings account using above calculator for FREE. Below are the steps you should perform:

- Provide your current Bank Balance in Balance field
- Update the Interest rate in your Bank’s savings account – annual interest rate
- Provide the number of days for which you want to know the estimated interest for mentioned balance, interest rate and number of days
- Once you provide above details, your calculated interest in savings account will be displayed in Interest Amount field

So easy! Isn’t it? Share with your friends so they can also calculate their savings account interest.

## How Calculator works

Most important question is how Savings Account interest calculation works? Is there anything you need to know apart from the information I have given till now.

So if you are curious to understand how interest is calculated in your savings account, you need to do some math so that we can learn it in a better fun way!

2 points to consider:

- Interest is calculated daily in your savings account
- Lowest balance is considered for that day’s interest calculation

Let’s take an example: Let’s say your Bank Balance is Rs. 1 Lac, interest rate is 3% and number of days = 10 for which you want to know how much interest you’ll get with these numbers. Below are the steps to perform:

- Divide your annual interest rate by 365 to get 1 day interest rate
- So 3% / 365 days =
**0.00822**(day’s interest rate) - Now since we have day’s interest rate, we can easily calculate one day interest using below formula
- Interest = Balance * Day’s Interest Rate / 100 = Rs. 1,00,000 * 0.00822 / 100 =
**Rs. 8.21** - This amount can then be multiplied by number of days to get total interest amount for those days – Rs. 8.21 * 10 =
**Rs. 82.1**

And this is what we see in our calculator as well: *Amount rounded off*

## Tips to increase Savings Account Interest

So now you have understood how to calculate interest in your savings account, you would be wondering is there any tips or tricks to maximize interest amount in your savings account?

There is one! Thank me later when you implement it in your real life.

**The tip to maximize interest amount in savings account is to keep the balance for more number of days and withdraw only when it is required. Let’s say you want to withdraw Rs. 1 Lac and need it after 2 weeks, then you should delay the withdrawal process to at least a week or more so that you get interest amount on the money you are supposed to withdraw for those extra days. **

It looks like it will be small interest money for small amount of withdrawals, but in case you plan to withdraw amounts in lacs, you can delay it for sure until it is required to gain additional interest money for few more days ðŸ™‚

## Income Tax on Savings Account

If your age is below 60, up to FY 2021-22, you get tax free interest amount in your savings account up to Rs. 10,000 in a financial year under section 80TTA. Which means you don’t have to pay any tax on interest up to Rs. 10,000 in a financial year.

For senior citizens above 60 years of age, the limit is Rs. 50,000 under section 80TTB for which they don’t pay any tax on this interest amount in a financial year.

While filing ITR, you should mention savings account interest and claim it under appropriate section based on your age.

## Income Tax Calculation FY 2023-24 Video

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Found this **Helpful**? **DONATE any amount **to see more useful Content. **Scan below QR code **using any UPI App!

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## Income Tax Calculator App – FinCalC

For Income Tax Calculation on your mobile device, you can Download my Android App “FinCalC” which I have developed for you to make your income tax calculation easy.

### What you can do with this mobile App?

- Calculate Income Tax for new FY 2023-24 and previous FY 2022-23
- Enter estimated Investments to check income tax with Old and New Tax Regime
- Save income tax details and track regularly
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