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Savings Account Interest Calculator
Interest earned on your savings bank balance.
Enter values to see your result
Frequently asked questions
How is savings interest calculated?
On daily closing balance, at the annual rate / 365 per day. Interest is usually credited quarterly. This calculator uses the simplified average-balance method.
Which banks pay the highest SB rates?
Small finance banks (AU, Ujjivan, Equitas) pay 6–7% on higher balances. Most large banks pay 2.7–4%. Digital-only banks (IDFC First, Kotak 811) sit in the middle.
Is savings interest taxable?
Yes, but Section 80TTA allows up to ₹10,000/year deduction. Seniors get ₹50,000 under 80TTB. Above that, interest is taxed at slab rate.
Is my money safe?
DICGC insures deposits up to ₹5 lakh per depositor per bank. Split large balances across banks for higher coverage.