The savings account interest rate calculator can tell you the interest you can earn on your savings account balance. You must enter information like your savings account balance and the bank's interest rate in the calculator. The calculator evaluates the amount you can earn on your savings account balance using the inputs.

The interest rates are calculated on basis end of day balance. The cumulative interest earned is credited to the savings account either monthly or quarterly, depending on the bank’s policy.

The Effective Annual Rate (EAR) is the interest rate earned by compounding the interest over a set timeframe. It is frequently higher than the nominal rate and evaluates different financial products with varying compounding periods -monthly and annually. When the frequency of compounding periods increases, the effective yearly interest rate rises over time.

Some banks pay savings account interest monthly and some pay quarterly. IDFC FIRST Bank is one of the few banks that pays savings account interest monthly.

A savings account interest calculator is a financial tool designed to estimate the interest earned on funds deposited in a savings account over a specific period. It factors in the initial deposit amount, interest rate, compounding frequency, and duration of the investment. By inputting these details, you can obtain an accurate projection of how your savings will grow over time.

IDFC FIRST Bank's savings account offers a number of benefits, including competitive interest rates, zero banking fee on all commonly used saving account services, a seamless digital banking experience, and personalised services. With features like an instant account opening process, high transaction limits, an attractive rewards program, and robust security measures, IDFC FIRST Bank offers a hassle-free banking experience. Moreover, IDFC FIRST Bank prioritises customer satisfaction, offering dedicated support and innovative solutions to meet diverse financial needs.