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What is a Savings Account Interest Calculator?

A savings account interest rate calculator is a handy tool that helps you figure out the interest you can earn monthly on your savings account balance.Read More

The savings account interest calculator can estimate the amount you can earn on your savings account balance using inputs like your savings account balance and the bank interest rate.Read Less

Savings Account Interest Simulator

Choose account balance

1L 2cr

Choose your existing bank interest rate

2.5 % 6 %

Simulation Results(for a period of 1 year):

* Interest you earn with IDFC FIRST Bank –

** Interest you earn with your Bank –

Additional Interest you earn with us –

* Interest calculated on progressive balances in each interest rate slab, as applicable
** Interest calculated on flat rate basis

  • Pitruprasad Dash
    Pitruprasad Dash

    “Recently I opened a new bank account with IDFC FIRST Bank. Firstly, in terms of the process to open savings account, it is truly hassle-free. Thanks for being ahead in terms of customer satisfaction and banking services, making it easy for new customers like me. I wish IDFC FIRST Bank a great future and looking forward to a long term association.”

  • Sougata Das
    Sougata Das

    “I recently opened a Savings Account with IDFC FIRST Bank, and I must tell you that I'm really happy with the features and benefits offered by the savings account. The netbanking services are quite advance which makes the process easy. Also, the IDFC FIRST Bank employees are cordial and helpful, making the overall experience a pleasant one.”


How to use a Savings Account Interest Calculator?


The Savings Account Interest Calculator is a handy and easy tool to calculate the interest you can earn on your savings account balance. You must enter your savings account balance to calculate the interest you can earn with your savings account.

Using the input, the calculator can quickly evaluate the amount you can earn on your savings account balance. 

FREQUENTLY ASKED QUESTIONS

How to calculate interest on a savings account?

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.

How do banks calculate the interest on savings account?

The interest rates are calculated on daily balances. The cumulative interest earned is credited to the savings account either monthly or quarterly, depending on the bank’s policy.

What is the effective annual rate?

The Effective annual rate (EAR) is the interest rate earned or paid on an asset or loan 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 - weekly, monthly, and annually. When the frequency of compounding periods increases, the effective yearly interest rate rises over time.

Do savings accounts pay interest monthly?

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.

More FAQs

Savings Account Blogs

what is savings account

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What is a Savings Account and why do I need it?

To understand the concept of a savings account, imagine you and your friend have ₹500 each. While your friend kept it with him, you deposited it in a bank that offers an interest rate of 10% annually. Towards the end of the year, your friend managed to not spend any money and save ₹500, whereas you grew it to ₹550 because you decide to deposit it in the bank.

Team FinFIRST20 Sep 2021 • 3 mins read

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