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- ₹ 100
- ₹ 100 Cr
Total Amount Earned
₹ 99,252
at 3 % 4
My Savings Amount
₹
Interest earned
₹
Disclaimer*:
- ICICI Bank Savings Account interest rates are fixed. The interest is calculated on a daily basis and credited quarterly in March, June, September and December.
- The interest is calculated as per the daily End Of Day (EOD) balance. When the EOD balance changes, the interest amount also changes.
- ICICI Bank currently offers an interest rate of 3% for EOD balance below Rs 50 lakh and an interest rate of 3.50% for EOD balance of Rs 50 lakh and above.
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What is a Savings Account Interest Calculator?
A Savings Account Interest Calculator is an online tool which helps individuals estimate the interest earned on their Savings Accounts. It includes variables such as the Savings Account balance, interest rate and duration to accurately calculate the potential earnings. This calculator eliminates the need for manual calculations.
Benefits of a Savings Account Interest Calculator
1. Accuracy in financial planning:
A Savings Account Interest Calculator offers accuracy, helping individuals to make precise projections of the interest earned on their Savings Accounts. This allows the customer to set realistic goals and make informed decisions about his/ her financial future.
2. Time-saving and convenient:
With its automated calculations and user-friendly interface, the Savings Account Interest Calculator can save time. Gone are the days of manual calculations and complex formulas, the calculator streamlines the process, allowing the customers to obtain accurate results within seconds.
3. Educational tool for financial literacy:
A Savings Account Interest Calculator is also an educational tool for promoting financial literacy. It encourages responsible financial decision-making, ultimately contributing to long-term financial well-being.
How does a Savings Account Interest Calculator work?
A Savings Account Interest Calculator operates on a simple algorithm that takes into account the following variables:
1. Account balance: The current balance in the Savings Account serves as the starting point for calculating interest earnings.
2. Interest rates: The interest rates offered by the Bank determine the rate at which the balance grows over time. Higher interest rates lead to greater accumulation of savings.
3. Duration: The duration represents the length of time for which the money remains in the account. It influences the total interest earned, with longer durations resulting in a more significant savings accumulation.
By entering these variables into the Savings Account Interest Calculator, individuals can determine their potential earnings.
How to use a Savings Account Interest Calculator?
1. Enter your current bank balance into the designated field.
2. Specify the number of days for which you want to estimate the interest. It could be for a specific period or a projection for future planning.
3. Once all the necessary details have been entered, the calculator will process the information to determine the estimated interest amount based on your balance, interest rate and duration.
4. After calculation, the estimated interest amount will be displayed. Review this figure to understand the potential growth of your savings over the specified period.
