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- 1L
- 10Cr
Total Amount including Interest
₹ 99,252
at 3 % 4
My Savings Amount
₹
Interest earned
₹
Disclaimer*:
- ICICI Bank NRI Savings Account interest rates are fixed. The interest is calculated on a daily basis and credited quarterly at the end of 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 annual interest rate of 3% for EOD balance below ₹ 50 lakh and an interest rate of 3.50% for EOD balance of ₹ 50 lakh and above.
- TDS is deducted as applicable, the above does not include TDS adjustment.
NRI Savings Account Interest Rate Calculator FAQs
What is a Savings Account Interest Calculator?
A Savings Account Interest Calculator is an online tool which helps individuals estimate the interest earned on the balance in their Savings Accounts. It calculates the interest based on parameters like the Savings Account balance, interest rate and duration to accurately calculate the potential earnings. This calculator eliminates the need for manual calculations.
Here are the benefits of using a Savings Account Interest Calculator:
- 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 them to set realistic goals and make informed decisions about their financial future. - Time-saving and convenient:
With its automated calculations and user-friendly interface, the Savings Account Interest Calculator helps save time. Gone are the days of manual calculations and complex formulas- the calculator streamlines the process, allowing you to obtain accurate results within seconds. - 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 to use a Savings Account Interest Calculator?
- Enter your current bank balance in the designated field.
- Specify the number of days for which you want to calculate the interest. It could be for a specific period or a projection for future planning.
- Once all the necessary details have been entered, the calculator will process the information to determine the estimated interest based on your balance, interest rate and duration.
- After calculation, the estimated interest amount will be displayed. Review this figure to understand the potential growth of your savings over the specified period.
How does a Savings Account Interest Calculator work?
A Savings Account Interest Calculator operates on a simple formula that takes into account the following variables:
- Account balance:The current balance in the Savings Account serves as the starting point for calculating interest earnings
- Interest rate:The interest rate offered by the Bank determines the rate at which the balance grows over time. Higher interest rates lead to greater accumulation of savings.
- 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.
