Banking
Savings Account Interest Calculator
Estimates interest earned on a savings account balance, quarterly compounded.
Your details
₹
%
yrs
Interest earned
₹3,546
Total value
₹1,03,546
Maintaining an average balance of ₹1,00,000 at 3.5% earns approximately ₹3,546 in interest over 1 year(s).
How this is calculated
Uses the standard compound interest formula with quarterly compounding — a common (though bank-specific) convention for Indian savings accounts.
Frequently asked questions
Is savings account interest taxable?
Yes, but up to ₹10,000/year (₹50,000 for senior citizens) is deductible under Section 80TTA / 80TTB — only interest above that is added to taxable income.
Why is savings account interest so much lower than FD?
Savings accounts prioritize instant liquidity — you can withdraw anytime with no lock-in, which is why the rate is meaningfully lower than a fixed-tenure FD.