Learn and use the inbuilt daily saving interest calculator for all bank’s saving account. This saving interest calculator, calculate the daily interest on saving bank deposit of any bank’s account holder.
Interest rate on saving bank is deregulated by Reserve Bank of India (RBI) and each bank is free to charge the interest as per their choice. There is mandatory provision on all scheduled banks in India to provide the interest on saving bank account on daily basis. Banks are following the guidelines for keeping the similar rate of interest on all saving deposits up to Rs one lacs, above one lacs interest rate may differentiate. However, interest rates for Non-Resident (External) Accounts Scheme and Ordinary Non-Resident will remain unchanged.
Earlier to April, 2010 the method of Interest calculation on saving bank deposit was based on minimum available balance in the account between the 10th and last day of a month.
Current Interest Calculation on Saving Deposit
In the current scenario the interest on saving deposits are calculated on daily closing balance of account. However, interest accumulated will be paid quarterly or half yearly depending on the bank.But RBI advises bank to provide the interest on quarterly basis.
The calculation for interest rate on daily basis works on simple interest formula, i.e.
Simple Interest = (Daily closing amount X saving interest rate X days)/36500