How is savings account interest calculated?

Interest is calculated on the daily closing balance of your account and usually credited quarterly by banks.

Is savings account interest taxable?

Interest up to ₹10,000 is tax-exempt under Section 80TTA for individuals under 60 years. For senior citizens, the limit is ₹50,000 under Section 80TTB.

All Modules

Savings Interest

Project interest earned on your savings account balance.

Monthly Investment

₹

Expected Return (p.a.)

Time Period (Years)

Yrs

Scenario Analysis (Assumed Returns)

Conservative

1.5%

6,734

Base

3.5%

9,949

Higher

5.5%

14,589

Labels are estimates based on your base rate (3.5%).

Estimated Maturity Value

₹69,67,678

Total Principal

₹5,000

Estimated Returns

₹21,62,678

Portfolio Mix

Invested

Returns

Growth Curve

You invest ₹5,000 every month for 20 years. At an estimated 3.5% annual return, your total investment is ₹48,05,000 and the estimated total value is approximately ₹69,67,678. Around ₹21,62,678 represents estimated growth.