Savings Account Interest
Daily-balance savings interest estimate using your bank
Key Features & Calculation Guidance
Key features: Daily Balance, Exact Rate, Tax Context. Free, 100% browser-based — no login required.
Frequently Asked Questions
Why did you remove the bank interest-rate comparison?
Savings rates change and some banks use balance slabs. A static list quickly becomes inaccurate. Enter the current rate shown by your bank for your account and balance.
Is savings-account interest taxable?
Savings interest is generally included in taxable income. Depending on your tax regime and taxpayer category, a specific deduction may or may not be available.
What is the old-regime savings-interest deduction?
For eligible non-senior taxpayers, the old-regime deduction for savings-account interest is generally limited to ₹10,000. Resident senior citizens have a broader deposit-interest deduction generally capped at ₹50,000. The calculator shows this only when old-regime mode is selected.
Why use daily closing balance rather than average balance?
Savings-account interest is generally calculated using daily closing balances. Average balance can be useful for a rough estimate but can misstate interest when the account balance changes significantly during the month.
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