Savings interest calculator

See what your savings account balance earns in a year after tax, at the best savings rate today or at your own bank, and what an FD would earn instead.

Questions people ask

How is savings account interest calculated?

Banks work out interest on your balance at the end of each day and credit it to your account every quarter (some banks every month).

Is savings account interest taxable?

Yes, at your slab. No TDS is deducted on it. In the old tax regime, up to ₹10,000 a year is tax-free under Section 80TTA, or ₹50,000 of all deposit interest under Section 80TTB if you are 60 or above.

Why do some banks pay more on bigger balances?

Many banks set rates by balance slab. At most of them, each part of your balance earns its own slab's rate, so only the part above the threshold earns the higher rate.

Should I keep my money in savings or an FD?

Keep the money you may need at short notice in savings, and put the rest in an FD, which usually pays much more. Many banks also offer a sweep-in FD that moves money back to savings when you need it.

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