Savings Account Calculator
What is a Savings Account Calculator?
A savings account calculator is a financial tool designed to help you give a clearer picture of your savings growth. It takes into account factors like your savings account balance and the prevailing interest rate to calculate the interest you can earn monthly on your account balance along with your total earnings.
Principal amount
Quarterly interest amount
*Interest is calculated on a quarterly basis.
*The above interest calculation shown is indicative, the actual interest paid out may vary.
*Interest Rates up to ₹ 1 lakh - 3.50% p.a. | Above ₹ 1 lakh to ₹ 5 lakhs - 5.00% p.a. | Above ₹ 5 lakhs to ₹ 25 lakhs - 7.25% p.a. | Above ₹ 25 lakhs - 7.50% p.a.
Features and Benefits of Ujjivan SFB Savings Account Calculator
How to Use our Savings Account Calculator
Our Savings Account Calculator is extremely easy to use and features a user-friendly interface. All you need to do is drag the slide bar to select or directly enter the details.
Once done, the calculator will show you the interest you have earned along with your total earnings within seconds.
Please note that the interest rate offered is based on your savings account balance. Here are the details.
Ujjivan SFB Savings Account Interest Rates
| Amount | Interest Rate (p.a.) |
|---|---|
| Up to ₹1 lakh | 3.50% |
| > ₹1 lakh to ₹5 lakhs | 5.00% |
| > ₹5 lakhs to ₹25 lakhs | 7.25% |
| > ₹25 lakhs | 7.50% |
** Important Points: No Additional Interest Rate for Senior Citizens
* Calculation Methodology applicable for Savings Accounts:
- Interest is calculated on day-end balances maintained in the savings account and paid out on a quarterly basis
- The higher interest rate will be applied and paid only basis the balances maintained as per slabs.
How is Ujjivan SFB Savings Account Interest Calculated?
Example: If a customer maintains ₹120,000/- in the savings account, 3.50% interest will be earned for ₹ 100,000/- and 5.00% interest will be earned for the remaining ₹20,000/-.
Disclaimer: Ujjivan Small Finance Bank does not guarantee accuracy, completeness or correct sequence of any details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness accuracy. The use of any information set out is entirely at the User’s own risk. User should exercise due care and caution, including if necessary, obtaining of advice of legal, tax, accounting, financial and/or other professionals prior to taking any decision.
FAQs
1. What is the highest interest rate offered by Ujjivan SFB Savings Account?
You can earn up to 7.50%* on your Ujjivan SFB Savings Account. However, the higher interest rate will be applied and paid only based on the balances maintained as per slabs.
2. How to calculate the interest on my savings account balance?
Use Ujjivan SFB Savings Account Interest Rate Calculator to check your interest income. Enter details or use the slide bar to select the parameters, and you will be able to check the interest earned along with your total earnings.
3. What is the formula for calculating savings account interest?
Here’s the formula for savings account interest calculation:
Interest = Daily balance * (Number of Days) * Interest / (Days in a Year).
4. Is there any TDS on savings account interest?
No, there’s no TDS deduction on the interest earned. As per income tax rules, the interest from savings account is tax-exempted up to ₹10,000 per financial year. Interest amount above ₹10,000 is considered as “income from other source” while filing Income Tax Returns.
5. How does Ujjivan SFB calculate Savings Account interest?
The interest is calculated on the daily (end-of-the-day) balances. Please note that the interest is credited to your account every quarter.
