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About this tool
Savings account interest on daily closing balance, credited quarterly, with a quarter-by-quarter breakdown.
Since 2010 Indian banks have been required to calculate savings account interest on the daily closing balance rather than the old minimum-balance rule, and to credit it at least once a quarter. This calculator runs a real day-by-day simulation from your opening balance and monthly savings, applies the actual/365 accrual banks use, and credits the interest at each calendar quarter end so the compounding is right. It also flags how much of the interest stays tax free under Section 80TTA or 80TTB.
Open Savings Account Interest Calculator on AltFTool — it loads instantly in your browser.
Enter the values you already know.
Fine-tune the options to match your scenario.
Read the result and use it in your planning or reporting.
Simulates every day and every monthly deposit instead of applying a flat annual rate.
Credits interest at each calendar quarter end so later quarters earn on the interest already paid.
Applies the ₹10,000 Section 80TTA limit (₹50,000 under 80TTB for senior citizens) to show the taxable portion.
Banks apply the rate to the closing balance of each day, accrue it through the quarter, and credit the total at the end of the quarter. RBI mandated this daily-product method with effect from 1 April 2010.
At least quarterly under RBI norms — most banks credit on 30 June, 30 September, 31 December and 31 March. A few private banks credit monthly, which compounds slightly faster.
Yes, it is taxable as income from other sources, but resident individuals below 60 can deduct up to ₹10,000 a year under Section 80TTA and senior citizens up to ₹50,000 under Section 80TTB — both available only under the old tax regime. This is informational, not tax advice.
No. Section 194A applies to fixed and recurring deposits, not to savings bank interest, so no TDS is deducted — but you must still declare the interest in your return and pay tax on the portion above the 80TTA or 80TTB limit.
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