We’re here to make banking smarter, safer and simpler for you. And while we’re at it, here’s breaking down some basics for you. Ever wondered how your savings account interest rate is calculated? The answer is here: At present, your bank calculates interest rate on a daily basis on your closing am…

Hi @lalitp , You will be earning 3.5% of interest p.a. on your first ₹1 lakh balance. On amounts above ₹1 lakh, you will be earning an interest of 7% p.a. Interest will be calculated based on your daily EOD balance and credited to your account on a quarterly basis.

Hi @Aswathy_Nambiar , Could you please mention at what exact time is considered as EOD time for calculate the balance of that particular day?

@Aswathy_Nambiar - Just wanted to clarify this - So the 1st 1 Lakh amount will not get interest @7% - even if we maintain it through out the year? I actually opened account considering the 7% interest rates (on which complete branding of NiyoX and Equitas bank is going on ) and somehow planned and…

Hi Lalit, You will be earning 3.5% of interest p.a. on your first ₹1 lakh balance. On amounts above ₹1 lakh, you will be earning an interest of 7% p.a. Interest will be calculated based on your daily EOD balance and credited to your account on a quarterly basis.

It doesn’t make sense of depositing for 3.5% simply wasting time n money by parking 1lak for 3,5% and then also for 2lak we will get only 5.2% thisis really a bad move. .!!! There will be very huge number of people will have less than 1lak.!!

[image] Aswathy_Nambiar: On amounts above ₹1 lakh, you will be earning an interest of 7% p.a. Hi Srikanth, Referring to this; 2lak we will get only 5.2% thisis really a bad move. .!!! Kindly refer the above post, this might help! It states on amounts above ₹1 lakh, you will be earning an …

[image] Bansari: It states on amounts above ₹1 lakh, you will be earning an interest of 7% p.a. Yes, I know that!! On averaging overall interest on the total amount of 2lak will be 5.2%

@srokkam If you deposit 10L, then your average would be 6.6%. Right?

@abdasgupta yes, 6.6% if u deposited 10L

Hey everyone! Here let’s learn how to calculate the savings interest manually using some basic maths: 1st Scenario: If you have deposited 2 lacs in your account, the first 1 lac will earn 3.5% interest and next 1 lac will earn 7.0% interest. Here’s how to calculate: ((((3.5/100)x(1,00,000))+((7/1…

#DecodeBanking > How is interest-rate on savings accounts calculated?

Partnership Banks

Aswathy_Nambiar March 24, 2021, 6:27am 4

Hi Alan,

End of Day here means midnight (IST) for Indian Banks.

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#DecodeBanking > How is interest-rate on savings accounts calculated?

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