Do you want to know how much monthly interest you will get if you have 1 lakh, 5 lakh, 10 Lakh or more in your bank? Well, this calculator is precisely for that. In this article, we are providing you with a Monthly interest calculator for popular banks. Just choose the bank, Enter the amount in your bank account and Click on “Calculate”. You will come to know the monthly interest amount.

Note : In this article, we are assuming that you are looking for Interest in your Savings account. For Fixed deposit, kindly head to the FD Calculator section.

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Below are some of the calculators we have on our site to calculate the yearly earned interest on Savings account:

How Does this Bank Monthly Interest Calculator Works ?

Savings bank account is usually not the preference when people look to earn interest because Fixed Deposits, Reccuring Deposits, Stocks, Mutual Funds etc. give better results. However, for the sake of security, some people like their amount in savings account only. They do earn interest on that but it actually quite less. The normal interest rates for savings accounts these days vary from 2.6% to 4.5%. The variation occurs due to different interest rates as per the balance in the account.

Our Savings Account Monthly interest calculator works by making appropriate calculations as per the savings account interest rates. Right now, we have included 10 banks in this calculator which are - State Bank of India (SBI), HDFC, ICICI Bank, Punjab National Bank, Bank of Baroda, Axis Bank, Canara Bank, Bank of India, Union Bank of India and Kotak Mahindra Bank. We have carefully included latest interest rates for these banks in our calculations.

Banks Saving Account Interest Rates

Here is what know so far :

1. State Bank of India (SBI) offers a savings account interest rate of 2.7% per annum for amounts less than 10 crores and 3% per annum for amounts exceeding 10 crores.
2. HDFC Bank and ICICI Bank provide an interest rate of 3% per annum for savings account balances below 50 lakhs and 3.5% per annum for balances above 50 lakhs.
3. For Punjab National Bank (PNB), the savings fund account interest rates are as follows:
   • 2.70% per annum for balances below 10 lakhs.
   • 2.75% per annum for balances between 10 lakhs and 100 crores.
   • 3.00% per annum for balances of 100 crores and above.
4. Bank of Baroda has a tiered interest rate structure for savings accounts:
   • Up to 50 crores: 2.75% per annum
   • 50 crores to 200 crores: 3% per annum
   • 200 crores to less than 500 crores: 3.05% per annum
   • 500 crores to less than 1,000 crores: 4.10% per annum
   • 1,000 crores and above: 4.50% per annum
5. Axis Bank offers a per annum interest rate of 3% for savings account balances less than 50 lakhs, and 3.5% for balances ranging from 50 lakhs to less than 2,000 crores.
6. Canara Bank provides the following interest rates for savings accounts:
   • Outstanding balance up to 5 crores: 2.90% per annum
   • Outstanding balance of 5 crores to less than 10 crores: 2.95% per annum
   • Outstanding balance of 10 crores to less than 100 crores: 3.05% per annum
   • Outstanding balance of 100 crores to less than 200 crores: 3.5% per annum
   • Outstanding balance of 200 crores to less than 300 crores: 3.10% per annum
   • Outstanding balance of 300 crores to less than 500 crores: 3.10% per annum
   • Outstanding balance of 500 crores to less than 1,000 crores: 3.40% per annum
   • Outstanding balance of 1,000 crores to less than 2,000 crores: 3.55% per annum
   • Outstanding balance of 2,000 crores and above: 4.00% per annum
7. Bank of India savings accounts earn:
   • 2.75% per annum for balances up to 1 lakh.
   • 2.90% per annum for balances above 1 lakh.
8. Union Bank of India offers:
   • 2.75% per annum for balances up to 50 lakhs.
   • 2.90% per annum for balances between 50 lakhs and 100 crores.
   • 3.10% per annum for balances between 100 crores and 500 crores.
   • 3.40% per annum for balances between 500 crores and 1,000 crores.
   • 4.00% per annum for balances above 1,000 crores.
9. Kotak Mahindra Bank provides:
   • 3.50% per annum for balances up to 50 lakhs.
   • 4% per annum for balances above 50 lakhs.

As mentioned before, we have carefully used this information to create a Monthly Interest For (Amount in Lakhs or Crores) in Bank Calculator. We hope this calculator helps you with the monthly interest rate calculations. If you would like other bank to be added, do let us know in the comments section.

Monthly Interest Rate Calculator for Balance in Bank Account : FAQs