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Kotak Savings Account Interest Calculator

Enter what is in your account now, what you add each month, the interest rate and for how long. You will see the interest you can expect and the balance at the end.

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Good to know

Independent calculator, not made or approved by Kotak Mahindra Bank. Savings rates change, so type the one your bank pays. This is an estimate based on month-end style balances and does not include tax.

What it does

  • Balance and interest after any number of months
  • Monthly top-ups included
  • Interest credited every quarter, as banks do
  • Works for any Indian savings account

How to use it

  1. Enter your starting balance and what you add each month (0 if nothing).
  2. Enter the savings rate your bank pays and the time in years.
  3. Read the final balance and the interest earned.

How does savings account interest work?

Indian banks work out savings interest on your daily balance and credit it to the account every quarter. Once credited, interest earns interest too. This calculator treats each month's balance as the base, adds the monthly deposit at the start of the month and credits the interest every three months.

Your real figure moves with your daily balance, so it will differ if you spend and top up at odd times. Rates differ by bank and balance slab, so type the one you get. Interest is taxable income. A deduction of up to ₹10,000 under section 80TTA may apply in the old tax regime.

Example

₹1,00,000 kept for one year at 3% a year, with no extra deposits, earns about ₹3,034 and ends at about ₹1,03,034.

Questions people ask

Is this calculator from Kotak Mahindra Bank?
No. It is an independent tool. Your bank statement shows the real interest credited.
Why does my bank credit a different amount?
Banks use your actual daily balance. If your balance went up and down, the real interest will not match a simple estimate.
Is the interest taxable?
Yes, it counts as income. Banks may deduct TDS above a limit. Check the current rules for your tax regime.

Disclaimer

This tool is for general information only. It is not financial, tax, investment or legal advice, and results are estimates that may differ from your bank, lender or tax authority. Rates, limits and tax rules change. Bank and brand names are used only to describe what the tool does; they belong to their owners and we are not affiliated with them. Check the figures with a qualified professional or your provider before you decide. You use this tool at your own risk, and TheFreeTool is not liable for any loss that follows. Read the full disclaimer

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