ICICI Bank Savings Account Interest Rate Calculator India

Compound Interest Formula:

\[ A = P \times (1 + \frac{r}{n})^{(n \times t)} \]

Principal Amount (P):

₹

Annual Interest Rate (r):

Time Period (t):

years

Compounding Frequency (n):

Future Value (A):

Interest Earned:

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1. What is Compound Interest?

Compound interest is the interest calculated on the initial principal and also on the accumulated interest of previous periods. It allows your savings to grow faster over time as you earn interest on both your original investment and the interest it has already earned.

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

\[ A = P \times (1 + \frac{r}{n})^{(n \times t)} \]

Where:

\( A \) — Future value of the investment (₹)
\( P \) — Principal amount (initial investment, ₹)
\( r \) — Annual interest rate (decimal)
\( n \) — Number of times interest is compounded per year
\( t \) — Time the money is invested for (years)

Explanation: The formula calculates how much your savings will grow based on the principal amount, interest rate, compounding frequency, and time period.

3. ICICI Bank Savings Account Features

Details: ICICI Bank offers various savings account options with competitive interest rates, flexible compounding frequencies, and additional benefits such as internet banking, mobile banking, and debit card facilities.

4. Using the Calculator

Tips: Enter the principal amount in rupees, annual interest rate as a percentage, time period in years, and select the compounding frequency. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current interest rate for ICICI Bank savings accounts?
A: Interest rates may vary. Please check ICICI Bank's official website or contact your branch for the most current rates.

Q2: How often is interest compounded in ICICI Bank savings accounts?
A: ICICI Bank typically compounds interest quarterly on savings accounts, but this may vary by account type.

Q3: Are there any taxes on interest earned?
A: Yes, interest earned on savings accounts is taxable under Indian income tax laws. TDS may be deducted if interest exceeds certain limits.

Q4: What is the minimum balance requirement?
A: Minimum balance requirements vary by account type. Regular savings accounts typically require a lower minimum balance compared to premium accounts.

Q5: Can I open an ICICI Bank savings account online?
A: Yes, ICICI Bank offers online account opening facilities with video KYC for eligible customers.