How Much Interest Get On Savings Account?

By | January 10, 2017

Saving Account Interest Rate

After the demonetization the interest rate is cut on both saving account and home loan. So this is the guest post by banksifsccodes.com. Here you can get the details about how much interest you get on savings account.

We all have savings account in different branches of nationally accredited banks. We deposit our savings in these accounts to have a fixed amount which can be utilized in case of emergency or any urgent requirement.

We have noticed that when we keep the account static without making any transactions or deposition, we get certain amount of interest from the bank. These interests are given to us as an incentive or thanksgiving gesture to appreciate the customers for using the service of particular organization. Every bank has its own plans and policies to serve their customers and their interest rates also differ from one bank to another. One can trust the bank for keeping their money safe and secure in the bank accounts.

Interest Rate Calculator

When you look at the method of calculating the interest rates of different banks, you will get surprised by the policies used by various banks. If you do a proper research about it, you will notice that crores of funds are lost through a large number of bank accounts in our country and this number will be varying every year. There are approximately 320 million accounts used for savings purpose in different private and government commercial organizations. When you look at the common pattern of adding interest money to your account, you will notice that it is done on the basis of your minimum balance present between 10th and 30th or 31st of every month.
“Hint: If you have an account on state bank of india branches. You should know ifsc code of particular bank branches for online transactions”.

For example, if you have zero balance in your account on 10th of a particular month and the very next day you deposit some amount. If you withdraw the amount before the last day of the month, you will be receiving no interest money for it. As you see the minimum balance of your savings account is zero, hence you will not be getting any incentives from the side of your commercial organization. Usually, when the average interest rates are calculated based on the different rates of all the commercial private and government banks, we see that a person gets approximately 3.5 per cent interest on yearly basis for keeping the money in his account for at least 20 days. This is equivalent to a yield of 5.425 per cent for the bank.

We have seen that many people are not satisfied by this policy of deciding the interest rates of the banks, but so far no step is taken in this direction to improve the operating and execution system. However, if we look at it in a broad scenario, it is useful for all the citizens on a general basis.

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