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ICICI Savings Account Interest Formula:
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The ICICI Bank savings account interest calculation determines the monthly interest earned based on your average monthly balance and the applicable annual interest rate. Interest is calculated on daily balances and credited monthly.
The calculator uses the ICICI savings account interest formula:
Where:
Explanation: The formula converts the annual interest rate to a monthly rate and applies it to your average balance to calculate monthly interest earnings.
Details: Understanding how interest is calculated helps you maximize your savings returns, plan your finances better, and make informed decisions about maintaining optimal account balances.
Tips: Enter your monthly average balance in INR and the annual interest rate percentage. Both values must be valid positive numbers.
Q1: How often is interest credited in ICICI savings accounts?
A: Interest is calculated on daily balances and credited to your account on a monthly basis.
Q2: What is the current interest rate for ICICI savings accounts?
A: Interest rates vary and are subject to change. Please check ICICI Bank's official website for current rates, which typically range from 3-4% depending on the account type and balance.
Q3: Is there a minimum balance requirement?
A: Yes, ICICI has different minimum balance requirements depending on the type of savings account, typically ranging from ₹10,000 to ₹25,000 for regular savings accounts.
Q4: How is average monthly balance calculated?
A: Average monthly balance is calculated by adding up all daily closing balances in a month and dividing by the number of days in that month.
Q5: Are there any charges for non-maintenance of minimum balance?
A: Yes, ICICI Bank charges a fee for non-maintenance of the required minimum balance, which varies based on the account type and the extent of shortfall.