March 2022


Calculating Interest on Savings Account: Here’s Everything You Should Know

A savings account is one simple approach to save and grow your money. The deposit account has many user-friendly features, and one can open a savings account online with a bank to avail of the benefits.

One significant benefit of a savings account is the interest earned on funds held in the account. Most banks are permitted to set their rates following RBI guidelines. However, most individuals are confused and do not know how to calculate interest on a savings account.

This article will discuss how the interest is calculated on the savings account.

How to Calculate Interest on a Savings Account

The interest on savings is computed based on the daily outstanding balance, as per the Reserve Bank of India guidelines in 2010. In other words, an individual receives interest on the total balance in his account at the end of each day. The formula used to calculate the interest on a savings account is as follows:

Interest on savings account= Daily balance*Rate of interest* (No. of days/365)

Let’s look at an example to assist you to grasp it better.

On Day 1, suppose Mr Deepak has Rs.1 lakh in his account. After seven days, he withdraws Rs.50,000. On the 14th day, he deposits Rs.30,000. There are no further transactions after that. Let’s assume the interest rate is 5%. Now, look at how the interest rate is calculated for March month.

Date Opening Balance Deposit Withdrawal Outstanding


100,000 100,000


100,000 50,000 50,000


50,000 30,000 80,000


80,000 80,000

The interest calculations are as under:

  • The total balance was Rs.100,000 from 01/03/2022 to 06/03/2022. Thus, for seven days, the interest is computed on Rs.100,000, which is:

100,000*5/100*7/365 = Rs. 95.89

  • The remaining balance is Rs.50,000 from 07/03/2022 to 14/03/2022, on which interest will be calculated for seven days period as :

50,000*5/100*7/365 = Rs. 47.95

  • The remaining balance was Rs.80,000 from 14/03/2022 to 31/03/2022. The interest computed for 18 days is as:

80,000*5/100*18/365 = Rs. 197.26

Now, the total interest earned on the savings account at the end of March is:

95.89 + 47.95 + 197.26 = Rs. 341.1

Thus the total interest earned by Mr Deepak for March is Rs. 341.1.

You may also perform the calculations using an online savings account interest calculator. The tool is simple to use and delivers accurate results.

How To Use a Savings Account Interest Calculator?

To use a savings account interest calculator, you need to enter the following details:

  • Type of account you have with a bank
  • The balance sum in your savings account
  • The interest rate offered by the bank

You will also have to decide whether the interest earned is credited monthly, quarterly, semi-annually, or annually. This allows you to calculate the interest rates on your savings account quickly. Notably, the interest rate changes every day and is determined by the amount of money in your account.

Most people utilise savings accounts online to get banking services. However, if properly managed, a savings account might be your first step toward financial security. You can use the account to save money and generate interest on it without any difficulty.

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How To Buy The Best Catnip Plant

As a cat lover, you will care about that little friend as much as your family or partner. These cute creatures are an integral part of your family. Nothing feels good than seeing your cat having a good time, playing, and rolling around. Not everyone can afford to constantly purchase new toys for the cats. That’s why it’s important to look for a catnip plant for sale and choose one for your cat. The catnip will revitalize available toys, making them a fun proposition for the feline. Sprinkling them in their toy box is the best way to make the cats open their eyes and sniff around for the nice smell.

Here are some of the tips for choosing the best catnip plant for sale.

Dried Catnip

The common type of catnip plant for sale is dried. That’s catnip that is collected, and then the leaves are dried and chopped into fine particles.

A dried catnip plant for sale is preferred for many cat owners since it’s cheap, easy to store, and durable. Provided you keep it in a cool place, it will last for many years.


Many cats are not interested in catnip spray as they are in fresh or dried catnip, especially when it is stuffed inside of a cat toy. However, sprays tend to have a solid purpose. In most cases, sprays are utilized in training. If you do not want the cat to scratch the furniture, sprinkle a little of the catnip in the place you want them to scratch. It will draw the feline to that place, and this redirect is enough to make them remember that particular area is meant for scratching.

Fresh Catnip

Whether you plant your catnip plants indoors or you purchase them fresh from a pet store or greenhouse, you might find that fresh plants are a good thing to have around for your cat. The plant serves as a good bug repellant, so when you take the cat out, they might not get bitten by insects if they have touched or eaten fresh catnip.

Amount of Catnip Leaves

Buying more catnip leaves will offer the best results. Some producers will mix everything into the catnip, including the branches, stems, seeds, and roots. They will indicate this information in their ingredient list. Even though it is harmless, you will find that catnip with fewer leaves will be less attractive to your feline. Additionally, roots and stems can hurt the cat’s mouth if they eat.


One of the essential considerations for product packing is to ensure it is air-tight. If you purchase a high quantity of catnip, you need to get good packaging to store the leaves. Small amounts are solved in resealable jars or bags with tight-fitting covers. If you purchase in bulk, it might not come in a tight air package. While finding out how to use the plan effectively on your feline, you will find enough time to determine what kind of packaging will work for you.

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