Keyword Analysis & Research: bankrate savings calculator

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Frequently Asked Questions

What banks have the highest interest rates on savings?

The highest Saving Account interest rate is being offered by digibank by DBS at 7% for balance between Rs 1 to 2 lakh. Other than this only following 5 banks offer higher than 3.5% interest rate: Bandhan Bank, Kotak Mahindra Bank, Lakshmi Vilas Bank, Ratnakar Bank and Yes Bank.

How do banks calculate interest on savings?

To calculate bank interest on savings, use the formula for calculating the effect of compound interest on your bank balance. In this formula, “P” stands for the principal, “r” is the annual rate of interest, and n is the number of times the interest is compounded per year.

How do you calculate interest rate on savings account?

The interest on savings bank account are calculated by multiplying the daily balance by the number of days the amount was available (called products) and then this is multiplied by the rate of interest and divided by 365 to annualise.

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