Savings Account Interest

Tax Glossary Definition

Savings Account Interest

This refers to the income earned on money kept in a savings bank account, computed as a certain percentage of the account’s average balance. Banks usually add this interest to the account at regular intervals—such as monthly, quarterly, or yearly—providing a steady but low-risk return while ensuring that the funds remain easily accessible to the depositor.

Example: If someone maintains a balance of ₹1,00,000 in a savings account with an annual interest rate of 3.5%, the bank would credit approximately ₹3,500 as interest over the course of the year.

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