This ICICI Bank Saving Account Calculator is an online personal finance tool to calculate the total maturity amount and the total effective yield of saving account based on the selection of monthly, quarterly, semi-annually, and annually compound frequencies, interest rates, and total time period of the deposited money in the Bank.
(Calculate your ICICI Bank saving maturity amount by using this Saving Calculator)
ICICI Bank Saving Calculator Variables:
This saving calculator uses five different investment variables that most of the calculator requires. These saving calculator variables are:
Monthly Deposit Amount: This is a fixed monthly amount that is invested in a saving scheme. This deposit amount varies from person to person and scheme to scheme.
Rate of Interest: The Rate of Interest is the variable of the saving calculator that appears as a percentage and is different for different types of saving options. ICICI Bank offers 3.25% p.a. below 50 lakh (w.e.f. 09.04.2020) rate of interest on saving account.
Period of Investment: The length of the investment or period for the investment in months is another factor that plays a major role in the saving calculator. The longer investment increases the compounding of the returns and hence greater rewards are generated.
Maturity Amount: The desired or required amount that an investor wants at the end of the investment life cycle is known as the final amount or maturity amount.
Effective yield: The effective yield is that variable of the saving calculator that appears as a percentage and is used to compare the effectiveness of different types of saving options. This saving variable matters the most to the investors.
How ICICI Saving Calculator Works?
Anyone can calculate his saving returns from the ICICI bank account through an online saving calculator available on this page with high accuracy.
Following are the steps to calculate the saving returns through this calculator:
- Step 1: Enter the fixed monthly amount that he wants to deposit every month.
- Step 2: After this, fill the rate of interest that he gets from his bank or financial institution for the specified period. Different banks or financial institutions offer different rates of interest-based on the amount of investment and period of investment.
- Step 3: The next step that one has to follow is to select the period for saving in months. It depends on saving option requirement for which he wants to stay invested.
- Step 4: Thereafter choose the frequency of compounding. The frequency of compounding may be monthly, quarterly, half-yearly, or yearly.
- Step 5: After submitting all variables required by saving a calculator, one will get the final maturity amount for investment query with effective yield.
FAQs for ICICI Bank saving account:
what is a savings account?
A Savings Account is a basic type of bank account that allows you to deposit money, keep it safe, and withdraw funds while earning interest. Savings Accounts help feed your banking needs and provide a small interest on the deposit maintained. There are various variants depending on the profile of customers.
How to calculate interest on a savings account?
Interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by ICICI Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee. Interest will be paid quarterly in March, June, September, and December.
How to open a savings account?
Savings Account can be opened online or through the branch. Customers can either visit the branch with the Know Your Customer (KYC) documents or express an interest to open an account online. A sales officer would approach him/her in person to collect the KYC documents and open the account.
How to open a savings account online?
Using the online platform, customers can record their willingness to open an account. A sales officer would approach him/her in person to explain the various account variants and to collect the KYC documents to open the account.
How to get interest in the savings account?
Interest is calculated on a daily basis based on the balance maintained daily and the interest is paid at the end of each quarter. So, customers expecting higher interest rates can maintain balances in their accounts. However, FDs and RDs are better investment vehicles and offer a better interest rate.
Compare ICICI Bank Savings Accounts:
| Features | Regular Savings Account | Silver Savings Account | Gold Privilege Savings Account | Titanium Privilege Savings Account |
| Monthly Average Balance | ₹10,000 | ₹25,000 | ₹50,000 | ₹1,25,000 |
| Locker | Access ICICI Bank lockers across the country for your valuables | 15% discount on locker annual locker rentals | 20% discount on annual locker rentals | 40% discount on annual locker rentals |
| ATM | 5 free ATM withdrawals at any banks’ ATM every month | Free unlimited access to other banks’ ATMs | Free unlimited access to other banks’ ATMs | Free unlimited access to other banks’ ATMs |
| Debit Card | Smart Shopper Silver Debit Card with exciting offers and Visa Privileges | Smart Shopper Silver Debit Card with exciting offers and Visa Privileges | Gold Privilege Debit Card with exciting offers and Visa Privileges | Free Titanium Privilege Debit Card with exciting offers and Visa Privileges |
| Internet Banking/ Mobile Banking | Free user-friendly Internet Banking and Mobile Banking | Free user-friendly Internet Banking and Mobile Banking | Free user-friendly Internet Banking and Mobile Banking | Free user-friendly Internet Banking and Mobile Banking |
| Network | 24×7 banking with 100+ Touch Banking branches; 14,300+ ATMs and 4800+ branches | 24×7 banking with 100+ Touch Banking branches; 14,300+ ATMs and 4800+ branches | 24×7 banking with 100+ Touch Banking branches; 14,300+ ATMs and 4800+ branches | 24×7 banking with 100+ Touch Banking branches; 14,300+ ATMs and 4800+ branches |
| Account statements | Get free e-mail statements and keep updated on your Savings Account | Get free e-mail statements and keep updated on your Savings Account | Get free e-mail statements and keep updated on your Savings Account | Get free e-mail statements and keep updated on your Savings Account |
| Other benefits | Issue cheques freely all across the country with your free multi-city checkbook and keep a track of your account with free passbook. Do your banking from any ICICI Bank branch, anywhere. Transfer your Savings Account from one branch of ICICI Bank to another by giving a written request at the branch or by calling our Customer Care. | Issue cheques freely all across the country with your free multi-city checkbook and keep a track of your account with free passbook. Free Anywhere Banking across all branches. Transfer your Savings Account from one branch of ICICI Bank to another by giving a written request at the branch or by calling our Customer Care. | Issue cheques freely all across the country with your free multi-city checkbook and keep a track of your account with free passbook. Do your banking from any ICICI Bank branch, anywhere. Transfer your Savings Account from one branch of ICICI Bank to another by giving a written request at the branch, or by calling our Customer Care. | Issue cheques freely all across the country with your free multi-city checkbook and keep a track of your account with free passbook. Free Anywhere Banking across all branches. Transfer your Savings Account from one branch of ICICI Bank to another by giving a written request at the branch or by calling our Customer Care. |
| Special Benefits | – | – | Exclusive Privilege Banking Zones at branches | A dedicated Privilege Banker. Exclusive Privilege Banking Zones in branches. A waiver on Trading Account opening fee of ₹975 and first-year Demat Annual Maintenance Charges (AMC) of ₹500. |
You are here to calculate the maturity value of your money in the ICICI bank saving account. Calculate the maturity value with this online ICICI bank saving account calculator.
