If you have a savings account in a bank and you keep money in that savings account, then you must know this news. Actually, now tax will have to be paid on the earnings from the savings account as well. Let’s know the new rules in the news below.
If you have a savings account in a bank and keep money in that savings account, then banks also give you interest in lieu of keeping the money. If we talk about its interest amount, then this interest ranges from 2.7 percent to 4 percent. There are some banks in which the amount of interest can be even higher.
Usually most banks. They are giving interest between 2.7 percent to 4 percent. But there are many people who do not know how interest is being added to the money kept in their savings account. Actually now banks calculate interest on savings account on daily basis. At the same time, some banks add to your account on a quarterly and some half-yearly basis. Whose information you get on checking your passbook. This is because it is very important for you to know this. How interest is added, let us know about it.
How does interest on savings add up?
Every bank present in the country gives 4 percent to 6 percent annual interest. The bank adds this interest on a daily basis and adds it to your bank account on a quarterly basis. When you enter your passbook. Then you know about it. Let us understand this with an example. Suppose you have Rs 50,000 in a savings account on day 1.
This money remains in your account from 1st to 5th, then Rs 50,000 × 4% interest rate / 100 divided the amount (2000) by 365 (days of the year) came out to be 5.57 per day interest. Is. Now you have to withdraw interest for 5 days. For this you multiply it by 5. This means that you earned an interest of Rs 27.35 in your account in 5 days.
How interest is added on savings Example-
Suppose now you have got yourself a bank account. If we take out the amount of Rs. 4,000 from this, then in the coming days the remaining amount is Rs. 46,000. Interest will be added on this amount. After this, suppose if there is 10th date in which you deposit Rs 14,000, then the amount after that is Rs 60,000. Now interest will be added on this money.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
