Savings Account Excel Calculator | Savings Account Interest Calculation & Compounding Examples

Savings Account Excel Calculator | Savings Account Interest Calculation & Compounding Examples
In this video by FinCalC TV, we will see Savings Account interest calculation using Excel and how to calculate interest in Savings Account with latest Savings Account interest rate and (check) Savings Account balance. Savings Account in which interest is calculated on daily basis and compounded quarterly. Savings Account compounding frequency is quarterly.

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After watching this video following queries will be solved:
What is Savings Account?
Savings Account latest interest rate?
How to Calculate interest in Savings Account?
Savings Account Income Tax calculation?
How to calculate income Tax?
Income Tax on Savings Account interest?
Savings Account interest is calculated daily?
Savings Account interest compounding?
Savings Account tips and tricks?
Post office Savings Account?

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What is savings account?
A savings bank account is an account where you can deposit money as per your convenience and earn interest on it. The interest on savings accounts depends on the bank it is opened in, the type for account and the balance maintained.

Additionally, they offer principal security, a modest interest rate and high degree of liquidity. Due to which, they are ideal as a reserve for emergency money or money for daily expenses. You can open a savings account either for an individual or hold a joint account among more than one user.

How do savings accounts work?
Saving Accounts essentially work by allowing you a secure storage wherein you can deposit and withdraw funds. These may be used it to make payments for your regular expenses and transfer funds for investments And Earn Interest On The Amount Stored. The interest is calculated on the balance in your account and credited to your account on a quarterly basis

How is the average monthly balance calculated?
To calculate the average monthly balance, banks consider the total of daily closing credit balance of each day during the month and divide it by the number of days in the month. If the average is less than the requirement, charges for non-maintenance will be levied at the beginning of the next month.

Are all savings accounts free?
No. The fees and charges on a Savings Account include fee for non-maintenance of average balance, cheque book issuance fee beyond a certain number of cheque leaves, fees for fund transfer, fee for physical bank statements at branch, transaction fee beyond the permissible limit, and others. The fees will vary based on the kind of account you hold.

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The examples used are for Illustration purpose only.
Comment in comments section if you have any queries.

Thank you for watching :)

DISCLAIMER:
Examples used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.