Savings Calculator
Estimate how your savings grow over time with regular monthly deposits and compound interest.
Savings balance
₹8,65,424
Amount deposited
₹6,00,000
Interest earned
₹2,65,424
Growth
144%
Over 120 months
Assumes monthly compounding. Indian savings account rates are far below long-term inflation — for goals beyond 3 years, compare with FDs and debt funds before parking money at savings-account rates.
Savings Calculator on True Calculator gives you an instant, accurate answer with no sign-up and no app install. Estimate how your savings grow over time with regular monthly deposits and compound interest. Every result shows the formula and a worked example so you can verify the calculation yourself, and all values are computed in your own browser — your numbers never leave your device.
Popular uses: savings calculator · savings growth calculator · monthly deposit calculator
How We Calculate
This calculator uses standard financial formulas verified by our team. All calculations are performed instantly in your browser using JavaScript — no data is sent to any server.
We use RBI-approved formulas and regularly updated bank rates. All rates and standards are sourced from official government and regulatory websites.
When to Use This Calculator
Use this calculator for honest short-to-medium-term planning: emergency funds, travel goals, gadget purchases, or the cash portion of a portfolio. It makes the interest effect visible — the gap between deposited and final balance — which is the main reason to care about the rate. In India, where savings accounts pay far below inflation, the tool doubles as a prompt to move money that will not be needed for several years into a fixed deposit or debt fund; the comparison between rates in the same tool makes the decision concrete. It is also useful for reverse planning — set the target balance, then adjust the monthly deposit until the final figure meets the goal. The calculation assumes constant deposits and a constant rate; real accounts vary, so re-run it whenever the rate changes.
How to Use This Calculator
- Step 1: Enter the amount you deposit into savings every month.
- Step 2: Set the interest rate your savings account actually pays — in India this is typically 2.7% to 4%.
- Step 3: Enter the horizon in years — use short horizons for savings accounts since better instruments exist for long money.
- Step 4: Read the savings balance, the total deposited, and the interest earned over the period.
Worked Example
Amit deposits ₹5,000 into his savings account every month for 10 years at 7% interest, compounded monthly. He deposits ₹6,00,000 in total and ends with about ₹8,65,424 — so ₹2,65,424 is interest earned. At a more typical 3% savings-account rate the same habit would produce only about ₹6,98,707, nearly ₹1.7 lakh less. The difference shows why the interest rate matters even for 'safe' savings, and why short-term money belongs in savings while longer goals should move to higher-yielding instruments.
Tips and Common Mistakes
- •Automate the deposit on salary day so saving happens before spending.
- •Build the emergency fund first — 3 to 6 months of expenses — before chasing returns elsewhere.
- •If the rate drops below inflation, shift goal money to an FD or debt fund with a better net return.
- ✗Avoid keeping long-term goal money in a savings account just for safety — inflation silently reduces its purchasing power.
- ✗Avoid treating the interest card as guaranteed income; bank rates change and this is a fixed-rate projection.
Frequently Asked Questions
What savings rate should I use in India?
Regular savings account rates in India are typically between 2.7% and 4%, with higher-tier accounts sometimes paying more. For longer horizons, an FD or debt fund will beat a savings account — this calculator's real use is short-term goal planning at honest rates.
How does this differ from a fixed deposit calculator?
A fixed deposit takes one lump sum and compounds it. This calculator adds a new deposit every month — it is an annuity-style accumulation, best for building an emergency fund or a recurring-deposit-style goal. For lump sums, use the FD calculator.
What is the emergency-fund rule of thumb?
A common guideline is 3 to 6 months of expenses in liquid savings. If your monthly expense is ₹50,000, that is ₹1.5–3 lakh. Use this calculator to see how many months of deposits you need to reach that target at your current interest rate.
Is a savings account a good long-term investment?
No — savings-account rates in India rarely beat inflation after tax. For goals beyond two or three years, most of the interest advantage disappears. Use this tool to size short-term buffers, and switch longer-term money to instruments that beat inflation.
Why does interest matter so much over 10 years?
Because deposits keep compounding. ₹5,000 per month for 10 years at 7% produces ₹8.65 lakh against ₹6 lakh deposited — ₹2.65 lakh of interest. Even small rate differences compound into meaningful sums over a decade.
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