"SB Interest Calculator" calculates your Interest Income on daily basis which helps you to postpone/use credit card for heavy purchases.
Reserve Bank of India (RBI) proposed that payment of interest on savings bank accounts by scheduled commercial banks would be made on a daily product basis with effect from April 1, 2010. This means that you will earn interest every day!
Keeping this in mind, say you need to buy high end 3D LED TV which cost you Rs 3,39,150 and you do not want to use EMI option and you have enough balance in your bank and you have credit card.
It is advisable to use credit card after billing is done so you shall get 45 days of time (may be lower/higher depending upon your bank and card) without any interest. So now you would be gaining Rs 1,672 for 45 days if the same amount kept in a bank ( assuming interest rate of 4% ).
If you do not have credit card, you can use it to postpone your huge purchases or check how much can earn daily!
"SB Interest Calculator" helps you to find how much interest amount you can earn based on number of days.