Savings calculator gives a rough estimate of future savings based upon your initial investment, periodic investments, frequency of investment, bank’s interest rate, and time horizon of investment. It uses the power of compounding to grow your savings.

The savings calculator is used as a tool to assist you to determine how much money you'll acquire over time when placing a deposit into an interest-earning account. In general, having an interest-earning savings account is a wise act if you desire to improve your financial health.

The interest building on your account balance can be determined by the savings calculator, as it’ll help you to determine how much you will be making over a long period.

The longer you keep the funds in the account, the more you will accrue in interest. One positive factor of having an interest-earning account is that along with the earning of funds on your deposits, you will also accrue interest over time, which is also known as compound interest.

Following are a few tips on how to use Fintra's Savings Calculator:

- First, calculate without a monthly deposit, this will help you figure out how much interest your balance will generate annually.
- Again calculate by adding a regular monthly deposit to know how a recurring deposit differs in your total savings amount.
- Lastly, input a different number of years to determine how much interest will grow in the account over a period of time. Begin with five years, and steadily increase it to 10, 20, and so on. This will allow you to plan for making long-term decisions.

Now with the innovative ways of online banking, it's easy to open a savings account online within just a few seconds! For example, to open **Kotak 811 Savings Account** please click here, and to open **Axis Bank Savings Account** please click here.

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