Savings Calculator
Estimate how much your savings will grow over time with this simple savings calculator. Enter your initial deposit, interest rate, and duration to calculate your savings growth.
Calculate Your Savings Growth
What is Savings?
Savings refers to the amount of money you set aside for future use, often earning interest over time. This calculator helps you estimate how much your savings will grow when invested at a given interest rate over a specific period.
How Savings Grow Over Time
- Initial Deposit: The amount you initially invest.
- Interest Rate: The annual rate at which your savings will grow, usually expressed as a percentage.
- Duration: The length of time you plan to keep your savings invested, typically in years.
Example Calculation
If you deposit ₹10,000 at an annual interest rate of 5% for 5 years, your total savings will be calculated as:
Final Amount = ₹10,000 * (1 + 0.05)^5 = ₹12,762.81
Total Interest Earned = ₹12,762.81 - ₹10,000 = ₹2,762.81