Hey, what is going on everybody? Welcome to another video. In this video, we are going to see the basics of savings accounts that you need to know and how interest is calculated on the money in your savings account. So let's get started. Most of you underestimate the value of a savings account mainly because of the low interest rates they provide. But apart from the interest rate, there are many other advantages of having a savings account that are often ignored. Before discussing the pros and cons of savings accounts, let's understand what exactly a savings account is. A savings account is an interest-bearing deposit account held at a bank or financial institution that offers a modest interest rate. To open a savings account, you will need to provide your identity and address proof along with a couple of passport-sized photographs. Some banks or financial institutions may require you to maintain a certain average monthly balance and may also limit the number of withdrawals per month. Now, let's talk about the interest. Most savings accounts in India provide an annual interest rate of 4%. This means that the daily interest rate is calculated as 4% divided by 365 days, which is approximately 0.011%. It's important to note that interest on your savings account is calculated on a daily basis using the lowest balance for that particular day. Most banks credit the interest at the end of the quarter, meaning compounding is done quarterly for savings accounts. Let's understand interest calculation with an example. If you have Rs. 50,000 in your savings account, the interest you will earn in one day, considering the daily interest rate we mentioned previously, would be around Rs. 5.5. This calculation is done as Rs. 50,000 multiplied by 0.011%, divided by 100. For 30...
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