Interest free loans in India

 Do you think any bank in today's world will offer you money without interest? If you think No, then you are wrong, many Islamic banks all over the world working interest-free, they neither pay nor owe the interest on money.

Al Khair Bank situated in Aurangabad in the state of Maharastra is an Islamic bank that offering interest-free loans to people in India. You can visit their official site and learn more about their services. http://www.alkhairaurangabad.com/

Reference:

A bank in Aurangabad doesn't charge interest on loan | Siasat Daily

Baitulmaal Bank: Interest free loan for the needy | Newsbits

How to calculate interest on Saving account?

Formula to calculate the interest on Saving account: 

Amount * ROI / 100 * No Of Days / 365

Here Amount is the base amount available in your account.

ROI: Rate of interest which your bank is providing you on your saving account.  

No of days: Total number of days that amount remain in your saving account.

lets take an example:

I have a saving account in state bank of India. State bank gives 4% rate of interest annually on saving accounts and I kept rupees 100,000 in my saving account for 15 days. Then how much interest I will earn from this.

Amount: 100000

ROI: 4

No of Days: 15 

lets calculate using the formula:

Total interest = Amount * ROI / 100 * No Of Days / 365

= 100000 * 4/100 * 15/365

 = 164.38

Total interest a account holder will earn 164.38 rupees in 15 days on the amount of rupees 100000.