A novel approach for electrical circuit modeling of Li-ion battery is proposed in this paper. The model proposed in this paper is simple, fast, not memory intensive and does not involve any look-up table. The model mimics the steady-state and dynamic behavior of battery. Internal charge distribution of the battery is modeled using two RC circuits. Self-discharge characteristic of the battery is modeled using a leakage resistance. Experimental procedure to determine the internal resistance, leakage resistance and the value of RC elements is explained in detail. The variation of parameters with state of charge (SOC) and magnitude of current is presented. The internal voltage source of the battery model varies dynamically with SOC to replicate the experimental terminal voltage characteristics of battery. The accuracy of model is validated with experimental results.