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An SIP allows you to invest a fixed amount in any mutual fund scheme at regular intervals. The Bank of India SIP calculator can help you calculate the expected SIP returns, based on your contributions.
Here are the steps that you need to follow to use the SIP calculator.
Step 1: Choose the ‘Monthly SIP Amount Calculator’ option and input the amount
Step 2: Provide the duration of investment in years
Step 3: Add the expected rate of interest and the SIP calculator will calculate the expected returns
Alternatively, you can also use the target amount approach, wherein the calculator helps you decide the amount you need to invest every month based on your specific target. Simply use the ‘Future Value Calculator’ to proceed with this approach.
Here is the formula used by the Bank of India SIP calculator to calculate the expected SIP returns.
A = P*((1+i)^n)-1)/i)*(1+i)
‘A’ is the maturity amount of the SIP
‘P’ is the investment amount
‘i’ is the compounded rate of return (annual rate of return divided by 12)
‘n’ is the number of months or contributions
The Bank of India SIP calculator offers a host of benefits. Here are some of them.
The Bank of India SIP calculator lets you calculate the returns you can expect from a fund if you choose the SIP route. With the help of this calculator, you can analyse returns you may get from various investment amounts across different investment periods.
This way, you can compare multiple investment options and choose the right one that suits your financial goals and personal preferences.
Another benefit of this calculator is the convenience it offers. It provides the expected returns instantly and eliminates the need for manual calculations. This, in turn, also reduces the chances of any errors associated with manual calculations.
With the help of this tool, you can calculate the returns for up to 10 years, which is difficult with manual calculations. To get the required results, simply enter the investment amount, rate of return, and duration.
This SIP calculator promotes healthy investing habits and helps you save for specific short-term and long-term goals. It helps you meet your financial goals by offering insights on the required contributions to reach certain goals.
This tool helps you to easily build a corpus for your long-term needs, like your children’s higher education. You can also use it to meet your short-term requirements, like purchasing a car.
The Bank of India SIP calculator is available to use free of cost. You can use it an unlimited number of times. This way, you can explore various investment scenarios and choose the one that is the best fit for you.
You can use it through your smartphone or laptop anytime from the comfort of your home.
As you can see, the SIP calculator from Bank of India offers various benefits, including simplifying your calculations. You can choose from several mutual funds on Bajaj Markets, all in one place. You can also use the SIP calculator to make an investment choice that best aligns with your financial goals.
Yes. You can easily cancel or pause your SIP instalments. This means that your existing fund units will remain the same until redeemed. Therefore, no new purchases or deductions for the same will be made on your behalf.