ICICI Bank SIP Calculator
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How Does an SIP Calculator Work?
An SIP calculator is a formula-based tool that gives you an estimate of the returns on your investment. The formula used for this calculator is:
M = P × ({[1 + i]^n – 1} / i) × (1 + i)
Here,
‘M’ represents the maturity value
‘P’ represents the investment value
‘n’ represents the number of investments made
‘i’ represents the interest rate
While you can use this formula to manually calculate the estimate of your returns, it will likely be a time-consuming process. Moreover, there will also be the risk of manual error, and investment based on incorrect data can affect planning.
Given this, a smarter alternative is using online tools like the ICICI SIP calculator. These are easy online tools offering accurate results in minutes.
Steps to Use the ICICI Bank SIP Calculator
As mentioned, using the ICICI Prudential AMC SIP calculator is easy, simple, and quick. You can use the calculator in two ways. The first is having a target amount and estimating the amount you will have to invest every month.
The second is having an investment amount (SIP) and estimating the maturity value. Here are the steps you can follow for both these approaches.
1. Target Amount
Step 1: Choose the ‘Target amount’ option on the page
Step 2: Enter the maturity (target) amount you want
Step 3: Select the SIP option and investment tenor
Step 4: Input the interest rate
Step 5: Check the SIP amount displayed on your screen
2. SIP Amount
Step 1: Choose the ‘Current Investment Amount’ option
Step 2: Enter the amount you want to invest (SIP value)
Step 3: Select the SIP option and tenor
Step 4: Input the interest rate
Step 5: Check the maturity value displayed on your screen
Benefits of Using ICICI Bank SIP Calculator
Here are some top advantages of using the ICICI Prudential AMC SIP calculator:
Compare and Customise Your Investment
You can use this calculator without any restrictions. As such, you can compare the estimated returns from different funds and choose the one that aligns with your goals. You can also try different permutations and combinations to know the most favourable investment terms.
Accurate, Accessible, and Quick
Since it is an automated tool, the possibility of errors is negligible. The calculator is accessible from anywhere and on any device, while offering estimates in seconds. This way, you can invest without any delays.
Available for Free
Most financial institutions offer such SIP calculators for free. So, you can better plan your investment and pay no additional cost.
Now that you know how to use the ICICI SIP calculator and its benefits, remember that the results are just an estimate. Since these are market-linked instruments, fluctuations will affect your final earnings.
You can also use the SIP calculator available on Bajaj Markets. With this calculator, you can compare the returns of leading mutual funds from different issuers in one place. You can also choose from a range of funds and invest your money appropriately.
FAQs on ICICI Bank SIP Calculator
How can I use the ICICI Bank SIP calculator?
To use the ICICI Prudential AMC SIP calculator, you just need to enter the investment/maturity amount, tenor, and interest rate. Once you submit these details, you can calculate your expected returns and invest accordingly.
Which is better, SIP or lumpsum?
How do I choose the right fund to invest in via SIPs?
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