Small savings grow faster than you expect when interest earns interest. Enter a monthly saving or a lump sum and see what it becomes over the years.
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How to use it
- Choose monthly saving or one-time amount.
- Enter the amount.
- Enter the yearly interest or return and the number of years.
- Choose how often interest is added, then read the yearly table.
Example
Rs 5,000 saved every month at 10% for 10 years grows to a little over Rs 10 lakh. You put in Rs 6 lakh; the rest is interest.
Questions and answers
What is compound interest?
Interest that is added to your money, so the next interest is worked out on a bigger amount.
What does SIP mean?
Systematic investment plan: putting in the same amount every month.
Is tax counted?
No. The 5% tax on bank interest and rising prices are not included, so use it as a guide.