How to use the Savings Growth Calculator
- Enter what you have saved already.
- Enter how much you will add every month.
- Enter the yearly return you expect and the number of years.
- See your final amount, how much you put in and the profit earned.
How it's calculated
Show the formula
Each month: balance = balance × (1 + r) + monthly saving
r = yearly return ÷ 12 ÷ 100
r = yearly return ÷ 12 ÷ 100
Adds your saving at the end of each month and compounds profit monthly. Real returns vary, so treat this as an estimate.
Worked example
These are the example numbers the calculator opens with. Change any of them above to see your own result.
You enter
| Starting amount | Rs 1,00,000 |
|---|---|
| Monthly saving | Rs 15,000 |
| Expected return (per year) | 12% |
| Years | 10 years |
You get
| Final amount | Rs 37,80,619 |
|---|---|
| You put in | Rs 19,00,000 |
| Profit earned | Rs 18,80,619 |
Tips
- Starting early matters more than saving a lot: time does most of the work.
- Compare the return with inflation; a 10% return with 8% inflation grows your real wealth by only about 2%.
- Automate the monthly saving on salary day so you never skip it.
Frequently asked questions
What return should I expect?
It depends on where you save. Bank savings and national savings schemes pay lower, steadier returns; mutual funds and shares can pay more but go up and down.
Is profit compounded monthly?
Yes, this calculator adds profit every month. Some schemes pay profit monthly to your account instead; if you spend it, use the simple interest calculator.
Does this include tax on profit?
No. Withholding tax on profit is not deducted, so the real amount will be a little lower.
Can I use it for a committee (BC)?
A committee pays no profit, so set the return to 0% to see the total you will collect.