Monthly savings calculator
What saving a little every month adds up to.
₹5,000 (5 thousand)
How often interest is added. Banks often use quarterly; savings apps monthly
Final amount
₹8,19,397
₹2,19,397 of it is interest
- Total monthly deposits
- ₹6,00,000
- Total interest earned
- ₹2,19,397
- Final amount
- ₹8,19,397
- Your money: 73.2%
- Interest: 26.8%
Year-by-year growth
| Year | Deposited | Value |
|---|---|---|
| 1 | ₹60,000 | ₹61,678 |
| 2 | ₹1,20,000 | ₹1,27,160 |
| 3 | ₹1,80,000 | ₹1,96,681 |
| 4 | ₹2,40,000 | ₹2,70,489 |
| 5 | ₹3,00,000 | ₹3,48,850 |
| 6 | ₹3,60,000 | ₹4,32,044 |
| 7 | ₹4,20,000 | ₹5,20,370 |
| 8 | ₹4,80,000 | ₹6,14,143 |
| 9 | ₹5,40,000 | ₹7,13,699 |
| 10 | ₹6,00,000 | ₹8,19,397 |
Interest compounds at the chosen frequency; monthly additions are made at the end of each month. Before tax on interest.
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How to calculate monthly savings
- 1
Enter how much you can save each month.
- 2
Add any amount you’ve already saved.
- 3
Enter the interest rate and the number of years.
- 4
See the final amount, your deposits and the interest earned.
Small amounts, saved every month
Saving a fixed amount every month is one of the most reliable ways to build money, because interest starts working on each deposit as soon as it’s made. Enter what you can save, the interest rate and the time, and the calculator shows the final amount, how much you paid in and how much came from interest.
A savings calculator and savings interest calculator: see how much you will save with a recurring savings plan.
Example
Saving 5,000 a month for 10 years at 6% interest compounded monthly:
- You deposit 6,00,000 (600,000) in total.
- Interest adds about 2,19,000.
- The final amount is about 8,19,400.
Stretch the same plan to 20 years and the final amount is about 23.1 lakh, more than double the deposits, because interest earns interest over a longer time.
Raise your savings each year
Most people’s income grows over time. The optional yearly increase raises your monthly saving every year by a percentage, for example 10% when your salary goes up. Even small increases make a large difference over a decade.
How it’s calculated
Deposits are made at the end of each month, and interest is added at the frequency you choose: monthly for most savings apps and many banks, quarterly for most fixed and recurring deposits. The year-by-year table shows your balance growing.
Choosing where to save
For goals within a few years, use a savings account, recurring deposit or similar safe option, and enter its rate. For long goals, investing through a SIP may grow faster, with more ups and downs. To work backwards from a target, use the savings goal calculator.
Frequently asked questions
How much will I have if I save every month?
Your deposits plus interest on them. Saving 5,000 a month for 10 years at 6% gives about 8.2 lakh (820,000): 6 lakh of your own money and 2.2 lakh of interest.
When are deposits added?
At the end of each month, like a standing instruction to a savings account. Interest is added at the compounding frequency you choose.
Can I increase my savings every year?
Yes. Add a yearly increase, for example 10% when your salary rises, to see how much faster your savings grow.
Is interest taxed?
Interest on savings accounts and deposits is usually taxable income. The results are before tax.