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How I Turned ₹5,000/month into ₹6 Lakhs — My 3-Year SIP Journey
In 2020, I was saving ₹5,000/month with no real strategy. I stumbled into SIPs by chance. Today, that same habit has grown into ₹6,12,000 — and taught me 3 major lessons about compounding, patience, and mistakes I wish I avoided earlier.
📉 What Went Wrong in Year 1
In my first year, I panicked during a market dip and pulled out my SIP investments. That single move cost me potential gains and broke the compounding chain. I learned the hard way that reacting emotionally to market swings is a recipe for regret.
📈 Lesson Learned: Consistency Beats Timing
- Missed rallies by being out of the market
- Lost out on rupee cost averaging
- Peace of mind improved with automation and discipline
🔄 My Portfolio Before vs After
Before (2020)
- Random savings in bank account
- No real investment plan
- Low returns (2-3% p.a.)
After (2023)
- Disciplined SIPs in diverse mutual funds
- Portfolio value: ₹6,12,000
- Average returns: 13-15% p.a.
🧠 What I’d Do Differently If Starting Again
If I could start over, I’d set up my SIPs and forget about the daily market noise. I’d diversify a bit more, avoid panic-selling, and trust the process. Most importantly, I’d start even earlier — because time is your biggest ally in compounding.
Fastened Deposit Curiosity Charges: Fastened deposits (FDs) provide a safe avenue for funding, notably favored by risk-averse people and senior residents. Lately, a number of prime banks have raised their FD rates of interest, with some providing as much as 8.1% on 1-3 12 months tenures, making them a lovely choice for these looking for steady returns.What’s a Fastened deposit?You possibly can make investments a certain quantity at a set rate of interest for a set interval with a set deposit.The rate of interest could differ relying on the financial institution’s phrases. You possibly can select FD phrases from one week to 10 years.Listed here are the fastened deposit rates of interest from prime banks for phrases of 1 to three years:Financial institution NameHighest rate of interest (%)Highest rate of interest tenure1-3 yearsAxis Bank7.217 months to lower than 18 months6.70% to 7.20percentBandhan Bank7.85500 days7.45% -7.85percentDCB Bank825 months to 26 months7.15% to eightpercentFederal Bank7.5500 days6.80%- 7.50percentHDFC Bank7.2518 months to lower than 21 months6.60%-7.25percentICICI Bank7.215 months to 2 yearsIDFC First Bank8500 days6.50%- 8percentIndusInd Bank7.651 12 months to 2 years7% to 7.65percentKotak Mahindra Bank7.4390 days to lower than 23 months6.50% to 7.40percentRBL Bank8.118 months to 2 years7.50% to eight.10percentBank of India7.252 years6.8% to 7.25percentCanara Bank7.25444 days6.85% to 7.25percentIndian Bank7.25400 days – IND SUPER6.10% to 7.25percentPunjab Nationwide Bank7.25400 days6.75% to 7.25percentPunjab & Sind Bank7.4444 days6.20% to 7.25percentState Financial institution of India7.1400 days – Amrit Kalash6.80% to 7percentUnion Financial institution of India7.25399 days6.75% to 7.25percentSupply: Financial institution web sites as quoted by ET; rates of interest as on April, 4, 2024FD Laddering strategyWith FD laddering, you divide your funding into a number of FDs with numerous maturity dates. As a substitute of placing all of your cash in a single FD, you unfold it throughout FDs with totally different maturity intervals.Additionally Learn | Revenue Tax Guidelines FY 2024-25: New vs previous tax regime – 6 guidelines salaried people ought to knowICICI Financial institution describes the Fastened deposit Laddering Technique as a way the place you cut up a lump sum into a number of FDs, every with totally different maturity dates. As a substitute of placing all of your cash into one deposit, you unfold it throughout a number of deposits with staggered maturity intervals. This technique goals to realize a steadiness between incomes constant returns and gaining access to funds commonly.Tax implications of Fastened depositsInterest earnings from FDs is totally taxable and contributes to your total tax obligation. Since FD curiosity is taken into account “income from other sources,” Tax Deducted at Supply (TDS) is relevant. The financial institution deducts TDS on the time of crediting your account with curiosity earnings.For FD curiosity exceeding Rs 40,000 in a fiscal 12 months, TDS is relevant. Nonetheless, for people aged 60 or above, the TDS threshold is Rs 50,000.
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