Savings Calculator
Estimate how your savings could grow over time with an initial savings balance, regular monthly deposits and compound interest.
Savings Growth Year by Year
See how your savings balance could grow each year through regular deposits and compound interest.
| Year | Total Saved | Interest Earned | Estimated Balance |
|---|
What is a Savings Calculator?
A Savings Calculator estimates how much your savings may grow over time. It combines your starting savings, regular monthly deposits and an assumed annual interest rate.
How Does This Savings Calculator Work?
This calculator assumes that interest compounds monthly. Your starting savings earn interest throughout the selected period, while regular monthly deposits are added at the end of each month.
FV = P × (1 + i)n
Monthly Deposits Future Value
FV = PMT × [((1 + i)n − 1) ÷ i]
P = Starting savings
PMT = Monthly deposit
i = Monthly interest rate
n = Number of months
Savings Example
Monthly Deposit: ₹5,000
Annual Interest Rate: 7%
Savings Duration: 10 years
Monthly deposits over 10 years: ₹6,00,000
Total money personally saved: ₹7,00,000
The final balance can be higher than the amount deposited because interest is earned and compounded over time.
Why is Compound Interest Important?
Compound interest means interest can be earned not only on the money you deposit but also on interest accumulated during earlier periods. Over longer periods, compounding can have a larger effect on the final savings balance.
Disclaimer: This Savings Calculator provides estimates for educational and financial-planning purposes only. Actual interest rates, compounding methods, account fees, taxes and bank policies may produce different results.