A savings calculator projects how your savings account grows when you start with an initial deposit and continue adding a fixed amount every month.
About this calculator
A savings calculator projects how your savings account grows when you start with an initial deposit and continue adding a fixed amount every month. It shows the effect of interest compounding on your total balance over time.
Regular, consistent saving, even small amounts, builds significant wealth over the long term due to compounding. It shows that growth and plan your savings targets.
Common uses
- Project savings growth with monthly deposits into a savings account
- Set a monthly savings target to reach a specific goal
- Compare savings growth at different interest rates
- Model emergency fund growth over time
Frequently asked questions
How does adding monthly contributions affect savings growth?
Regular contributions amplify compounding. Even adding ₹1,000/month to an initial ₹50,000 at 7% annual interest grows to about ₹3.3 lakh in 10 years, compared to ₹98,000 without any monthly contributions, more than triple the amount.
What is the difference between a savings account and an FD for growing money?
Savings accounts offer lower interest rates (typically 3–4%) with full liquidity. Fixed deposits offer higher rates (6–7.5%) but lock your money for a fixed term. For emergency funds, savings accounts are better. For known future expenses, FDs offer better returns.