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Savings & Retirement Schemes

Savings Calculator

Illustrate how an opening balance and monthly deposits may grow under your assumptions.

By Nitin Raturi · Last reviewed

Your assumptions

How to use this Savings Calculator

Choose a result, set the assumptions and compare the year-by-year illustration.

  1. Choose whether to calculate the ending balance, monthly deposit, time to goal or annual rate.
  2. Enter your opening amount, monthly deposit and goal amount where relevant.
  3. Set the annual rate, compounding frequency, deposit timing and projection length.
  4. Optionally include an annual deposit increase, inflation adjustment or simple tax drag.
  5. Read the result and yearly table; change one assumption at a time to compare scenarios.

Good to know

  • Tap the ⓘ beside a field for its units and assumptions.
  • The yearly table separates deposits from modeled interest.
  • All amounts and assumptions stay in your browser.

Illustrative projection only. The calculation runs in your browser and does not send your inputs anywhere.

Solve for

Solve for

Choose the one result you want this calculator to work out from your other assumptions.

How to fill it in

  • Ending balance uses the years, rate and monthly deposit you enter.
  • Monthly deposit, time to goal and annual rate each need a goal amount.
  • The calculator only solves one value at a time.

Example

With the defaults, solving for ending balance gives ₹18,31,331.

Compounding frequency

Compounding frequency

How often the nominal annual rate is compounded. The calculator converts it to an equivalent monthly growth factor for monthly deposits.

How to fill it in

  • Choose monthly, quarterly, yearly or daily.
  • The daily option uses 365 periods in a year.
  • The conversion does not model changing rates within a month.

Example

Monthly deposits are modelled in monthly periods for every compounding choice.

Deposit timing

Deposit timing

Whether each monthly deposit is made before or after that month’s interest is added.

How to fill it in

  • Start of month means the deposit earns interest in that month.
  • End of month means the deposit first earns interest in the following month.

Example

With the default plan, an end-of-month deposit projects to ₹18,31,331.

Initial deposit

The amount already in the account at the start of the projection.

How to fill it in

  • Enter rupees from ₹0 to ₹1,00,00,00,000.
  • Use 0 if you are starting without an opening balance.

Example

The default opening deposit is ₹50,000.

Monthly deposit

The regular amount added to the account each month. When you solve for this field, it is the amount needed in the first year.

How to fill it in

  • Enter rupees from ₹0 to ₹10,00,00,000 per month.
  • If an annual increase is set, later years use a larger monthly deposit.

Example

For a ₹10 lakh goal using the other default assumptions, the required first-year monthly deposit is ₹5,197.

Keep in mind: This is a fixed-payment illustration. It does not predict future income or returns.

Goal amount

The ending balance you want to reach when solving for a deposit, time or rate.

How to fill it in

  • Enter an amount from ₹0 to ₹1,00,000 crore.
  • This field does not change the ending-balance calculation.

Example

A goal of ₹10 lakh is the default target.

Annual rate

The nominal yearly interest rate used in this illustration, before the optional tax-drag adjustment.

How to fill it in

  • Enter a percentage from 0% to 1,000% a year.
  • Choose compounding frequency separately.
  • Use 0% to model no interest.

Example

The default assumption is 7% a year.

Keep in mind: A selected rate is only an assumption; actual account rates and returns can change.

Years

The length of the projection for ending balance, monthly deposit or required-rate calculations.

How to fill it in

  • Enter a whole number from 1 to 100 years.
  • When solving for time, the answer is the first whole month in which the goal is reached.

Example

The default projection lasts 10 years.

Annual deposit increase

The percentage increase applied to the monthly deposit at the start of each new year.

How to fill it in

  • Enter a percentage from 0% to 100%.
  • A 5% increase means the second year’s monthly deposit is 5% above the first year’s amount.
  • Use 0% for the same deposit each month.

Example

The default increase is 0%.

Inflation rate

An annual assumption used only to express the projected balance in today’s rupees.

How to fill it in

  • Enter a percentage from 0% to 100%.
  • The nominal ending balance is unchanged; only the real-value estimate is adjusted.

Example

At 0% inflation, the default real-value estimate is ₹18,31,331.

Keep in mind: Inflation varies over time; this is a user-entered assumption, not a forecast.

Tax drag on interest

A simple user-set percentage of each month’s interest removed before it compounds again.

How to fill it in

  • Enter a percentage from 0% to 100%.
  • For example, 10% removes one tenth of each modelled interest amount.
  • Use 0% if you do not want this adjustment.

Example

The default tax-drag adjustment is 0%.

Keep in mind: This is not a tax calculation and does not represent any tax rule or tax rate.

Your illustration

Estimated ending balance

₹18,31,331

Illustration based on your assumptions, not a guarantee.

Projected balance
₹18,31,331
Total contributions, including the opening amount
₹12,50,000
Modelled interest
₹5,81,331
Year-by-year balance, monthly deposits and interest
YearEnding balanceDepositsInterest
1₹1,77,540₹1,20,000₹7,540
2₹3,14,301₹1,20,000₹16,760
3₹4,60,947₹1,20,000₹26,647
4₹6,18,195₹1,20,000₹37,248
5₹7,86,810₹1,20,000₹48,615
6₹9,67,615₹1,20,000₹60,804
7₹11,61,490₹1,20,000₹73,875
8₹13,69,380₹1,20,000₹87,890
9₹15,92,298₹1,20,000₹1,02,918
10₹18,31,331₹1,20,000₹1,19,033

ChangelogHow we test this calculatorEmbed this calculator

How this calculator works

Choose one figure to solve for; the other fields describe an illustrative monthly savings plan.

  1. Step 1Set the monthly deposit₹10,000paid at the start or end of each month
  2. Step 2Apply a monthly growth factor7%the nominal annual rate is converted using your compounding choice
  3. Step 3Repeat by month₹18,31,331the ending balance for the default 10-year illustration

The opening deposit is present at the start. Monthly deposits can stay level or increase once a year. Interest is calculated without rounding between months.

For deposits at the end of the month, the existing balance earns that month’s interest before the new deposit is added. A start-of-month deposit is added first, so it earns interest in the same month.

Worked example

The default assumptions produce ₹18,31,331 after 10 years, including ₹12,50,000 in total contributions.

₹50,000 opening amount and ₹10,000 each month
Equivalent monthly rate
i = (1 + R ÷ C)^(C ÷ 12) − 1
Deposit for month m
Dₘ = D₀ × (1 + u)^floor(m ÷ 12)
End-of-month balance
Bₘ₊₁ = Bₘ × (1 + i) + Dₘ
Interest total
ending balance − total contributions
  • Rnominal annual rate 7%
  • Ccompounding periods per year 12
  • uannual deposit increase 0%
  1. Opening depositmonth 0₹50,000
  2. Monthly deposits12 × years × monthly amount₹12,00,000
  3. Modelled interestending balance − contributions₹5,81,331
  4. Projected balanceall amounts combined at the end₹18,31,331

The formula uses the conventions shown in the calculator: nominal annual rate, selected compounding frequency, monthly deposits, and start- or end-of-month timing. Figures are rounded only for display.

Reading your result

The yearly table separates the amount deposited during each year from the interest added under your assumptions.

  • Projected balanceA mathematical result for the rate and contribution schedule you entered.
  • ContributionsThe opening deposit plus monthly deposits; the table lists monthly deposits by year.
  • InterestThe balance increase attributed by this model to interest after the optional tax-drag adjustment.
  • Today’s rupeesWhen inflation is entered, the adjusted figure discounts the nominal balance by that assumption.

When solving for time, the answer is the first whole month that reaches the goal. When solving for a monthly deposit, the result is the required amount in year one; a step-up changes later deposits.

Assumptions and limits

A fixed-rate projection is not a forecast of what a real account or investment will earn.

  • One rateThe same selected annual rate is used throughout the projection.
  • No account chargesFees, account terms and missed or additional deposits are not modeled.
  • Tax drag is not tax adviceThe optional percentage simply reduces modeled interest; it does not apply a tax rule.
  • Inflation is an assumptionThe real-value view uses your rate input, not a published forecast.

Savings products with their own rules

This calculator models a general savings plan. Bank and government schemes fix their own rates and terms.

A bank recurring deposit is closer to the RD calculator, and a one-time deposit to the FD calculator. For a 15-year government-backed account, see the PPF calculator.

To plan several targets at once, use the goal planner, and to see what a balance buys later, the inflation calculator.

Common mistakes

Check the timing and rate convention before comparing two projections.

  • Mistake: Treating an assumed rate as a promise.

    Instead: Use the result as an illustration; real rates and results may change.

  • Mistake: Forgetting when monthly deposits happen.

    Instead: Choose start or end of month to match the schedule you want to illustrate.

  • Mistake: Reading tax drag as a tax estimate.

    Instead: It is only a user-set reduction to interest, not a calculation of tax owed.

Sources and methodology

The formula follows standard time-value-of-money arithmetic, with the calculator’s timing and rate conventions stated explicitly.

OpenStax explains how periodic payments accumulate and why end-of-period and beginning-of-period timing differ in Principles of Finance 2e, section 8.2, “Annuities”. The calculator extends that recurrence to monthly periods, annual deposit increases and user-entered adjustments; these are model choices, not account rules.

Examples are computed by the same tested calculation logic used by the tool. The balance, monthly-deposit, time and rate modes are checked with round-trip tests; balance cases are also verified using an independent closed-form calculation and a month-by-month loop.

Read how we test our calculators, or browse more money calculators.

Frequently asked questions

How is the ending balance calculated?

The calculator grows the opening balance and each monthly deposit using the selected nominal annual rate, compounding convention and payment timing.

Does the calculator guarantee the displayed return?

No. It is an illustration based on assumptions you choose, and actual results can differ.

What does the inflation adjustment show?

It divides the projected nominal balance by the compounded inflation assumption to express an estimated value in today’s rupees.

Does tax drag calculate my tax?

No. It is a simple user-set reduction to modeled interest, not a tax rule or tax estimate.

How is a deposit at the start different from one at the end?

A start-of-month deposit earns interest for that month; an end-of-month deposit does not.

Sources and methodology

The formulas are standard time-value-of-money results. We check every figure against golden values worked out independently, by closed form and by month-by-month simulation; see the methodology.

Written and maintained by Nitin Raturi, a software engineer (about the author). Last reviewed 22 Oct 2026; next review due by . Found an error? Tell us.

Changelog

  • : First release.