Question 1

How much money can I put into a SIP?

Accepted Answer

Although there is no maximum investment amount for a SIP, the minimum investment amount is INR 500 each month.

Question 2

SIP Calculator: What is it?

Accepted Answer

An online financial tool called a Systematic Investment Plan (SIP) calculator can assist you in figuring out the returns on your SIP investments. The calculator also provides you with the monthly investment amount required to reach your goal corpus.

Question 3

What is the SIP calculator's formula?

Accepted Answer

With the help of this formula, you may comprehend how a SIP calculator functions. Future value, or the amount received at maturity, is determined by the formula FV = P [(1+i)n-1] * (1+i)/i. Consider an investment of Rs 2,000 every month for a period of 24 months. You anticipate an annual return of 12%. (r).

Question 4

Is the SIP calculator reliable?

Accepted Answer

Using an SBI MF SIP calculator has a number of benefits, some of which are listed below. You receive a fairly good estimate of your SIP returns from this. The real outcome could somewhat vary because mutual funds are susceptible to market risks. The manual solution of SIP calculations is rather challenging.

Question 5

Is SIP tax-exempt?

Accepted Answer

SIPs are among the best tax-saving tools since they offer significant investment returns. Under Section 80(C) of the Income Tax Act of 1961, you may deduct up to Rs. 1.5 lakh from your taxable income for investing in ELSS through SIPs. You can save up to Rs. with the 30% tax rate, which is the highest.

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What is SIP Calculator and How its Works?

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Format of will in India

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Section 80 TTA of Income Tax Act

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