Canara SIP Calculator 2024

Canara SIP calculator

Canara Bank Fund was originally started as CanBank Mutual fund in 1993. In 2007, Canara Bank in association with Robeco Fund, was renamed as Canara Robeco Mutual Fund.

What is Canara SIP calculator

SIP is one of the most affordable investment methods in where you can invest in mutual funds with as low as just INR 500. The fund amount can be invested at regular intervals (monthly or quarterly basis). If you want to check the estimated returns then you can make use of Canara Bank SIP calculator. Using SIP calculator, you can plan your financial goals like retirement planning, marriage, home renovation, funding education etc

Benefits of Investing in Canara Bank SIPs:

• Disciplined Savings: SIPs foster continuous savings as a habit over a period of time
• Rupee Cost Averaging: Buying more units when the market is low and higher units when the market is low, benefiting form
• Power of Compounding: Even small investments made consistently over time can grow rapidly through the power of compounding
• Flexibility and Control: You can choose the amount that you invest, compare different SIP options to select the best

How Does Canara Bank SIP Calculator Work?

1. Input Details: Enter the monthly investment amount, the investment tenure, and the expected rate of return.
2. Calculation: The calculator applies the compound interest rate formula to calculate the estimated results
3. Result: Get the approximate SIP returns, and plan your investments

The calculator uses a simple formula to calculate the SIP returns

FV = [P x r x (1 + i) ^ n – 1]/i} x (1 + i)

In which,

• FV=Future value of your investment
• P=SIP amount every month
• I=Compounded rate of return
• r=Expected rate on return

You can also calculate the monthly SIP amount to meet your goal. Assuming you would need to build a corpus of Rs. 1 crore, you need to input the goal amount, investment period of 10 years, and the estimated rate of tenure of 13%

Amount you would expect at the end of Investment Period = 1 crore

Investment tenure = 10 Years

Expected rate of Returns = 13%

Monthly SIP amount = ₹40,977

Advantages of Using Canara Bank SIP Calculator

• User-Friendly Interface: The interface is user friendly allowing you to seamlessly operate
• Financial Planning: It helps in setting realistic financial goals by providing you a realistic projection of your investment
• Informed Decision-Making: It would help compare different SIP options and make better investment choices
• Instant Results: It saves time by providing instant results compared to manual calculation which involves tedious calculation

FAQs for Canara Bank SIP Calculator

1. What is a Canara Bank SIP Calculator?

It’s an online tool to estimate the future value of SIP investments with Canara Bank Mutual Funds

2. How accurate is the Canara Bank SIP Calculator?

The calculator provides a conservative estimate based on the inputs and expected rate of return.

3. How often should I use the Canara Bank SIP Calculator?

You can use the calculator whenever you want to explore different investment scenarios

4. Can I rely solely on the Canara Bank SIP Calculator for my investment decisions?

The SIP calculator gives an approximate return based on your input; the actual return is reliant on market condition