BOI SIP Calculator

A joint venture between Bank of India and AXA Investment Managers, BOI is an Indian nationalized bank that caters to various investment objectives of its customers. Customers can opt for the SIP method or the lump sum investment method to invest in multiple funds through BOI. With the BOI SIP Calculator, an investor can easily and quickly calculate the expected returns receivable at the end of the tenure.

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BOI SIP Calculator
  • SIP
  • Lumpsum

Monthly Investment

₹500 ₹1L
Enter Monthly Investment

Total Investment

₹500 ₹10L
Enter Total Investment

Expected Rate of Return (Yearly)

1% 20%
Expected Rate of Return (Yearly)

Time Period

1 Year 30 Years
Enter Time Period
Total Investment
Interest Earned
Maturity Amount

What Is SIP and How to Start Investing in SIP?

One of the emerging investment types becoming highly popular these days is Systematic Investment Plans or SIPs. SIP is a type of mutual fund investment in which an individual can invest a fixed amount at regular intervals and attain high returns at the end of the tenure. Some of the top reasons one should invest in a SIP is:

  • It helps inculcate a habit of savings in an individual that brings discipline in their life

  • Serves a dual purpose of investment and savings

  • Investments as low as Rs. 500 can be made in some SIPs

  • Eliminates financial burden during the financial crisis

  • Helps create a decent financial corpus

One can invest their money in SIPs through any reliable portal of investment and easily start investing after the completion of KYC.

BOI SIP Calculator

SIP Calculator is an online financial tool that guides investors as to how much they have to invest in order to attain their desired financial corpus in the future. BOI SIP Calculator is an easy-to-use and hassle-free tool that helps you get desired results in a fraction of seconds for any complex financial calculation. Even though it is known that the financial market is volatile in nature, the BOI SIP Calculator calculates the returns keeping the current market scenario in mind. Sometimes the computed results and actual results may vary.

How to Use the BOI SIP Calculator?

Using the Bank of India Systematic Investment Plan Calculator is extremely easy and only requires basic details to be filled in related to the SIP scheme. Here are the simple steps one needs to follow to calculate the returns on your Bank of India (BOI) SIP:

Step 1: Move the slider to select the amount you wish to invest monthly

Step 2: Select the expected rate of return you wish to attain yearly by moving the slider

Step 3: Choose the tenure for which you wish to invest in the BOI SIP scheme

Step 4: The Total Invested Amount, Total Interest Earned, and the Maturity Amount will be shown on your screen

How to Calculate the BOI SIP Returns?

The below mentioned formula is used for the computation of returns for Bank of India SIPs schemes:

FV = P x ({[ 1+ i] ^ n -1} / i) x (1+i)

Here is the elaboration:

FV = Future Value (The amount to be received after maturity)

P = Amount that the investor invests

i = The rate of interest periodically, that is, annual return rate percentage / 12

n = Total number of months

Illustration

Mr. XYZ invests Rs. 1,000 every month in his BOI SIP scheme for a tenure of 1 year at a 12% interest rate. His Future estimated maturity return value will be:

Future Value = 1,000 ({[1 + 0.01] ^ {12 – 1} / 0.01) x (1 + 0.01)

Future Value = Rs. 12,809 yearly (approximately)

Highlights of Bank of India SIP Calculator

One can invest in mutual funds in 2 ways:

  • Systematic Investment Plan or SIP

  • Lump-sum

A SIP is considered a better investment option when compared to the lump sum method of investment in mutual funds because:

  • It inculcates a habit of regular savings.

  • One can deposit money at regular intervals without being overburdened to pay all the amount in one go.

  • Pocket-friendly deposits can be made monthly keeping the availability in mind

Bank of India Systematic Investment Plan Calculator is a beneficial tool in the following ways:

  • Great investment option for beginners.

  • Minimal details are required to make an investment

  • Calculators provide quick and accurate results in comparison to manual calculations.

  • The hassle-free tool with easy-to-understand options.

  • Provides assistance to investors as to how much they should invest to fulfill their future goals.

FAQ's

  • Q. Can I increase my SIP amount?

    Ans: Yes, by opting for the option for a periodic top-up of the invested amount during the purchase of the SIP, one can increase the SIP amount. Even if you have not opted for the option, you can always start a new SIP under the same scheme, that will be eventually added to the portfolio.
  • Q. What is a SIP Calculator?

    Ans: An SIP or Systematic Investment Plan calculator is a financial tool that helps in the calculation of the maturity amount that the investor will receive at the end of the SIP tenure. the SIP Calculator is easily available online and makes your SIP calculations easy and stress-free.
  • Q. Can I withdraw my SIP after some time?

    Ans: A normal SIP can be withdrawn anytime as per the investors’ convenience. Although, if it is an ELSS Equity Linked Savings Scheme, it comes with a 3-year lock-in period.
  • Q. Can SIP save taxes?

    Ans: While investing in ELSS (Equity Linked Savings Scheme) Mutual Funds, the investor is allowed to claim tax deductions up to Rs. 1,50,000 under Section 80C of the Income Tax Act, 1961.
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