Bank of India Mutual Fund is a renowned Indian mutual fund AMC offering diverse mutual schemes. It provides the option to invest across equity, debt, and hybrid mutual funds. Investors can choose to invest in these mutual funds for short, mid, and long term based on their investment preference. One can plan their investments by using BOI SIP Calculator before investing in various Bank of India Mutual Fund Schemes.
Systematic Investment Plan (SIP) is an investment vehicle where you can invest a fixed amount in a mutual fund scheme of your choice at regular intervals (monthly, quarterly). For example, you can start investing with as low as 1,000 in a mutual fund. It is a disciplined investment plan and that helps you preserve capital and also render significant corpus in the long-run. Some of the benefits of SIP investments is that it can help you reach your financial goals by leveraging rupee cost averaging, and growing your investments with compounded benefits.
Using this calculator is very easy; all you have to do is just enter the basic details pertaining to the SIP scheme you are investing or want to invest. The steps to calculate the returns on your Bank of India SIP is as follows:
Step 1: Input the monthly investment amount you want to invest or just move the slider provided to select the amount
Step 2: Next, enter the return rate or move the slider
Step 3: Choose the investment period.
Step 4: Click on the ‘Invest now’ button.
It will show the invested amount, estimated returns and the total value. It’s that easy!
The below-given formula is used to calculate the returns on a SIP:
A = P*((1+i)^n)-1)/i)*(1+i)
A is the Amount you will receive
p is the SIP investment amount
i is the compounded rate of return, which is the annual rate of return %/12
n is the number of months