BOI AXA Investment Managers Private Limited is the joint venture between Bank of India (BOI) and AXA Investment Managers. This AMC is a part of the global AXA Group and is one of the world’s largest players in the Financial Protection industry. In order to cater to the diverse investment objectives of individuals, BOI AXA Mutual Fund offers a vast array of schemes like equity, debt, hybrid, etc to choose from. These products focus on fulfilling the various financial needs of investors. One can plan their short, mid and long term Investments by using BOI SIP Calculator before investing in various MF schemes like- equity, debt, hybrid funds and many more.
In this article
What is SIP and How to Start Investing in it?
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.
How to Use the BOI SIP Calculator?
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!
How the Returns are Calculated?
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
Advantages of SIP Calculator
- SIP calculator of BOI allows the investors to get an estimation of the amount that their mutual fund investment would accumulate at the end of their SIP tenure
- With this estimate beforehand, individuals can plan their finances in a much better way
- Estimation of the investment value helps to choose the right mutual fund scheme