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Savings Goal Calculator

Set a savings target and find out exactly when you'll reach it.

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🎯 Your Savings Plan

Where to Keep Your Savings in India

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High-Yield Savings Account

Small finance banks like AU, Equitas, ESAF offer 6–7% on savings accounts — far above the 2.7–3.5% from SBI/HDFC. Good for short-term goals.

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Fixed Deposits (FD)

Currently offering 7–7.5% from major banks for 1–3 year tenures. Safe, predictable, and great for medium-term goals like travel or car down payment.

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Liquid Mutual Funds

Offer 6.5–7% returns with T+1 redemption. More tax-efficient than FDs for short horizons. Best for emergency funds — accessible within 24 hours.

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PPF (Public Provident Fund)

Currently 7.1%, fully tax-free, backed by government. 15-year lock-in makes it ideal for long-term goals like retirement or children's education.

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Recurring Deposits (RD)

Deposit a fixed amount monthly at a locked rate (6.5–7.5%). Perfectly matches the "monthly savings" model this calculator uses. No market risk.

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Debt Mutual Funds

For goals 2–5 years away, short-duration or corporate bond funds can offer 7–8.5% returns. More tax-efficient than FDs for higher tax brackets.

Frequently Asked Questions

How much should I have in my emergency fund?
Financial planners recommend 3–6 months of essential expenses as an emergency fund. For India, where job markets can be volatile, 6 months is safer. Keep it in a liquid fund or high-yield savings account — not in equity or long-term FDs.
Should I pay off debt before saving?
Yes, for high-interest debt (credit cards at 36–42%). But always maintain a small emergency fund (1–2 months expenses) before aggressively clearing debt. A hybrid approach — minimum emergency fund + debt repayment — works for most Indians.
What if I can't reach my goal in time?
Three levers: increase monthly savings, extend the timeline, or reduce the goal amount. Running this calculator with different monthly savings values quickly shows you the tradeoff. Even small increases — ₹1,000–2,000/month — can cut months off your timeline.
How is interest calculated in this tool?
Interest is compounded monthly on the running balance. Each month: new balance = (previous balance + monthly savings) × (1 + monthly rate). This mirrors how recurring deposits and savings accounts work in India.