You can become a millionaire with SIP of Rs 1000, 2000, 3000, understand the calculation

In today's time, becoming a millionaire is probably everyone's dream, to fulfill which people are adopting different ways of investing. Some want to achieve these goals with more security by investing in government schemes, while some dream of becoming a millionaire in less time by taking more risk. However, SIP is such a means, which can fulfill your dream of becoming a millionaire with a little risk and some time.

SIP is a better way of investing in Mutual Fund. Under this, a fixed amount is automatically debited every month, which saves you the trouble of depositing it every time. SIP is popular among Indian investors. In December itself, the mutual fund folio increased to 22.50 crores, while in the previous month this figure was 22.02 crores.

If you are also planning to invest in mutual funds through SLIP, then let us know by when you will accumulate crores of rupees on monthly SIP of Rs 1000, 2000, 3000 and 5000.

By when will you become a millionaire on SIP of Rs 1000?

If you invest Rs 1000 monthly with 10 percent annual step up and expect an average return of 12 percent annually, then you can deposit Rs 1.02 crore in 31 years. In this, your total investment will be Rs 21.83 lakh and the remaining Rs 79.95 lakh will come from returns.

How much time will a SIP of Rs 2,000 take?

If you start a SIP of Rs 2000 every month and increase your investment at the rate of 10% per annum, then in 27 years you will have Rs 1.15 crore. However, it is necessary to get a return of 12%. In this, the total investment will be Rs 29.06 lakh, while the corpus received from the return will be Rs 85.69 lakh.

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How will you become a millionaire on a SIP of Rs 3000?

If a person starts a SIP with a monthly investment of Rs 3000 and increases it every year at the rate of 10%, then at the rate of 12% annual return, Rs 1.10 crore will be accumulated in 24 years. In this, the total amount invested will be Rs 31.86 lakh, while the income from the return will be Rs 78.61 lakh.

Summary

If a person makes a monthly SIP of Rs 5,000 and increases it every year at the rate of 10%, then he will have Rs 1.16 crore after 21 years. However, this target can be achieved only if a return of 12% is received every year. In this, the total investment will be Rs 38.40 lakh and the income from the returns will be Rs 77.96 lakh.