You will become a millionaire in a few days with SIP of Rs 11000, here is the complete step-by-step calculation.

If you want to create wealth for the future, then SIP of mutual fund can prove to be a better option for you. If invested in SIP for a long period, better benefits of compounding can be availed. Investment can be made in SIP in two ways in which ongoing investment can be made through SIP. If you want to make a big fund in a short time, then the option of step-up SIP is also very useful for this. ,

You will become a millionaire in a few days with SIP of Rs 11000

For example, suppose you want to create a fund of Rs 1 crore in 20 years through SIP, then you can invest in Step Up SIP along with regular SIP. To become a millionaire through SIP in a period of 20 years, you will have to do SIP of around ₹ 11000 every month. If you invest continuously for 20 years, the total investment in these years will be Rs 26 lakh 40 thousand.

Know how the calculations are done in Step Up SIP

If you get an average return of 12 percent, your total investment in 20 years will be Rs 26,40,000. If you get an average return of 12 percent, then in 20 years you will get a total of Rs 83,50,627 as interest. After 20 years you will have a total fund of Rs 1,09,90,627. Step Up SIP is also known as Top Up SIP. In this, SIP has to be topped up from time to time.

If you start a SIP of ₹5000, you have to top up about 10% every year. If you top up every year, you can accumulate a huge fund in a few years. If you start investing in Step Up SIP with Rs 5,100, you will have to top up 10 percent every year. Due to which your investment in 20 years will be Rs 35,05,230. In which Rs 66,38,015 is received as interest. After which you will have a total fund of Rs 1,01,43,245 in SIP in 20 years.