Savings Goal Calculator — Monthly Deposit Needed | Techovra
Savings Goal Calculator
Start from the amount you want and find the exact monthly deposit that gets you there.
Calculate Your Required Monthly Deposit
Enter your target, rate and timeline. Results update as you type.
Our savings calculator answers "what will my monthly deposit grow into?" This one answers the more common real-world question: "I need ₹10 lakh in 5 years. How much do I actually need to save every month?" This savings goal calculator runs the same compounding math in reverse, starting from your target instead of your deposit.
What this tool does
Enter your target amount, your timeline and the interest rate your savings scheme offers, and this how much to save monthly calculator solves for the exact monthly deposit that gets you there. It's not a rough estimate, it's the precise figure the compounding math requires. If you've already saved something, enter it and the required deposit drops accordingly.
A worked example
Say you want to build a corpus of ₹10,00,000 in 5 years, using a recurring-deposit-style account earning 6.50% p.a., within the current SBI RD range as of August 2026. This goal-based savings calculator example is pre-filled above.
- Monthly rate: 6.50% ÷ 12 = 0.5417%.
- Number of deposits: 5 years × 12 = 60.
- Solve for the deposit: Required monthly deposit = Target ÷ [((1+r)^n − 1) / r] = 10,00,000 ÷ 70.679 ≈ ₹14,149/month.
That's the number a goal-based savings calculator gives you that a flat "target ÷ months" calculation never would. ₹10,00,000 ÷ 60 months would suggest ₹16,667/month, overstating what you actually need by roughly ₹2,500 every month, because it ignores the interest doing part of the work for you.
Why the rate you use changes the required deposit more than people expect
A higher rate means less of your own money has to do the work, because compounding covers more of the gap. The same ₹10,00,000 goal over 5 years needs a noticeably smaller monthly deposit at 6.50% than it would at a plain savings account rate of 2.70%. That's exactly why the account or scheme you park a savings goal in matters as much as the discipline of saving itself.
Frequently Asked Questions
What if I can't afford the required monthly deposit?
You have three levers: extend the timeline, lower the target, or move to a higher-rate scheme. Run the numbers with each change to see which one closes the gap with the least strain on your monthly budget.
Is this the same as a target amount savings calculator?
Yes. "Savings goal calculator" and "target amount savings calculator" describe the same reverse calculation: starting from what you want and solving backward for what you need to deposit.
This shows you the savings math. Actual returns depend on your bank's current rates and the specific scheme you choose.