I wish to save about 10 lacs for my mother in 5 years time. I can invest 2 lacs lumps right away and want to build the rest by SIP. Which fund should I invest in? Also, I searched on the internet for a calculator which takes into account both SIP and lumpsum but could not find so. There are separate calculators for both though. Can you help me find such a online calculator?
May I know the purpose of this corpus? Is it just for wealth accumulation and transfer of corpus (gift) Or Is she going to use this amount for anything else?
You can try using MS Excel functions, calculate Future Value with lump sum amount as Present Value, time (n) = 5 years, payment (monthly SIP) and assume ‘X’ returns.
Note that your contribution may change depending the actual returns, you can review your annual accumulation and take course-correction..
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