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Emergency Fund Calculator

Building a stable savings corpus requires you to consider multiple factors. As expenses become increasingly complex, your savings plan needs to be refined. Introducing the Emergency Fund Calculator by Axis Bank, a new-age calculator to help you to get a customised savings plan based on your specific income and expense pattern. Factoring in multiple variables, the Emergency Fund Calculator can help you to plan better for an unpredictable situation.

Summary

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  • `{{monthlySavingAmt | commaFilter}}
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Your Emergency Fund Goal ` {{roundedEmergencyFund | commaFilter}}


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Your Emergency Fund Plan

Your current monthly savings are Rs. {{monthlySaving | commaFilter}} and it would take {{targetMonthsforEFDesired}} month/s to achieve your Emergency Fund Goal.

You need to save Rs. {{monthlySaving1 | commaFilter}} per month to reach your Emergency Fund Goal in {{targetMonthsforEFDesired}} month/s.
Reducing recreational expenses can be a good place to start.

You need to reduce your monthly expenditure by Rs. {{ReduceExp | commaFilter}} to reach your Emergency Fund Goal in {{targetMonthsforEFDesired}} month/s.
Reducing recreational expenses can be a good place to start.

{{finalresultmsg}} {{roundedEmergencyFund | commaFilter}}

Tell us about your monthly income
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How much do you pay for your monthly bills?
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How much do you spend on recreational activities in a month?
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How much do you spend on travel in a month?
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How much do you spend on your dependants in a month?
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Other Annual Expenses
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Existing saving
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Balance`{{monthlySavingAmt | commaFilter}}

Total Income` {{monthlyIncome | commaFilter}}

Total Income`{{monthlyIncome | commaFilter}}

Total Expense`{{totExp | commaFilter}}

Progress with us Blog

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Frequently asked Questions

  • What is an Emergency Fund?

    An emergency fund is a financial safety net for future financial surprises and/or unexpected expenses. Financial planners recommend that emergency fund should typically have three to six months' worth of expenses in the form of highly liquid assets. The emergency fund goal shouldn’t be high and unattainable. A person can start small and build up the emergency fund corpus gradually.

  • How can an Emergency Fund be built?

    Emergency Fund can be built by setting aside a particular sum depending on your Emergency Fund Goal. For example: If your Emergency Fund Goal is ₹ 60,000 and you if you want to achieve it in 12 months, you need to set aside ₹ 5,000 per month for building your Emergency Fund corpus. In addition to your regular expenses, set aside the amount needed to build your Emergency Fund. For this, if required, rationalise your expenses.

  • How much should one’s Emergency Fund be?

    The amount of Emergency Fund depends on the income, expenditure and existing savings of a person. However, since the factors aren’t as simple as they seem, Axis Bank’s Emergency Fund Calculator takes into account these complexities into its calculations of the person’s Emergency Fund Goal.

  • Why should Emergency Fund be highly liquid?

    As emergencies can arise without any prior intimation, one should be able to access the funds as and when required. That is why the emergency fund instrument shouldn’t have a (large) maturity period or a penalty on pre-mature withdrawal. Additionally, the initial investment or principal amount should remain intact and should offer fixed positive returns. It should not vary depending on any change in interest rates or market fluctuations. Thus keeping these points in mind, a Savings Bank Account is the safest and most easily accessible instrument to keep your funds.

  • What are ‘Existing Savings’?

    ‘Existing Savings’ is the money already lying in the savings account(s) of any bank for the individual.

  • How to use the Axis Bank’s Emergency Fund Calculator?

    Simply key-in the Income, Expenses and Existing Savings into the calculator to know your Emergency Fund Goal. You can explore the related products that would help you build your emergency funds corpus in the section above. You can also read more about Emergency Funds in our blog.

  • How frequently should you review the Emergency Fund Goal?

    Your Emergency Fund Goal could change if you get married or if you have children as this will lead to a change in your expenses. Similarly, any change in your lifestyle too will lead to a change in your expenses. Any likely expenses arising from changes in your life stage or lifestyle should be factored in while calculating your Emergency Fund Goal. Hence, review your Emergency Fund Goal at least once a year and change your monthly savings accordingly.

  • Is the interest earned on Savings Bank Accounts taxable?

    Interest earned on Savings Bank Accounts up to Rs 10,000 annually is tax free. Anything beyond that is added to your income and taxed as per your tax slab.

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Disclaimer

  • The information provided in this calculator is not research material carried out by Axis Bank and it does not represent views of Axis Bank in any manner whatsoever.
  • The information contained in here is general information. Neither does it constitute any offer, invitation, recommendation or solicitation to any person to enter into any transaction described therein or any similar transaction with Axis Bank nor does it constitute any prediction of likely future movements. The information has not been prepared with regard to any person or group of persons' investment objectives, financial situation, experience or particular needs and the information should not be construed as investment or saving recommendation or advice.
  • The Bank accepts no responsibility and liability for any errors, omissions or inaccuracies in the information provided here. The Bank shall not be liable for any loss or damage arising directly or indirectly resulting from the use of information contained herein, or the inability to use such information or in connection with any error, imperfection, inaccuracy, mistake, defect, interruption, delay in operation or incomplete transmission, line or system failure.
  • Axis Bank, its affiliates/ group companies shall not be liable, responsible of answerable in any manner, for any kind of loss or damage that may arise to any person due to any kind of error in the information contained here or otherwise.
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