Seettu Calculator
A seettu is a few people saving together: everyone puts in the same amount every month, and each month one person takes the whole pot. Everyone pays in the same total and takes out the same total — the only difference is when you get the pot.
You take the pot first — the money comes to you now and you pay it back month by month. Like an interest-free loan.
If you put the same Rs. Rs. 10,000 a month into a bank at 8% a year, after 10 months you would have Rs. Rs. 103,054 — Rs. Rs. 3,054 more than the seettu pot. That is the interest you do not earn.
A seettu charges no interest and pays no interest — you get back exactly what you put in. The bank comparison only shows what the same money would earn in a bank, and the rate is one you type. This is the simple seettu with no auction or discount — if your group auctions the pot, the numbers are different.
Pot = people × monthly contribution. Bank figure = monthly contribution × [((1 + rate/12)^months − 1) / (rate/12)] — end-of-month contributions, monthly compounding.
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Questions
No. A seettu has no interest at all — you get back exactly what you put in. The person who takes the pot first gets an interest-free loan; the person who takes it last lends their money for free.
If you need the money now, early is better — you get the whole pot and pay it back month by month. Taking it late has no extra benefit; it is only a way of forcing yourself to save.
No. In an auction seettu the pot is bid down, so the numbers are different. This calculator is for the simple seettu only.
100% free · No sign-up · Works offline · Private by design