SIP Backtest
Punjab National Bank
A ₹10,000 monthly SIP in PNB over the last 20 years means ₹24,00,000 paid in across 240 instalments. It would be worth ₹37,00,163 today.
Change the instalment or the holding period to run the backtest against PNB's own price history. Nothing here is projected from an assumed rate — every figure comes from what the share price and dividends actually did.
Every Period
Each period is a separate backtest: ₹10,000invested at the end of every month, priced at that month's adjusted close. The last instalment falls on the valuation month, so it has had no time to grow — which is exactly true of a real SIP.
12 instalments of ₹10,000 — ₹1,20,000 paid in — would be worth ₹1,22,919 today, an XIRR of 5.3%.
Same money, invested once: ₹1,26,302 (5.7% XIRR) — the lump sum did better.
Same SIP into the Nifty 500: ₹1,22,790 (5.1% XIRR) — PNB ahead.
36 instalments of ₹10,000 — ₹3,60,000 paid in — would be worth ₹4,07,301 today, an XIRR of 8.6%.
Same money, invested once: ₹5,54,993 (16.0% XIRR) — the lump sum did better.
Same SIP into the Nifty 500: ₹3,89,924 (5.5% XIRR) — PNB ahead.
60 instalments of ₹10,000 — ₹6,00,000 paid in — would be worth ₹11,35,663 today, an XIRR of 26.6%.
Same money, invested once: ₹19,15,058 (26.6% XIRR) — the lump sum did better.
Same SIP into the Nifty 500: ₹7,64,087 (9.9% XIRR) — PNB ahead.
120 instalments of ₹10,000 — ₹12,00,000 paid in — would be worth ₹23,97,848 today, an XIRR of 13.5%.
Same money, invested once: ₹10,91,597 (-0.9% XIRR) — the SIP did better.
Same SIP into the Nifty 500: ₹22,91,828 (12.6% XIRR) — PNB ahead.
180 instalments of ₹10,000 — ₹18,00,000 paid in — would be worth ₹29,76,798 today, an XIRR of 6.5%.
Same money, invested once: ₹13,45,109 (-1.9% XIRR) — the SIP did better.
Same SIP into the Nifty 500: ₹49,86,478 (12.7% XIRR) — the index ahead.
240 instalments of ₹10,000 — ₹24,00,000 paid in — would be worth ₹37,00,163 today, an XIRR of 4.2%.
Same money, invested once: ₹36,62,097 (2.1% XIRR) — the SIP did better.
Same SIP into the Nifty 500: ₹88,67,315 (11.8% XIRR) — the index ahead.
By Monthly Amount
Each row is a 20-year SIP in PNB, run at a different instalment.
| Every month | Total invested | Worth today | Gain |
|---|---|---|---|
| ₹1,000 | ₹2,40,000 | ₹3,70,016 | +₹1,30,016 |
| ₹2,000 | ₹4,80,000 | ₹7,40,033 | +₹2,60,033 |
| ₹5,000 | ₹12,00,000 | ₹18,50,082 | +₹6,50,082 |
| ₹10,000 | ₹24,00,000 | ₹37,00,163 | +₹13,00,163 |
| ₹25,000 | ₹60,00,000 | ₹92,50,409 | +₹32,50,409 |
SIP outcomes are exactly proportional to the instalment, so these rows scale from one backtest rather than five. The annualised return (XIRR) is identical for every row — only the rupee figures change.
The Metric
A SIP's return cannot honestly be quoted as a CAGR. CAGR describes one sum invested once and left alone; a SIP adds money every month, so the first instalment has been invested for 20 years and the last for a single month. Averaging those as though they were one investment overstates the result.
The correct measure is XIRR — the single annual rate that makes all 240 instalments and today's value balance. For Punjab National Bank over 20 years, that rate is 4.2%.
Most Indian SIP calculators ask you to assume a rate of return — commonly 12% — and then compute forward from it. Nothing on this page is assumed: every figure comes from what the share price and dividends actually did.
SIP vs Lump Sum
₹24,00,000 put into Punjab National Bank as a single lump sum at the start of the period would be worth ₹36,62,097 today (2.1% XIRR). The same money paid in monthly is worth ₹37,00,163.
The SIP came out ahead. That happens when the price falls during the period: later instalments buy more units for the same money, so spreading the entry out worked in the investor's favour.
The comparison is not really a choice for most people. A SIP invests what you earn each month; a lump sum requires having the whole amount up front. This tells you what each would have produced, not which you should have done.
SIP vs The Index
The identical 240 instalments put into the Nifty 500 on the same dates would be worth ₹88,67,315 — an XIRR of 11.8%, against ₹37,00,163 in Punjab National Bank. The index is ahead over this period.
The index leg is bought month by month on exactly the same dates, not modelled at an assumed annual rate. That matters: a smooth compounded curve has no entry timing, and entry timing across many instalments is the entire subject of this page.
How This Is Calculated
Each instalment buys at that month's closing price. A real SIP buys on a fixed date that may be any trading day, so an actual outcome would differ a little in either direction.
Prices are adjusted for dividends and stock splits, so dividends are treated as reinvested. Demergers are not credited, and brokerage and taxes are not modelled.
PNBis in today's Nifty 500 universe. Companies that delisted or collapsed are not on this site at all — a bias worth holding in mind when reading any historical backtest.
Measured on data to 2026-08-31, from 2006-08-01. Full definitions are on our methodology page.
HELP CENTER
Everything you need to know about this page and the data presented.
Investing ₹10,000 a month in Punjab National Bank for the last 20 years would have meant paying in ₹24,00,000 across 240 instalments. That holding would be worth about ₹37,00,163 today — a gain of ₹13,00,163, or 1.5× the money paid in. Every instalment is priced at that month's adjusted close, so dividends and stock splits are already counted in.
A 20 years SIP in Punjab National Bank returned an XIRR of 4.2%. XIRR is the right measure for a SIP and CAGR is not: CAGR assumes one sum invested once, while a SIP puts money in every month, so each instalment is exposed for a different length of time. A 20 years SIP's final instalment has been invested for one month, not 20 years.
Over the last 20 years, yes. The same ₹24,00,000 invested as a single lump sum at the start would be worth ₹36,62,097 today, against ₹37,00,163 for the monthly SIP. Spreading the entry out won here because the price fell during the period, so later instalments bought more units for the same money. A SIP is a way of investing what you earn each month, not a technique for beating a lump sum you already have.
Over 20 years, no. The identical monthly instalments put into the Nifty 500 instead would be worth ₹88,67,315, against ₹37,00,163 in Punjab National Bank — an index XIRR of 11.8%. The index leg is bought month by month on the same dates, not modelled at an assumed rate.
₹5,000 a month for 20 years adds up to ₹12,00,000 paid in, and would be worth about ₹18,50,082 today. SIP outcomes scale exactly with the instalment, so halving or doubling the monthly amount halves or doubles every rupee figure and leaves the XIRR unchanged.
₹10,000 a month for 5 years means ₹6,00,000 paid in, worth about ₹11,35,663 today — +89.3% on what went in, an XIRR of 26.6%. Shorter horizons swing far more widely than long ones, which is why this page publishes every period separately rather than picking one.
That is not a question this page answers, and we do not make recommendations. What it can tell you is exactly what a monthly SIP in Punjab National Bank would have produced over every period the data covers, how that compares with the same money invested at once, and how it compares with the Nifty 500. Those are records of what happened, not forecasts — a stock that compounded well for twenty years carries no promise about the next one.
Explore Further
ReturnScreener is an educational research platform and is not a SEBI-registered investment adviser. Everything on this page is a record of what historical prices did, not a projection and not a recommendation. Past performance does not guarantee future returns. See our methodology and disclaimer.