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Fee drag: a mutual fund, a PMS and RupeeCase, in rupees.

One gross return, three fee models. See what each takes over the years and what is left.

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Reference returns, tap to use

Model, back tested, RupeeCase indices

Past or back tested returns are not a promise of future returns.

RupeeCase fees over 20 years₹12.6 L0.78% a year at these settings
Mutual fund fees, 1.80% TER₹26.7 L
PMS fees, 2% plus 20% over 10%₹33.9 L2.40% a year at this return
End value with RupeeCase fees₹83.9 L
End value with the fund TER₹69.8 L
End value with PMS fees₹62.5 L
Dynamic Asset Allocator at its model CAGR, after RupeeCase fees₹155.36 CrDynamic Asset Allocator, model, back tested CAGR 45.18% as of 27 Apr 2026. Not a promise of future returns.
₹10.0 L₹1 Cr₹10 Cr₹100 Cr₹1,000 Crlog scaleY0Y4Y8Y12Y16Y20
  • No fees
  • RupeeCase
  • Mutual fund
  • PMS
  • Dynamic Asset Allocator, model, after fees
Same gross return for all three, so only the fees differ. RupeeCase: 30% traded x 13 rebalances x 0.2% = 0.78% a year. Broker charges and taxes on trades are separate for every route.

01How it works

In plain words.

All three routes earn the same gross return, so the only difference is the fee. A mutual fund takes its TER on the whole amount every year. A PMS here takes 2% a year plus 20% of the return above a 10% hurdle. RupeeCase takes 0.2% of the value traded at each rebalance, and nothing in between; its yearly cost is the share traded times the number of rebalances times 0.2%.

The formula

Mutual fund: net = r - TERPMS: net = r - (2% + 20% x max(0, r - 10%))RupeeCase: net = r - (share traded x rebalances a year x 0.2%)Fees in rupees = value with no fees - value with fees

02Worked example

The default numbers, by hand.

Rs 10 lakh for 20 years at 12% gross: with no fees about Rs 96.5 lakh. RupeeCase at 30% traded x 13 rebalances x 0.2% = 0.78% a year leaves about Rs 83.9 lakh; a 1.8% TER leaves about Rs 69.8 lakh; the PMS at 2.4% a year leaves about Rs 62.5 lakh.

InputValue
Amount invested₹10,00,000
Years20 years
Gross return a year12%
Mutual fund TER1.8%
Rebalances a year13
Share of the portfolio traded per rebalance30%
ResultValue
RupeeCase fees over 20 years₹12.6 L
Mutual fund fees, 1.80% TER₹26.7 L
PMS fees, 2% plus 20% over 10%₹33.9 L
End value with RupeeCase fees₹83.9 L
End value with the fund TER₹69.8 L
End value with PMS fees₹62.5 L
Dynamic Asset Allocator at its model CAGR, after RupeeCase fees₹155.36 Cr

03Key concepts

What to know before you use it.

Why a small rate becomes a big number

A fee is charged on the whole balance every year, including on past returns, so its rupee cost compounds with the portfolio. At a 12% gross return, a 1% yearly fee over 20 years takes about 18% of the gain, not 1%.

When RupeeCase costs more

The RupeeCase fee depends on how much is traded. A strategy that trades most of the portfolio every week can cost more than a low TER fund. The calculator shows the crossover; the pricing page lists the fee.

Good to know

  • Use the TER from the fund’s latest factsheet; direct and regular plans of the same fund have different TERs.
  • PMS fee structures vary; the agreement lists the fixed fee, the profit share, the hurdle and whether a high water mark applies.
  • Brokerage, STT and other charges on trades are separate for every route.

04Assumptions

What the calculator assumes.

  • The same gross return for all three, constant every year.
  • PMS: 2% fixed plus 20% above a 10% hurdle, charged yearly, no high water mark; the same model as the RupeeCase fee calculator.
  • RupeeCase: 0.2% of traded value per rebalance (pricing page); taxes and exchange charges on trades not included for any route.

Sources, checked 12 Oct 2026

  1. RupeeCase pricing: 0.2% of traded value per rebalance, nothing else
  2. SEBI (Portfolio Managers) Regulations 2020: Rs 50 lakh minimum investment, fees disclosed in the agreement
  3. SEBI, total expense ratio limits for mutual fund schemes (Regulation 52, SEBI Mutual Funds Regulations)

05Questions

Asked about the Fee drag over 20 years.

How much do mutual fund fees cost over 20 years?

At a 1.8% TER and a 12% gross return, Rs 10 lakh ends about Rs 26.7 lakh lower than with no fee. The calculator shows it for your numbers.

How are PMS fees charged?

Usually a fixed yearly fee on assets plus a share of profits above a hurdle. SEBI requires the structure to be disclosed in the PMS agreement; 2% plus 20% over 10% is one common shape, used here as an example.

What does RupeeCase charge?

One fee per rebalance: 0.2% of the value traded, like brokerage. Nothing else. Stocks stay in your own demat.

06Keep going

Learn the idea, see it applied.

Module 6.3Mutual Funds: Structure, Types and Hidden Costs8 min read, Path 06Module 6.5Index Funds vs ETFs vs Active: The Evidence in India8 min read, Path 06Module 10.2The Real Cost of Trading: Slippage & Transaction Costs11 min read, Path 10The matching indexAllcap50 stocks from the Nifty Total Market. Fortnightly rotation.CAGR44.7%Sharpe1.68Max DD−22.7%Model, back tested, as of 27 Apr 2026. Not client returns, not a promise. Risk band: Moderately High.

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Education only, not investment advice. RupeeCase is a technology platform operated by QC Alpha Technologies Pvt Ltd; it is not a fund, a PMS or a SEBI registered investment adviser. Model returns are back tested and not a promise of future returns. Figures carry the date they were checked.