---
title: "Fee Drag Calculator: Mutual Fund vs PMS | RupeeCase"
description: "Compare fees in rupees over 20 years: a mutual fund TER, a PMS at 2% plus 20% over a 10% hurdle, and RupeeCase at 0.2% of traded value per rebalance."
source_url: "https://www.rupeecase.com/learn/tools/fee-drag-calculator"
---

RupeeCase fees over 20 years**₹12.6 L**0.78% a year at these settings
Mutual fund fees, 1.80% TER**₹26.7 L**
PMS fees, 2% plus 20% over 10%**₹33.9 L**2.40% 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 Cr**Dynamic Asset Allocator, model, back tested CAGR 45.18% as of 27 Apr 2026. Not a promise of future returns.

* 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.
      Share this resultReset

  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 - TER``PMS: 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.

| Input | Value |
| --- | --- |
| Amount invested | ₹10,00,000 |
| Years | 20 years |
| Gross return a year | 12% |
| Mutual fund TER | 1.8% |
| Rebalances a year | 13 |
| Share of the portfolio traded per rebalance | 30% |

| Result | Value |
| --- | --- |
| 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. [SEBI, total expense ratio limits for mutual fund schemes (Regulation 52, SEBI Mutual Funds Regulations)](https://www.sebi.gov.in/legal/regulations/)
2. [SEBI, total expense ratio limits for mutual fund schemes (Regulation 52, SEBI Mutual Funds Regulations)](https://www.sebi.gov.in/legal/regulations/)
3. [SEBI, total expense ratio limits for mutual fund schemes (Regulation 52, SEBI Mutual Funds Regulations)](https://www.sebi.gov.in/legal/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.

    Explore next

## Learn the idea behind the numbers.

* [Blog noteThe base rate of beating the marketCosts: MF, PMS, RupeeCase, a short note](/blog/2026-07-03-morning-active-vs-index-base-rate/)
* [Blog noteDirect vs regular: the finder's fee you pay foreverCosts: MF, PMS, RupeeCase, a short note](/blog/2026-06-10-morning-direct-vs-regular-plan/)
* [Free module 6.3Mutual Funds, Structure, Types and Hidden Costs8 min read](/learn/path-6/module-6-3-mutual-funds-structure-types-costs)
* [Free module 6.5Index Funds vs ETFs vs Active, The Evidence in India8 min read](/learn/path-6/module-6-5-index-funds-vs-etfs-vs-active)
* [StrategyAllcap strategyNifty Total Market, 50 stocks, every 2 weeks](/strategies/allcap)
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      Community

## Join my WhatsApp group.

      Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me.

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06Keep going

## Learn the idea, see it applied.

  [Module 6.3Mutual Funds: Structure, Types and Hidden Costs8 min read, Path 06](/learn/path-6/module-6-3-mutual-funds-structure-types-costs)[Module 6.5Index Funds vs ETFs vs Active: The Evidence in India8 min read, Path 06](/learn/path-6/module-6-5-index-funds-vs-etfs-vs-active)[Module 10.2The Real Cost of Trading: Slippage & Transaction Costs11 min read, Path 10](/learn/path-10/module-10-2-the-real-cost-of-trading-slippage-and-transaction-costs)[The 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.](/strategies/allcap)

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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.