There is no way to instantly double your money; you need patience and planning. Thumb rule 72 states that you should estimate two things.
- This is the time frame to double your money.
- Your money’s return rate will double for a given tenure.
Let’s say you want to invest Rs. 8,000 per annum in bank FD. The rule will allow your money to double in 72/8 = 9 year. If you invest Rs. If you invest Rs. 2 lakhs today in bank fixed deposits, then you’ll get Rs. If you keep your investment for nine years, 4 lakhs
Fixed deposit double scheme
Contrary to popular belief you don’t need to put your hard-earned cash in dubious schemes promising to double your money. Fixed deposits are a safe and secure way to double your money.
Fixed deposit double schemes are investment instruments that double an investor’s investment over a time period. Banks offer this type of FD scheme. Customers must deposit a set amount of money for a specified period. This scheme allows investors to double their money by earning interest. The investor is then refunded at the end of their tenure. The accumulated interest doubles the money, while the interest component accounts for half of it. The interest rate for different customers is also different. Senior citizens have higher interest rates than others.
Fixed deposits that can double your investment in 2019
1. Cent Double Deposit Scheme – Central Bank of India: This scheme requires a minimum investment of Rs. 5,000 in rural areas and Rs. 10,000 in metropolitan and urban areas. The FD interest rates start at 6.50% per year.
2. Allahabad Bank Double Deposit Plan: The DDP provided by Allahabad Bank is another great investment option to double your money. This scheme is available at all Allahabad bank branches and offers higher returns. The FD interest rates are between 4% and 6.5% per year.
3. Bank of India – Double Benefit Term Deposit: This Bank of India FD scheme offers a higher rate of return because interest is compounded quarterly.
Fixed Deposit Double Scheme: Features and Benefits
FD Double schemes offer a variety of benefits and features. Some of these are listed below.
This type of FD is a hassle-free investment option. Simply follow the simple account opening process.
Flexible: Fixed deposits are accepted by most banks from as low as a few thousand up to as high as a few lakhs.
Option for a loan: These fixed deposit plans can be financed with loans.
Nomination: On your behalf, you can nominate a beneficiary.
Interest rates: Fixed deposit double scheme offers attractive interest rates. The fund can double in a set period.
Premature withdrawals allowed by some banks
What is the difference between a fixed deposit double and a regular fixed deposit.
Double scheme and regular fixed deposit are both part of the same class. The tenure can be chosen from a few days up to several years. The tenure of these fixed deposits will affect the interest earned. A longer tenure earns you more interest. At maturity, the entire amount plus any accrued interest are returned to you.
Fixed deposit double schemes have a fixed tenure and cannot be modified. Fixed tenure tenures have a fixed rate of interest, which means that invested money will double after the fixed tenure is over.
Fixed deposits: Why should you invest?
FD is one the most trusted and oldest investment vehicles that banks offer. The interest rates on FD are much higher than current or savings account balances. Diversifying your investment portfolio can allow you to diversify into variable and fixed income sources. Here are the top reasons to invest in fixed deposit funds.
- This is an investment option that offers guaranteed returns and risk-free investing.
- The FD interest rates are generally higher than those of other risk-free investment vehicles like government bonds or treasury bills.
- Flexible investment options are available with FD, including tenure and investment amount.
- When you need it, you can get a loan or an overdraft against your fixed deposit.
- It is a liquid investment. Your FD can be retracted at any time.
- FD protects you against market uncertainty
Fixed deposit can be a great way for you to jump-start your investment portfolio. These are easy to understand and can help you grow your savings with low risk. They are a way to hold your investments for a set period and provide great returns at maturity. Financial savings are the most secure form of saving money. Many Indian banks and financial institutions offer fixed deposit options at higher interest rates. The best part about FD is its ability to grow over time, thereby increasing your overall investment.