A lot of investors would like to have their money double. Money is a commodity which makes literally everything revolve around itself. Well, there are schemes available which can make getting double the amount invested possible, with the existence of other factors like risks, eligibility, etc. The rule of 72 is considered to be a simple and very convenient formula for estimating the time for doubling the invested amount. The rule is to simply divide 72 by expected yearly return which will result in you with time when your invested amount gets doubled. Here, you will find some of the best schemes discussed to get your investment doubled under different terms and conditions,
National Savings Certificate
National Savings Certificate (NSC) is a scheme offered by the Government of India which can be easily availed from any designated Indian Post Office. This mode of investment involves lower risks and high rate of interests. NSC hosts namely NSC VIII Issue certificate only which has a term of 5 years. The minimum initial amount considered to be invested is Rs. 100.
Kisan Vikas Patra
Kisan Vikas Patra is a certificate savings scheme offered by Indian Post Offices which was started in the year 1988. Kisan Vikas Patra (KYP) was launched for farmers formerly to help them in saving for a longer-term. Now, Kisan Vikas Patra is eligible to anyone who is over the age of 18 years and is a resident of India. NRIs and HUFs are not eligible for this scheme. According to the recent update, the tenure is considered to be 124 months if the certificate is purchased between 1st April 2020 and 30th June 2020.
Tax-Free Bonds
In our country, tax-free bonds are offered by some public sector undertakings like NTPC Limited, Indian Railways, Rural Electrification Corporation, National Highway Authority of India and other undertakings. These bonds provide both Demat or physical form to allow bond trading. Tax-free bonds are a great mode of longer-term investments with lower risks and good returns.
Bank Fixed Deposits
Fixed Deposits (FDs) are a great mode of investment offered by many banks and Post offices which keep the rate of interest fixed for the nominated term. However, Fixed Deposits are known for offering low liquidity. The longest term for Fixed Deposits (FDs) is known to be permissible until 10 years. Usually, banks offer higher rates of interest for their senior citizen members. The minimum term for Fixed Deposits is known as 7 days. It is actually advised to compare Fixed Deposit rates with varying tenures of banks to see for yourself, what option available is suitable and could produce maximum returns.
Public Provident Fund Scheme (PPF)
Public Provident Fund Scheme is considered a tax free investment scheme launched by the Government of India. PPF scheme is considered a long-term investment with good rates of interest and promising returns. A PPF account can be opened by Post offices and banks. PPF is known to have a minimum tenure of 15 years and a PPF account can’t be enclosed before maturity.
