Many banks give interest up to 8 percent on FD. PPF is giving 7.1 percent interest annually.Interest in Sukanya has increased to 8.2 percent.
New Delhi. There are many investment options in the market in which you can invest money. Although returns are available on all types of investments, but which is the option that will double your money quickly? Today we will tell you about some such options in which your money is safe as well as you get a good return.
If you also want to calculate the return on your investment and find out which option doubles the money quickly, then you will have to apply the Rule of 72 formula on your investment. For this, whatever interest you get, whatever result you get after dividing it by 72, that will be the time taken to double your money. We will tell you the complete calculation of how much time will be taken in which option.
1. Bank FD: Currently, the interest rates on bank FDs have increased and many banks offer interest up to 8%. At this rate, your money will double in 9 years.
2. PPF: PPF is giving interest at the rate of 7.1 percent per annum. It will take 10.14 years for your money to double.
3. Sukanya Prosperity Schemes In this scheme, the interest has increased to 8.2 percent since January. If you divide this interest by 72, then your money will double in 8.7 years.
4. Kisan Vikas Patra: In this government scheme, you are getting 7.5 percent interest. If you divide 72 by this interest, you get 9.6, which means your money will double in 9.6 years.
5. NSC: National Savings Certificate is currently giving an interest rate of 7.7 percent. According to this interest rate, your money will double in 9.3 years.
6. NPS : The National Pension System gives an average interest of 10 to 11 percent. If you consider the average interest rate of 10.5 percent, your money will double in 6.8 years.
Tags: Investment scheme, Investment tips
FIRST PUBLISHED : March 25, 2024, 12:01 IST