Are you looking to Double your Money? Well who doesn’t! But how we can do it and in how much time? In this post we tell you legitimate ways of doubling your money and the associated risk with each option.
Kisan Vikas Patra (KVP)
Kisan Vikas Patra or KVP is part of Post Office Small Saving Scheme and another popular investment choice. This was discontinued but reinstated in FY 2015-16.
The rate of interest and the hence the duration to double the money is revised every quarter by government of India. The KVP interest rates for April to June 2021 is 6.9% and matures in 124 months (10 Years & 4 Months).
Bank Fixed Deposits
Bank fixed deposit is the most popular investment in India. As of today, most banks are offering interest rates of 5% to 7% for general public and 6% to 7.5% for senior citizens for deposits of more than 5 years.
If you invest in Bank FD with interest rate of 6%, your money would double in approximately 12 years. With 7% interest the time take for doubling the…