Doubling our income is a dream which everyone has, often thinking of multiple ways which can double our hard earned money. While it might not be possible to double our money overnight, there are methods through which our money can actually double. Contrary to popular belief one doesn’t have to invest in shady schemes which promise to double your money, for fixed deposits can do the same, in a safe and secure manner.
A Fixed Deposit Double Scheme is a plan which aims to double the investment of a customer over a period of time. These schemes are generally offered by banks and require customers to deposit certain sums for a fixed period of time. The interest earned on this sum eventually doubles the money, which is then given back to the customer at the end of a term. Both the normal fixed deposit and double scheme fixed deposits are essentially from the same family. Individuals having normal fixed deposits can choose the tenure for such deposits, which generally range from a few days to a few years. Interest earned on these deposits depends on the tenure, with longer tenures earning higher interests. The entire amount with the accumulated interest is returned to the depositor on maturity,ultimately ensuring that an investment is doubled on its completion.