With small savings, by investing in a Fixed Deposit scheme you can accumulate a huge fund corpus which will be very beneficial in retirement years giving financial freedom and saving you from the hassles of financial crunch in emergencies.
Many Banks and Non-Banking Financial Institutions (NBFC) offer the best-fixed deposit scheme where you can incur the best-fixed deposit interest rates based on whether it is a corporate fixed deposit or normal fixed deposit and based on the tenure.
It is always good to follow Warren Buffet’s simple formula “Don’t save what is left after spending but spend what is left after saving”. If a person has 1 lakh spare money by investing in a Fixed Deposit scheme with the best-fixed deposit interest rates the investment can become double in 10 years. If the interest is compounded on a regular quarterly basis and the interest earned on the deposit is reinvested in the scheme. Then at maturity, the investor will get back more than double the amount compounded with interest.
If Your Goal is to Double the Investment
Which is invested in Fixed Deposit Scheme within 10 years you must invest in such a way where in the best-fixed deposit interest rates will be 7% every year. We have a rule of 72 that provides approximate data with an assumption of a one-time investment in the Fixed deposit scheme. A special kind of Fixed Deposit Scheme called the CENT double deposit scheme will help double the invested deposit amount in 7.5 years only solely for the benefit of customers so that customers can double their investment in 7.5 years only. Central Bank of India has worked hard to remodel this scheme as it is a public sector bank running operations all around the country. The investor needs to make a note that the minimum amount to be invested in this scheme is 10,000 for people in metro and urban cities and Rs 5000 for people in semi-urban and rural areas. The maximum amount allowed is 1 crore. Currently, the rate is 7.5 % and it is subject to change based on RBI Guidelines.
The highest paying double income Fixed Deposit scheme
Is the most popular bank which is a bank of India which has a tenure of 6 months to 10 years and a rate of interest is 5.3%. Opening an account in a Double income fixed deposit scheme is a very simple and hassle-free procedure just need to open a checking or savings account with the bank and a separate Fixed deposit account having the best Fixed deposit interest rates.
The amount can be deposited according to the individual financial situation and standing which gives huge flexibility in the deposit amount to the investor. A loan facility can also be availed on these fixed deposits but ensure that it does not become a liability. Account holders can nominate anybody on their behalf for the Fixed deposit when that matures and if something happens to the investor the nominee can the deposit amount and the best Fixed deposit interest rates.
This Fixed deposit scheme is not dependent on market volatility, so the principal amount is safe and secure, and the best-fixed deposit interest rates and tenure are also fixed, and at the end of the tenure that is at maturity guaranteed principal and guaranteed returns are ensured to the investor or the nominee whichever applicable.
The best-fixed deposit interest rates can double over a period. Certain banks also allow premature Fixed deposit withdrawals. Usually, if the investor needs to withdraw the fixed deposit prematurely before the maturity due date, then most banks charge a penalty. The loan can be taken up to 90% of the fixed deposit amount. In a double amount fixed deposit scheme, the tenure is fixed that is it cannot be modified unlike in the normally fixed deposit scheme where the tenure is flexible but the best-fixed deposit interest rates which are very high are applicable.