Whenever we invest money in Public Provident Fund, Mutual Fund, Bank Fixed Deposit, Sukanya Samriddhi Yojana, first of all we think that in how many years our money will double. Many times people remain very confused due to lack of information. But you don’t need to worry. Now sitting at home, you will be able to easily calculate that in how many years your money will double in the scheme in which you have invested.
Rule 72
Now you must be thinking that what is this rule 72 and in how many years your money will double. Basically, Rule 72 is a formula through which you will easily know when your money will double. Suppose you are getting 5% interest in a scheme. In such a situation, you just have to pay 72/5 and then your money in that scheme will double in as many years as the results come.
In how many years will your money double in FD, Sukanya Samriddhi Yojana and PPF?
Bank FD: In present times most of the banks are giving an interest of 5.5% to the customers. So if you invest here then (72/5.5 =13.09) your money will double in 13 years.
Public Provident Fund: At present, Public Provident Fund is getting an annual interest of 7.1 percent. In such a situation, if someone invests here, then his money (72/7.1=10.14) will double in just ten years.
Sukanya Samriddhi Yojana: At present, the best interest on small schemes is available only in Sukanya Samriddhi Yojana. If you invest here (72/7.6=9.47) your money will double in 9 years.
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