Fixed Deposit Double Scheme by Popular Indian Banks
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Suraj was recently blessed with a daughter, and he wanted to invest in a safe and guaranteed scheme to save some money for her school admission in a couple of years. With the rising cost in the education sector, he doesn’t want to take any chances and wants to have enough corpus. To help him with his objective, his friend recommended the FD money double scheme. After some research, he found the scheme apt for his situation and enquired about it with his bank.
Many people like Suraj are risk-averse and want to invest in safe and guaranteed schemes to double their money. The FD money double scheme is the right choice for them all. Let us understand the Fixed Deposit Double Scheme in detail in this post.
Fixed deposit (FD) money double scheme is one of the many investment options available in India. Money double schemes in banks and other financial institutions allow investors to double their money over a fixed period.
What is a Fixed Deposit (FD) Double Scheme?
As the term suggests, the FD double scheme helps double your money by reinvesting your accumulated interest of the FD amount regularly. It enhances the principal amount and offers a higher investment return. Like in the regular FD scheme, the FD double scheme also allows the investor to select a tenure ranging from a few months to years. The scheme offers a higher interest rate as compared to regular FD interest rates.
The below table depicts the investment and interest earned in a Money Double Scheme over 5 years term:
| Year | Principal Amount – Starting (INR) | Interest Earned (INR) | Total Interest Earned (INR) | Principal Amount – Ending (INR) |
| 1 | 1,00,000 | 8,000 | 8,000 | 1,08,000 |
| 2 | 1,08, 000 |
8,640 | 16,640 | 1,16,640 |
| 3 | 1, 16, 640 |
9,331.20 | 25,971.20 | 1,25,971.20 |
| 4 | 1, 25, 971.20 |
10,077.76 | 36,048.96 | 1,36,048.96 |
| 5 | 1, 36, 048.96 |
10,883.92 | 46,932.88 | 1,46,932.88 |
Difference between Fixed Deposit Double Scheme and Normal Fixed Deposit Scheme
The table below shows the differences between a Fixed Deposit Double Scheme and a Regular Fixed Deposit Scheme:
| Points of Difference | Fixed Deposit Double Scheme | Regular Fixed Deposit Scheme |
| Rate of Interest | High rate of interest as compared to Regular FD Scheme | Low rate of interest as compared to Fixed Deposit double Scheme |
| Payment of Interest | The interest is paid at the time of FD maturity, together with the principal amount | Interest is paid at maturity or periodically |
| Maturity Amount | Double the amount invested | Fixed amount |
| Benefits | Offers high returns | Offers low returns but with more liquidity and flexibility |
| Risk Level | Low Risk | Low Risk |
Benefits of Fixed Deposit Money Double Scheme
The FD double scheme is a popular option for investment in India as it is a safe and risk-free way to secure your savings and earn interest. Here are some benefits of the FD money double scheme:
1. High Interest Rate:
Compared to regular FD, the FD money double scheme allows a higher interest rate. You can use an FD calculator to analyse the returns under the FD money double scheme online.
2. Fixed Returns:
Like the regular FD, the money double scheme offers fixed returns. Hence, you will know how much returns to expect at maturity. This plan suits risk-averse investors who do not want to invest in risky investments.
3. No effect of market fluctuations:
The market fluctuations do not affect the FD double scheme, so the investor doesn’t have to worry about any market-related risks. You invest your sum for a fixed tenure and receive assured returns along with the principal amount after maturity.
4. Flexibility:
The scheme has a flexible tenure of 1 to 10 years. You are free to choose the term and frequency of interest payout per your choice and financial needs.
5. Tax benefits:
Under the money double scheme, investors can claim tax benefits u/s 80C of Income Tax of up to INR 1.5 lakhs. Thus, it is an attractive investment option for people who want to save tax.
Banks Offering FD Money Double Scheme in India
Investors investing under the double money in the FD scheme have the option to double the investment within a period of 5 to 10 years. Here is a list of banks in India that offer double deposit schemes:
- State Bank of India (SBI)
- Axis Bank
- Central Bank of India
- ICICI Bank
- Canara Bank
- HDFC Bank
- Union Bank of India
- Punjab National Bank (PNB)
- Indian Bank
- Bank of Baroda
List of Double Deposit Schemes in India
Investors with a low-risk appetite invest under double amount FD schemes to accumulate a guaranteed return on investment.
Here is a list of Money Double Schemes available in India:
- ICICI Bank Double Your Money Scheme
- Axis Bank Double Advantage Scheme
- SBI Fixed Deposit Double Scheme
- Post Office Fixed Deposit Double Scheme
- IDBI Bank Double Money Scheme
- Kisan Vikas Patra Scheme
- Canara Bank Dhanvarsha Double Deposit Scheme
- Bank of Baroda Double Dhamaka Fixed Deposit Scheme
- Tamilnadu Mercantile Bank Double Deposit Scheme
- Bank of India Double Benefit Term Deposit
Eligibility Criteria of FD Double Scheme
| Age | No age limit. Minors are also eligible to be a part of this scheme |
| Citizen Type | The scheme is valid for both senior citizens and the general public |
| Institution Type | The scheme can be availed by educational institutions as well |
| Account Type | This scheme is open for both single and joint accounts |
| Company Type | Joint-stock firms can apply to be part of this scheme |
| Partnership | Partnerships and clubs, etc., are eligible to apply for the scheme |
FAQs: FD Money Double Scheme in India
It depends on factors like tenure, investment amount, and interest rate for the money to double.
Yes, there will be a TDS deduction for the interest accrued on your investment.
It depends on the bank or the financial institution where you want to open the FD Money double scheme account. Usually, the minimum deposit amount starts from INR 100 – INR 1000.
In 5 to 10 years, depending on factors like tenure, ROI, and amount invested.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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