First of all, bank FD, PPF or NSC etc. can be calculated from the Rule of 72 to know the time it takes to make double money.
New Delhi. To promote savings, the central government has launched several important schemes. But because of the frequently changing interest rates, it becomes difficult to find out how much time the money will double. Everyone who invests in saving schemes is eager to know that the amount of money they are investing in these schemes will double in how many days.
If you want to easily calculate how many days your money will double in a scheme, then you must know the Rule of 72. With this, there are some similar savings schemes along with bank fixed deposits (Bank FD), schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Sukanya Samriddhi Yojana, Small Savings Scheme and Senior Citizens Savings Scheme. The time can be known.
Such is the rule of 72
Depositors get interest on investing in savings schemes. Rule of 72 is a simple formula, by which it is easily known that in how many days your money invested in any scheme will double. To calculate it, you divide the rate of interest found in any scheme by the interest rate by 72. In how many days the fund will double, it will come out.
Understand by example when will your money double
Suppose you have invested your money in PPF and PPF is currently giving 7.1% interest, then the return will be 1014 divided by 72, which will double your money invested in PPF in 10.14 years. . Let us tell you that the government gets interest on PPF every quarter. Similarly, 6.8% interest is being received on National Savings Certificate right now, if you divide by 6.8, the result will be 10.58, ie in this year your money will double in this scheme. Similarly, you will be able to calculate how many days money will double in any scheme.
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