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Best Fixed Deposit Rates for Residents and NRIs in India, Ratekhoj.com

Please sujest me which bank offers the best FD double Scheme? What is the time period


I want to invest 25000 in a bank as an FD. What is the minimum time to get the double amount and who offers.


Answers

1

Rather than just looking at money doubling scheme, I would suggest looking for banks giving highest interest rate for fixed deposits of terms over 5 years. You can use the rule of 72 to determine roughly how long it will take your time to double.

72/interest-rate = Number of years it will take for your money to double.

Currently there are many banks offering a interest rate of 10.00% for deposits over 5 years. They include ING Vysya Bank, Karnataka Bank, City Union Bank, Barclays Bank, Kotak Mahindra Bank, Tamilnad Mercantile Bank and Lakshmi Vilas Bank. You can consider one of them for your fixed deposit money. They will all take roughly 7.2 years for the money to double.




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