Doubling our income is a dream which everyone has, often thinking of multiple ways which can double our hard earned money. While it might not be possible to double our money overnight, there are methods through which our money can actually double, without any risk on our part. Contrary to popular belief one doesn’t have to invest in shady schemes which promise to double your money, for fixed deposits can do the same, in a safe and secure manner.
A Fixed Deposit Double Scheme is a plan which aims to double the investment of a customer over a period of time. These schemes are generally offered by banks and require customers to deposit certain sums for a fixed period of time. The interest earned on this sum eventually doubles the money, which is then given back to the customer at the end of a term.
There are a few banks which offer Fixed Deposit Double Schemes, some of which are mentioned below.
Fixed Deposit Double Schemes come with a host of features and benefits, some of which are mentioned below.
Both the normal fixed deposit and double scheme fixed deposits are essentially from the same family. Individuals having normal fixed deposits can choose the tenure for such deposits, which generally range from a few days to a few years. Interest earned on these deposits depends on the tenure, with longer tenures earning higher interests. The entire amount with the accumulated interest is returned to the depositor on maturity.
In case of Fixed deposit double schemes, there is only a fixed tenure and one cannot modify this tenure. The interest rate remains fixed throughout this period, ultimately ensuring that an investment is doubled on its completion.
Q. How does money double in these FDs?
A. The money doubles on account of the interest earned, with the interest component accounting for half the money.
Q. Is the interest same for everyone?
A. No, the interest is different for different classes of customers, with senior citizens and members of the armed forces earning higher interest compared to others.
Q. Are accounts auto renewed?
A. Yes, most banks offer auto renewal of accounts, unless specific instructions are given for the contrary.
Q. Will TDS be deducted on deposits?
A. Yes, TDS might be deducted, subject to the rules in force and the interest component an individual earns.
Bajaj Finance Ltd., one of India’s most trusted Non-banking Financial Companies (NBFCs) which has received the highest credit rating FAAA/Stable from CRISIL and an MAAA rating from ICRA for its fixed deposits. Bajaj Capital has not reduced the minimum amount for its Fixed Deposits from Rs.75,000 in Mumbai to Rs.50,000 in Delhi to Rs.25,000 across the country. In a Fixed Deposit scheme, an individual can make a deposit of a lump sum amount in the bank for a stipulated amount of time to earn an interest on the deposit. Presently, Bajaj Finance Ltd. offers a cumulative interest rate of 8.05% on Fixed Deposits with a tenure between 36-60 months.
The FD calculator on the Bajaj Finance Ltd. website it very helpful to customers as it allows them to calculate the amount their deposit will mature at. The calculator also allows customers to select the tenure of their deposit, as well as, the interest payment frequency to better understand the interest receivable on a deposit. Existing loan customers of Bajaj Finance Ltd. are also eligible to receive an additional 0.10% of interest and senior citizens are eligible for an enhancement of 0.25% on their interest rate. An person can apply for a FD with Bajaj Finance Ltd. by filling up the form available on the Bajaj Finance Ltd. website, once the form is filled and submitted a representative from the company will set up an appointment to visit the person and collect the required documents and cheque.
12th April, 2017