What is Double Money in Fixed Deposit? How to Do It?

Fixed Deposit Double Schemes are commonly offered by banks. These are fixed-term deposit (FD) plans that require investors to deposit a specific amount of money for a specific period of time. The strategy then doubles the investment throughout the period of time specified. When an investor deposits money for a set amount of time, the interest rate remains constant, ensuring that the money doubles by the time the scheme matures.

A Fixed Deposit Double Scheme is a double money FD with a fixed maturity period. The lowest threshold for this form of term deposit is normally set by the bank. The interest rate is determined by the term of the double money in FD. Furthermore, the interest rates for these plans often range from 4% to 8%. In addition, interest is compounded quarterly. The interest gained on the deposit is also re-invested in the scheme. Upon maturity, the investor receives a lump sum payment equal to twice the amount invested.

The investor does not have the option of choosing the investment period or withdrawing early. Furthermore, only a few banks allow early withdrawal of double money FD. The bank, on the other hand, permits investors to borrow against their deposits. The investor, on the other hand, has the option of choosing the deposit amount. In addition, investors can name a beneficiary to receive the investment benefit in the event of the investor's untimely demise.

Double Money FD include the following characteristics:

• Easy Application Process: Individuals can easily start an FD. They can either go to the bank or open an account online from the comfort of their own home. All that is required is to follow the straightforward account opening processes.

• Rates of Interest: The interest rates on double money FD are very appealing. It allows investors to double their money in a short amount of time.

• Flexibility: Investors have the option of selecting the deposit amount that best suits their financial needs.

• Loans: Banks provide loans in the form of double money in money. As a result, investors will not have to worry about their deposit scheme being broken in the event of a financial emergency.

• Nomination: Individuals can be nominated on behalf of depositors. In the event of the account holder's untimely death, the deposit amount will be distributed to the nominees.

• Premature withdrawals: Premature withdrawals of deposits are permitted by some banks. These early withdrawals, however, may be subject to penalties.

1. Term Deposit with Double Benefits from Bank of India

2. Fixed Deposit Double Scheme of SBI

3. Fixed deposit Twofold plan at the post office

4. TMB's Double Deposit Program

5. Scheme of Kishan Vikas Patra

A fixed deposit (FD) is a low-risk investment option that allows you to grow your money at a predetermined rate of interest over a specified period of time. In comparison to savings accounts, fixed deposits pay a higher interest rate. A fixed deposit is a great match for all of your short and long term goals due to its safety and good interest income on the deposited money.

You can earn significant interest income in a safe market environment with a Bajaj Finance FD on Bajaj Markets. Bajaj Finance FD is a one-stop solution for all your financial goals, short and long term, with superior safety ratings and tempting interest rates of up to 8.60% per year.