Fixed Deposit Double Scheme

What is an FD Double Scheme?

Fixed Deposit Double Scheme helps investors grow their money by two times (double). It works by regularly reinvesting the interest accumulated from the initial FD amount. It further leads to an increase in the principal amount and ultimately results in a higher return on investment.

Under this scheme, an investor can choose a specific tenure ranging from a few months to years. The interest rate offered depends on the bank and the prevailing FD interest rates.

Here is a table illustrating the investment and interest earned in a Money Double Scheme over a period of 5 years:

As you can see, the interest earned at the end of each year is reinvested, compounding to a higher maturity amount. By the end of the 5-year tenure, the investor's initial deposit of Rs. 1 lakh has grown to Rs. 1,46,932.88 with a total interest earned of Rs. 46,932.88.

Note: This is only a sample compounding illustration, not an actual “double” scheme outcome.

FD Double Scheme vs Regular Fixed Deposits

Here's a table showing the key differences between a Fixed Deposit Double Scheme and a Normal Fixed Deposit Scheme:

The main difference between the two schemes is that in the Fixed Deposit Double Scheme, the maturity amount is double the investment amount. While in a regular fixed deposit scheme, the maturity amount remains fixed with consistent interest rates.

Money Double Scheme is better for investors who want to maximise their returns, especially if they are looking to invest for a longer tenure. 

Benefits of the FD Double Scheme 

A Fixed Deposit Double Scheme is an investment plan offered by banks and financial institutions. Under this scheme, you deposit a fixed sum for a defined tenure, and the amount grows with compounding interest to approximately double by maturity.

Here are some of the benefits the Money Double Scheme offers: 

1.  Compounding Interest Rates

   The FD Double Scheme offers compounding at existing FD interest rates than normal FDs. Some banks also offer extra rates to senior citizens investing in the scheme. The FD calculator online tool can be used to analyse the fixed deposit returns.

2.  Fixed Returns

   Money Double Scheme provides fixed returns, which means you know how much you will earn at the end of the tenure. This is especially beneficial for risk-averse investors who do not want to invest in volatile investments such as stocks or mutual funds.

3.  No Effect of Fluctuations

   The FD Double Scheme is not affected by fluctuations in the market, which means you do not have to worry about market risks. The returns are fixed, and you can be assured of getting your principal amount back at the end of the tenure.

4.  Flexibility

   Money Double Scheme offers flexibility in terms of investment tenure. You can choose the period best suited to your financial goals between 6 to 10 years. 

5.  Tax Benefits

   The interest income from the FD Double Scheme is treated as “income from other sources” under the Income Tax Act, 1961. These deposits do not provide any tax benefit under Section 80C. TDS is deducted at 10% if the annual interest exceeds ₹50,000 for general citizens and ₹1,00,000 for senior citizens. If the PAN is not submitted, the TDS rate increases to 20%.

List of Banks Offering Double Deposit Scheme in India

Double Deposit Scheme in India offers investors the opportunity to double their investment over a certain period, typically ranging from 5 to 10 years. 

Here is a list of banks in India that offer double deposit schemes:

• State Bank of India (SBI)
• ICICI Bank
• HDFC Bank
• Axis Bank
• Canara Bank
• Punjab National Bank (PNB)
• Union Bank of India
• Bank of Baroda
• Central Bank of India
• Indian Bank

List of Double Deposit Schemes in India

These schemes are popular among investors with a low-risk appetite who look to generate a guaranteed return on investment. 

Here is a list of Money Double Schemes available in India:

• SBI Fixed Deposit Double Scheme
• ICICI Bank Double Your Money Scheme
• Post Office Fixed Deposit Double Scheme
• Axis Bank Double Advantage Scheme
• Tamilnadu Mercantile Bank Double Deposit Scheme
• IDBI Bank Double Money Scheme
• Bank of Baroda Double Dhamaka Fixed Deposit Scheme
• Canara Bank Dhanvarsha Double Deposit Scheme
• Bank of India Double Benefit Term Deposit
• Kisan Vikas Patra Scheme

Eligibility Criteria

• Age: Minors (below 18 years) can also be a part of this scheme.
• Citizen Type: Both senior citizens and general citizens are eligible for this account.
• Institution Type: Educational institutions can also avail of this scheme.
• Account Type: The FD Double Scheme is available for both single and joint accounts.
• Company Type: Joint-stock companies are eligible to apply for this scheme.
• Partnership: Clubs, partnerships, and other similar entities can apply for the scheme.

FD Rates of Top Financial Institutions

The following table shows the prevailing fixed deposit interest rates offered by major banks in India for general citizens and senior citizens:

*FD interest rates as of September 2025.

Key Takeaways 

The Fixed Deposit Double Scheme is a lucrative investment option offering attractive returns to investors. It is a low-risk investment that provides a fixed interest rate over a specified tenure. With the FD Double Scheme, investors can rest assured that their investment will yield good returns while also providing stability and security. Apart from that, bank fixed deposits with highest returns can also be a possible option for investment.