Fixed Deposit Double Scheme

Fixed deposit double scheme is an investment option offered by banks and financial institutions that allows investors to grow their money by 2X over a fixed period. The scheme works by providing investors with a fixed interest rate on their investment, which is compounded annually or at a predetermined interval.

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What is 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 by the scheme is usually higher than normal FD interest rates.

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

Year	Starting Principal	Interest Earned	Total Interest Earned	Ending Principal
1	Rs. 1,00,000	Rs. 8,000	Rs. 8,000	Rs. 1,08,000
2	Rs. 1,08,000	Rs. 8,640	Rs. 16,640	Rs. 1,16,640
3	Rs. 1,16,640	Rs. 9,331.20	Rs. 25,971.20	Rs. 1,25,971.20
4	Rs. 1,25,971.20	Rs. 10,077.76	Rs. 36,048.96	Rs. 1,36,048.96
5	Rs. 1,36,048.96	Rs. 10,883.92	Rs. 46,932.88	Rs. 1,46,932.88

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.

Fixed Deposit Double Scheme vs Normal Fixed Deposit Scheme

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

Key Difference	Money Double Scheme	Normal Fixed Deposit Scheme
Interest Rate	Higher interest rate compared to Normal FD Scheme	Lower interest rate compared to Fixed Deposit Double Scheme
Interest Payment	Interest is paid at maturity along with the principal amount	Interest can be paid periodically or at maturity
Maturity Amount	Double the investment amount	Fixed
Benefits	Provides higher returns compared to Normal FD Scheme	Offers lower returns compared to Fixed Deposit Double Scheme, but provides more flexibility and liquidity
Risk Level	Low	Low

The main difference between the two schemes is that in 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 maximize their returns, especially if they are looking to invest for a longer tenure.

Benefits of FD Double Scheme

Fixed Deposit Double Scheme is one of the most popular investment options in India. It provides a safe and secure way to invest money and earn interest on it.

Here are some of the benefits Money Double Scheme offers:

Higher Interest Rates

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

Money Double Scheme offers flexibility in terms of investment tenure. You can choose the period best suited to your financial goals between 1 and 10 years. You can also choose the frequency of interest payout, such as monthly, quarterly, half-yearly, or annually, depending on your financial needs.
Tax Benefits

FD Double Scheme provides tax benefits under Section 80C of the Income Tax Act, 1961. You can claim a tax deduction of up to Rs. 1.5 lakhs on the amount invested in this scheme. This makes it an attractive investment option for those looking to save on taxes.

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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

*Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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

Bank FD Names	For General Citizens (p.a.)	For Senior Citizens (p.a.)
State Bank of India FD	3.00% to 6.50%	3.50% to 7.50%
HDFC Bank FD	3.00% to 7.00%	3.50% to 7.75%
ICICI Bank FD	3.00% to 7.00%	3.50% to 7.50%
IDBI Bank FD	3.00% to 6.25%	3.50% to 7.00%
Kotak Mahindra Bank FD	2.75% to 6.35%	3.25% to 6.87%
RBL Bank FD	3.50% to 7.00%	4.00% to 7.50%
KVB Bank FD	4.00% to 6.25%	5.90% to 6.82%
Punjab National Bank FD	3.50% to 6.50%	4.00% to 7.50%
Canara Bank FD	3.25% to 7.15%	3.25% to 7.65%
Axis Bank FD	3.50% to 7.00%	3.50% to 7.75%
Bank of Baroda FD	3.00% to 7.05%	3.50% to 7.55%
IDFC First Bank FD	3.50% to 7.00%	4.00% to 7.50%

Wrapping It Up!

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.

FAQ's

What is the minimum deposit amount required for a Fixed Deposit Double Scheme?

The minimum deposit amount required for a Fixed Deposit Double Scheme may vary depending on the bank or financial institution offering the scheme. Generally, the minimum deposit amount starts at Rs. 100 - 1000. It is recommended to check with the specific bank or institution for their minimum deposit requirement.
How long is the maturity period for a Money Double Scheme?

The maturity period for a Money Double Scheme varies depending on the terms and conditions of the scheme. It usually ranges from 3 to 10 years.
Can I avail of a loan against my Money Double Scheme?

You can avail of a loan against your Money Double Scheme. The loan amount will depend on the amount of your deposit and the policies of the bank or financial institution where you have opened the scheme.
What documents do I need to submit to open a Fixed Deposit Double Scheme?

To open a Fixed Deposit Double Scheme, you will typically need to submit a few documents, including a valid identity proof, address proof, and PAN card. The exact list of required documents may vary based on the bank or financial institution's policies.
Can I opt for an automatic renewal of my Money Double Scheme?

Yes. Many banks and financial institutions offer automatic renewal for Money Double Schemes for one term without any hassle.

FD Interest Rates
SBI FD Interest Rates	HDFC FD Interest Rates
ICICI FD Interest Rates	Axis Bank FD Interest Rates
Canara FD Interest Rates	Yes Bank FD Interest Rates
Kotak Mahindra FD Interest Rates	Bandhan Bank FD Interest Rates
Union Bank of India FD Interest Rates	Indusind Bank FD Interest Rates
PNB FD Interest Rates	Bank of Baroda FD Interest Rates
IDFC Bank FD Interest Rates	Indian Bank FD Interest Rates
RBL Bank FD Interest Rates	UCO Bank FD Interest Rates
Karnatka Bank FD Interest Rates	Bank of India FD Interest Rates
IDBI Bank FD Interest Rates	Central Bank of India FD Interest Rates
Bank of Maharashtra FD Interest Rates	Citi Bank FD Interest Rates
Allahabad Bank FD Interest Rates	Indian Overseas Bank FD Interest Rates
Andhra Bank FD Interest Rates	Corporation Bank FD Interest Rates
DBS Bank FD Interest Rates	Syndicate Bank FD Interest Rates
Dena Bank FD Interest Rates	Vijaya Bank FD Interest Rates
State Bank of Travancore FD Interest Rates	State Bank of Mysore FD Interest Rates
State Bank of Hyderabad FD Interest Rates

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
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