Magic formula to double your money: Know what is the Rule of 72 and which of PPF, FD or SSY will double your earnings quickly?

News India Live, Digital Desk: Every investor has only one dream that his money remains safe and doubles as soon as possible. There are many investment options available in the market, but it is difficult to understand how much time each scheme will take. If you are also in this confusion, then a small rule of the world of finance ‘Rule of 72’ can solve all your problems in a jiffy. Through this rule, you can calculate yourself how many years will it take for your savings to double. What is the ‘Rule of 72’? Learn the easy way of calculation ‘Rule of 72’ is a simple mathematical formula which tells how much time will it take for your money to double at a certain interest rate. The method is very simple: you just have to divide 72 by the interest rate you receive. Whatever number comes out, your money will double in the same number of years. Example: If you are getting 8% annual interest on investment, then 72/8 = 9 years. That means your money will double in 9 years. Similarly, at 6% interest, it will take 72/6 = 12 years. PPF, SSY and FD: Where will the fastest profits be made? Some interesting figures emerge when ‘Rule of 72’ is applied in small savings schemes run by the government. On the basis of current interest rates, Sukanya Samriddhi Yojana and Senior Citizen Scheme seem to be winning: Sukanya Samriddhi Yojana (SSY): The current interest rate is 8.2%. (72 / 8.2) = Money doubles in approximately 8.8 years. Senior Citizen Savings Scheme (SCSS): The interest rate is 8.2%. (72 / 8.2) = Money doubles in approximately 8.8 years. Public Provident Fund (PPF): The current interest rate is 7.1%. (72 / 7.1) = Money doubles in approximately 10.1 years. Post Office 5 Year Time Deposit: Interest rate is 7.5%. (72 / 7.5) = Money doubles in approximately 9.6 years. Bank FD (average): If interest rate is assumed to be 7%, then (72 / 7) = Money doubles in approximately 10.3 years. Guaranteed returns with security. It is clear from the above calculations that SSY launched for the future of daughters and SCSS for the elderly are currently the fastest money doubling government schemes. These schemes are performing better as compared to PPF and bank FD. The best thing is that all these schemes are completely safe and also get the benefit of tax exemption. Share Market: Higher Returns, Higher RiskIf you can take a little risk, then you can get an average return of 12-13% in index funds or mutual funds. According to the ‘Rule of 72’, your money can double in just 6 years. However, remember that there is no guarantee of returns in the stock market and there is always a risk of fluctuations.