Take advantage of these government schemes, your money will also double, know what is the Rule of 72

Double Money Rules: Often people deposit their money in banks in the form of savings or to get profits from interest rates. But adequate interest rates are not available there. In such a situation, if you want to double your money, it takes about 10 years. But if you know this rule, you can double your money very quickly. Know here which are those government schemes, through which you too can double your money.

What is Rule of 72?

The Rule of 72 is used to estimate how much time money can take to double at a certain annual return. By dividing the interest rates or return rates offered by the schemes by 72, it can be found out in how many years the money will double. Let us understand through an example, if a scheme gives 8 percent return annually and there is no change in it, then it will double in about 9 years. 72/8=9 In such a situation, if the interest rate is 6 percent, the money will double in 12 years.

Returns are guaranteed

Higher interest rates than normal banks are available in Provident Fund (PPF), SSY, SCSS, Post Office Fixed Deposit and Post Office Savings Account. In which guaranteed returns are given. If you do not invest in the stock market or anywhere else where there is a possibility of higher profits, then you can take advantage of these schemes.

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Invest in these schemes

If you have invested in PPF, FD, Sukanya Samriddhi Yojana (SSY), Post Office Savings Scheme or Senior Citizen Savings Schemes, then you will have to wait for just a few years. Because here you get higher returns than banks. In such a situation, if you also want to double your money, then you can take advantage of these schemes.