Friday, 17 March 2017

Fixed Deposit Double Scheme Yojana


Are you interested in saving money? You can achieve this financial goal by investing your money in the Fixed Deposit Double Scheme Yojana. The Fixed Deposit Double Scheme Yojana brought to you by the Government of India allows you to double your money in an efficient manner. There are many investment options available in the market that promise to double your funds. However, most of these options may not be genuine. When you go for the Fixed Deposit Double Scheme, you can be assured that your money will get doubled without having to worry about any risks or losses.
Meaning of Fixed Deposit Double Scheme
A Fixed Deposit Double Scheme is a financial programme that enables customers to double their funds within a certain period. This scheme is available in very few banks in India. According to the terms of this financial scheme, you will need to deposit a particular sum of money for a certain period which will be fixed. This money will yield some interest and this particular interest will help in doubling your money. You will receive the doubled money after the term of your deposit expires.
Features and benefits of a Fixed Deposit Double Scheme
Let us now take a look at the common features and advantages of a Fixed Deposit Double Scheme:
  • Quick and simple to open: You can open a Fixed Deposit Double Scheme in your account quickly without much trouble. The documentation for this deposit scheme is simple.
  • Minimum amount requirement: There is a minimum amount requirement for investing in the Fixed Deposit Double Scheme Yojana. The minimum amount will be different for each bank.
  • Different interest for customers: Each category of customers such as senior citizens, etc. will have different interest rates. These interest rates will help in doubling the funds of the customers.
  • Early withdrawal of money: With this type of scheme, you can withdraw money from your account before the due date. This scheme is flexible in nature. When you have medical or personal emergencies, you can withdraw from your account without any worries.
  • Nomination: Individuals who have deposited in Fixed Deposit Double Scheme can nominate others in case of emergencies or demise.
  • TDS benefits: You will be entitled to tax benefits under this scheme. When you gain interests from this deposit, you can enjoy TDS deductions.
  • Loans: With a Fixed Deposit Double Scheme, you can apply for loans from your bank. With this, you do not have to worry about lengthy documentation processes.
Banks that give Fixed Deposit Double Scheme in India
These are some of the top banks that offer Fixed Deposit Double Scheme:
  • Bank of Baroda: This bank has a scheme known as ‘Baroda Double Dhamaka Fixed Deposit.’ It assures to double the deposit money of investors. You can deposit any amount ranging from Rs.5,000 to Rs.1 crore. For senior citizens, the duration for the deposit to double is 105 months and 3 days. For others, it is 112 months.
  • Tamilnad Mercantile Bank: This bank offers a ‘Double Deposit Scheme’ to both individuals and companies. The doubling period for senior citizens is 98 months and 10 days. The doubling period for others is 104 months and 11 days. The minimum amount to be deposited is Rs.1,000.
  • Oriental Bank of Commerce: This bank has ‘The Oriental Double Deposit Scheme’. The minimum amount for this scheme is Rs.1,000. For senior citizens, the money will double in 105 months, for staff members, the money will double in 99 months, for the general public, the money will double in 114 months, and for former staff, the money will double in 96 months.
  • Allahabad Bank: This bank offers the ‘Double Deposit Plan’. In this deposit plan, the funds do not get doubled as such. However, you will receive compounded interest on a quarterly basis on your deposit. This will give you better returns. The minimum amount to be deposited is Rs.1,000.
  • Punjab National Bank: This bank offers the ‘Dugana Fixed Deposit Scheme’ which doubles your funds. You will have to deposit a minimum of Rs.5,000 to enjoy the benefits of this financial plan. Your funds will get doubled within 99 months.
You need to keep in mind that the tenure for your double deposit scheme will be determined by the bank and not by you. You can choose a Fixed Deposit Double Scheme if it suits your financial goals. It is flexible and simple in nature.