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How can I double my investment in 3 years?
The rule can tell you how fast you can double your money. Divide 72 by the interest rate at which you are compounding your money, and you will arrive at the number of years it will take to double in value. For instance, you money will double in 3 years if you are compounding at 24 per cent (ie 72/24 = 3 years).
How can I make my money double in 5 years?
Double Money in 5 Years If you want to double your money in 5 years, then you can apply the thumb rule in a reverse way. Divide the 72 by the number of years in which you want to double your money. So to double your money in 5 years you will have to invest money at the rate of 72/5 = 14.40\% p.a. to achieve your target.
Can you double your money in 3 years?
Say you want to double your money in 3 years so you can put a down payment on a house. Divide 72 by 3 to get 24. You will need a 24\% rate of return on your investment. If you later decide not to buy the house and you left your money invested for another 6-7 years, then it would double two more times!
How can I double my daily money?
How to Double your Money in a Day
- Invest in Stocks.
- Invest in Retirement Accounts.
- Invest in Cryptocurrency.
- Invest in Real Estate.
- Day Trade Stocks.
- Open a High Yield Savings Account.
- Start Flipping.
- Start a Small Business.
Which bank gives double the money?
Given below is the list of some of the best and highest-paying double income FD schemes in India:
| Bank/tenure | Tenure | Rate of interest |
|---|---|---|
| Bank of India | 6 months – 10 years | 4.75\% to 5.30\% |
What is the best way to invest 1 lakh in mutual funds?
The first best way to invest 1 Lakh for the good returns is Midcap or Multi-cap Mutual Funds. Investment in these type of mutual funds is a risky affair and may not be suitable for everyone. If your risk appetite permits you, you can plan to invest in these funds via SIP route.
How long does it take to earn Rs 2 lakhs in FD?
Assuming your investment in a Fixed Deposit at an interest rate of 6\% p.a. then according to Rule 72, the formula is 72/6 = 12 years. This means if you invest Rs. 1 lakh in FD today, it will take 12 years to become Rs. 2 lakhs.
Should I invest in ELSS or Balance Fund for 1 lakh?
However, ELSS comes with 3 years lock in period. You will not able to redeem ELSS fund till 3 years. ELSS can give returns in the range of 10-12\%. Balance Fund is next investment option where you can plan to invest 1 Lakh rupee. Balance mutual fund is the best investment option for the investor who is looking for safety and moderate returns.
What are the best investment options for 1 lac rupee?
As per me if you surplus money you can think of this investment option. This option can give an absolute return of 8.2\%-8.3\% every year for 15 years. The last option to invest your 1 lac rupee is Gold. Gold is considered as a safe haven against all national, political and cultural crises.