Divide by 72 the rate of interest found in any scheme. In how many days the fund will double, it will come out.
First of all, bank FD, PPF or NSC etc. can calculate from the Rule of 72 to know the time it takes to make double money.
If you want to easily calculate how many days your money will double in a scheme, then you must know the Rule of 72. With this, there are some such savings schemes along with bank fixed deposits (Bank FD), schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Sukanya Samriddhi Yojana, Small Savings Scheme and Senior Citizens Savings Scheme. The time can be known.
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Such is the rule of 72Depositors get interest on investing in savings schemes. Rule of 72 is a simple formula, by which it is easily known that in how many days your money invested in any scheme will double. To calculate it, you divide the interest of interest, which is found in any scheme, by 72. In how many days the fund will double, it will come out.
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Understand by example, when will your money double
Suppose you have invested your money in PPF and PPF is currently giving 7.1% interest, then the return that will be divided by 72 will be 10.14, ie in 10.14 years your money invested in PPF will double. . Let us tell you that the government gets interest on PPF every quarter. Similarly, 6.8% interest is being received on National Savings Certificate right now, if you divide by 6.8, the result will be 10.58, ie in this year your money will double in this scheme. Similarly, in any scheme, in how many days money will double, it will be able to calculate.