Several schemes are being run by the Central Government to promote the savings of the general public, in which you get a big benefit by investing. Today we will tell you about the Rule of 72, by which you will know that in how many days your money will be doubled-
New Delhi: If you have also invested in small savings scheme or bank FD, then this is important news for you. Today we will tell you how you can find out how many days your money will double. Many times, the money of the people remains in the bank or schemes for years and even after that they get much less than expected. Today we will tell you about the Rule of 72, through which you can easily calculate-
Let us tell you that many types of schemes are being run by the Central Government to promote the savings of the general public, in which you get a big benefit by investing. Like nowadays investors are investing in Sukanya Samriddhi Yojana, Small Saving Scheme, Public Provident Fund (PPF), National Saving Certificate (NSC) and Senior Citizens Scheme.
What is the rule of 72
Investors get fixed returns on the scheme run by the central government. The interest rates on these schemes are calculated on a quarterly basis, but now you can find out in how many days your money will be doubled through Rule of 72. In this formula, the interest rate you get is divided by 72. After that it will come out that in how many days your money will be doubled.
Understand the mathematics of this by example
For example, if you have invested Rs 10,000 at an annual interest rate of 8 per cent, then in 72/8 = 9 years, your money will be doubled. That is, in 9 years, your money will increase from 10,000 to more than 20,000 rupees. Look at another example, if you get 24% interest rate, then 72/24 = your money will be doubled in 3 years.
How many years will it take to double the money in NSC
Let me tell you that at the moment the National Savings Certificate is getting interest at the rate of 6.8 percent, the result will be 10.58 divided by 6.8, which means that in this year your money will double in this scheme. Similarly, you will be able to calculate how many days money will double in any scheme.