top 10 ways to double your money

1. Mutual Funds

Mutual funds are a good investment source to potentially enhance your money or investment over years. These are of different types and one can choose to invest in any fund that suits their requirements. For people searching for how to double your money in india, some of the top funds to invest include ELSS or Equity Linked Savings Scheme, debt-oriented funds, bonds, equity-oriented funds, liquid funds, and balanced mutual funds among others.

Despite the market risks, Mutual Funds allow greater returns as compared to other options of investment like stocks. Hence, most investors consider mutual funds as an efficient tool to double their savings. Further, the rate of interest in mutual funds is determined depending on the tenure of the fund. Also, you get a rate of interest between 12 to 15 % per year with mutual funds, which take about 6-8 years to double your money.

2. National Savings Certificates (NSC)

This is another investment option to consider if you are thinking about how to double your money in India. The plan is offered by the Indian Postal Department who issues NSC as a lucrative and secured option of investment without much risk.  The NSC is available with a fixed rate of interest and a fixed term of investment of 5 to 10 years. The current rate of interest of NCS is 8.5% per annum for the 5 year term and 8.8% per annum for 10 year term NSC.

Further, with NSC you get exemption from income tax as well under section 80C for up to INR 1,50,000. In addition, you are also not charged any TDS on the maturity amount received at the end of the policy term. The investor can also use NSCs to obtain loans from banks.

3. Equity Market

When it comes to doubling investment, the Equity market or stock market is regarded as a quick option to increase money. The equity market helps in growing your money fast through purchase and sale of stocks, which offer high return on investment. However, the risk involved in the Equity market is high and an investor must consider the risk factor while investing in equity. Here, the growth of investment depends on the market conditions, which are volatile. Hence, an investor might end up losing the investment.

4. Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) is another best investment to double your money. KVP is a Small Savings Scheme offered by the post office in India. The interest rates and the tenure of KVP are revised by the Indian Government every quarter. Currently, the KVP interest rate is at 6.9 per cent. However, it is important to check the interest rate before investing in it.  This is another lucrative option of investment with good returns.

5. Corporate Bonds

Another option of investment for people looking for high-interest rates is corporate bonds. However, the rate of interest offered by corporate FDs and NCDs is determined by the credit score as well as the market credibility of the bonds. So, be careful of the pros and cons while making an investment.

6. Gold Exchange Traded Funds (ETFs)

Gold is a much-loved commodity in India, which people like to invest in. Investors can buy Gold Bonds and Gold ETFs to make the investments more valuable. Sovereign Gold Bond Scheme is another option of investment regulated by the RBI and the Government of India. The ETF investment option was launched in the year 2002 in India as an easy way to invest in valuable metal which offer good returns on a yearly basis.

However, it is also a volatile investment option that depends on market conditions and rate of interest as well as the tenure of investment. However, this option allows your investment to double 3 to 5 years.

7. Real Estate

Many investors consider real estate for investing and doubling their money within 4-5 years. If you decide to invest in residential property, you can earn regular rentals. Further, it adds to an asset and might help in saving tax as well. Also, the value of the property goes up within a few years and help you fetch quick returns. However, you would need huge capital to invest in real estate, while the return depends on varied conditions.

8. Public Provident Fund (PPF)

This is a low risk investment plan that allows the investor to start the investment with a minimum contribution amount of INR 500 per year. PPF comes with a 15-year lock-in period. The scheme can be availed by salaried people including government and private employees as well as self-employed individuals. The current rate of return in the fund is 8.75% per year and it allows an investor to double the investment amount in 8 years.

9. Fixed Deposits (FD)

Fixed Deposit (FD) is again one of the best investment to double your money without risk. FD is a traditional investment type allowing good returns an easy and risk-free way. A fixed deposit allows better interest rate for a fixed tenure to investors as compared to savings accounts. Also, it is a safe investment option with guaranteed returns and is not affected by the market volatility.

10. Tax-free Bonds

Tax-free bonds also allow a good interest rate  over the tenure of the bond. It is considered a good avenue of Investment to double your money in 8 – 10 years.

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