Formula to calculate: When the investor invests his money in a scheme, then the two things are the most in his mind. That is security and in how many days the money will double. Through Formula 72, you will now be able to easily find out how many days your money will double.
Let us know how we use this Formula to calculate the same. If you want to know how many days your public provident fund will double. So you will be able to find it easily through this formula. PPF is getting an interest rate of 7.1 percent. This interest rate is revised every three months through the government. If you are getting an interest rate of 7.1 percent. If we divide 7.1 by 72, then it will be 10.14 years. This is the time in which your money will double.
National Saving Certificate: Let us understand about other schemes also. National Savings Certificate is getting 6.8 percent interest rate. In such a situation, if you invest here, your money will double in 10.58 years.
Senior Citizen Saving Scheme: At present, an interest rate of 7.4 percent is being given on Senior Saving Certificate. In such a situation, if someone invests here, his money will double in 9.72 years.
This clearly shows that where interest rates are high, the money will double in a short time. In such a situation, where there is a higher rate of interest, it will be beneficial to invest. But it should not be forgotten that where higher interest rates will be there, the danger will be more.
Also, Read This: 80C Rules: Know everything about it, through which taxpayers can save 1.5 lakh rupees