Fixed Deposit Double Scheme Yojana

Fixed Deposit Double Scheme Yojana

As there is lot of struggle in middle class, every middle man want to save some money for their family so that it will help them in bad time. But because of lot of expenses this only become a dream for common man. But Govt plan to complete that dream. Now common man also doubles their money without any kind of risk at their end.

Fixed Deposit Double Scheme

Opposing to famous though one does not have to spend in shady schemes which assure to double your cash, but for fixed deposits you can do the same, in a secure and protected way.

S.No Things Need to Know about this fixed deposit money double schemes Detailed Information
1 Number of Banks which allows this fixed deposit money double schemes 5
2 Is there any minimum investment needed to avail this fixed deposit money double schemes Yes! Minimum Amount gets differ according the Individual banks
3 How money gets doubled? Based upon the interest earned
4 Whether Interest will be same for all customers? No, its gets varied based on customer classes like senior citizens and so
5 Whether TDS is applicable for this fixed deposit money double schemes Yes! TDS will be deducted from the interest earned from the investments

What exactly is a Fixed Deposit Double Scheme?

This scheme is launch by different bank under which customer can get their money double over a period of time. These schemes are offered by bank only and also not by all but by few banks. Condition is that customer should deposit some sure amount of cash for certain period of time.And the interest earned on this sum finally makes the money double after some time.

Banks which providing Double Scheme Fixed Deposits

Not all the bank gives this option to its customer. There are only few banks in which you get this double scheme option.

These banks are as follow:

Banks which offers this fixed deposit money double schemes ·         Allahabad bank

·         Bank of Baroda

·         Oriental Bank of Commerce

·         Punjab National Bank

·         Tamil Nadu Mercantile

Punjab National Bank – The scheme under which the PNB bank offering this Fixed Deposit Money Double is Dugana Fixed Deposit Scheme, where it requires the minimim amount of Rs.5, 000 to get into the scheme. And the mature of this money double scheme will be 99 months.

  • Allahabad Bank Allahabad Bank gives this double scheme option with name Double Deposit Plan. In this scheme money is not exactly get double but customer can get compounded Interest on this deposit quarterly. So it offers higher return. Minimum investment of Rs 1,000 is must to take benefit of this scheme.
  • Oriental Bank of Commerce The OBC (Oriental Bank of Commerce) offering this Fixed Deposit and Money double scheme under the name of ‘The Oriental Double Deposit Scheme’. Consumers are required to deposit minimum amount of Rs.1, 000 to avail the benefits of this scheme. There is different time duration of doubling money for different category people. Money will get double in 105 months for senior citizens, 114 months for the general public, 99 months for staff members and 96 months for former staff members
  • Tamil Mercantile Bank Tamil Mercantile Bank presents a Double Deposit scheme to clientele; aspire to double the amount on anexacting investment in a particular timeera. This system is open for general customers and companies both. Amount doubling period is different for senior citizens and for others. Senior will get their money double in 98 months and 10 days and others in 104 months and 11 days. The minimum amount required for this is Rs 1,000.
  • Bank of Baroda The scheme “Baroda Double Dhamaka Fixed Deposit” promises the double money for their customers who placed fixed deposit under this scheme. Customers can deposit their money inbetween the range of Rs.5000 to 1 Crore under this fixed deposit scheme. The phase to double an amount is 105 months and 3 days for senior citizens and 112 months for others. This system is open for general customers and companies both.

Benefits of Fixed Deposit Double Scheme

Fixed Deposit Double Schemes come with give lot of benefits to their customers.Some of which are point out below.

  • Need not to spend lot of time Hassle free Opening of theses account will not takeyour lot of time. Also you do not need to complete much documentation for this.
  • Flexible Customers need not to invest a big amount in order to take benefit of this Fixed Deposit Double Scheme. You can start with few thousands as per your capacity.
  • Loans One can also take loan on these fixed deposit account from their respective banks, as also there will be not too much documentation needed to avail loans under this process.
  • Premature Withdrawals Certain banks allow their customers to do early withdrawal of funds from this fixed deposit account when they are in need of funds in case of any emergency.

Difference between Deposit Double Scheme and Normal Fixed Deposit

Both Deposit Double Scheme and Normal Fixed Deposit are different in many ways. Like in case of Normal Fixed Deposit you can deposit the amount for the time period which is selected by you but in case of Deposit Double Scheme time period is already fixed by the bank and customer cannot change it. Amount of interest is also different in case of both loans. So both are different and one can choose as per their easiness.

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