6 min read
Updated on Jan 20, 2023
Many people think that saving some money every month is enough to sustain them after retirement. But the fact is, your savings will cease to exist if you continue to spend them or if any sudden medical or other emergency strikes. Thus, it is important to invest because your investments will help in growing your money and will give you returns to secure you financially in the future.
However, the low return conventional policies such as FDs may not be sufficient to gain maximum benefit on your investment. Hence, to double your investment plan you must look for alternative ways while taking calculated risks to multiply your invested money. In this post we are talking about how to double your money without risk using 10 investment options over a time period.
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.
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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.
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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.
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.
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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.
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.
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.
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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.
Also Read: SBI PPF interest rate
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.
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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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To Sum Up
When you think about how to double your money in India to increase your investment or how to double your money without risk, there are several ways to do so. However, what is important is to consider your risk appetite, affordability as well as the time frame of your investment before taking a final call. Long term investments are better in this regard as the reliability factors are more. Further, in case of doubt, you can consult an investment advisor for better guidance.
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To double your investments quickly, you can invest in ELSS (Equity Linked Savings Scheme), equity-oriented, debt-oriented, and balanced mutual funds among others. In India, there are many low and high-risk investments options available. The best way to invest is to choose options which can help in meeting your financial goals as well as suits your risk appetite. Though high risk avenues can allow fast and greater returns, it might be a challenge with people who are risk-averse. So, depending on your risk appetite and need, you can decide to invest in the different options available. If you don't want risks or to lose money, it is better to go with low-risk investments. Some low-risk options of investment that allow good returns include, Fixed Deposits (FD), Debt Mutual Funds, National Pension Scheme (NPS), Public Provident Fund (PPF), SCSS, Fixed Annuities etc. Here are some best investment options without much risk: Short-term certificates of deposit To grow your money, start saving and investing early on in life. Also, you should never indulge in any unnecessary debt and make a diversified portfolio of investment. Consider smart investments in Recurring Deposits (RD), Fixed Deposits (FD), Mutual Funds, High Interest Rate Savings Accounts, Equities or Stocks etc.
FAQs: How to Double Your Money in India 2023
How to double my investment quickly?
What is the best way to invest in India?
How can I double my money with low-risk investment options?
Which is the best investment without risk?
Money market funds
Treasury bills, notes, bonds etc.
Money market accounts
How can I make my investment grow to double money?
To double your investments quickly, you can invest in ELSS (Equity Linked Savings Scheme), equity-oriented, debt-oriented, and balanced mutual funds among others.
In India, there are many low and high-risk investments options available. The best way to invest is to choose options which can help in meeting your financial goals as well as suits your risk appetite. Though high risk avenues can allow fast and greater returns, it might be a challenge with people who are risk-averse. So, depending on your risk appetite and need, you can decide to invest in the different options available. If you don't want risks or to lose money, it is better to go with low-risk investments.
Some low-risk options of investment that allow good returns include, Fixed Deposits (FD), Debt Mutual Funds, National Pension Scheme (NPS), Public Provident Fund (PPF), SCSS, Fixed Annuities etc.
Here are some best investment options without much risk:
Short-term certificates of deposit
To grow your money, start saving and investing early on in life. Also, you should never indulge in any unnecessary debt and make a diversified portfolio of investment. Consider smart investments in Recurring Deposits (RD), Fixed Deposits (FD), Mutual Funds, High Interest Rate Savings Accounts, Equities or Stocks etc.
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