The investor generally aims to double money with the least-moderate risk, particularly if working with a big amount like 5 lakh Rupees. High-risk good ones might promise quicker yields, but a safe and worthwhile investment would pull a steady growth for a certain currency without putting your savings under the vagaries of market prices. But using the right mix of schemes could then make a guaranteed and a predictable way to build 5 lakh Rupees into 10 lakh Rupees over a period of years.
Fixed Deposit with The High-Interest
Bank Fixed Deposits are among the most dependable methods to increase your money due to their guarantee. The interest rates on a few banks range between 7 percent to 8.5 percent, making FDs a reliable option. By putting the money into an FD of 5 to 7 years at an appreciable rate of interest, one can yield high returns due to the compounding finds as time goes, such that the amount nearly reaches the double marker.
Post Office Monthly Income Scheme
The ministry of finance has rolled out the Post Office Monthly Income Scheme to provide the flexibility of regular payouts to the residents. This meets the purpose quite well. This near-risk-free investment opportunity is preferred by those who are looking to double their money, over time. They have been relieved from the daily duties of providing for themselves by these glittering sources of income that share the same pride of post offices.
The Monthly Income Scheme (MIS) is the perennial choice for a good chunk of monied folks who need to ensure fixed monthly income besides some degree of long-term safety. The interest rate does not equal up to anything that high, but you may accelerate your progress towards the ₹10 lakh objective if the interest incurred each month is reinvested in another deposit or SIP account. The purpose of this move would be to avail of compounded growth in returns and keep the risk at virtually nil.
Closing Notes
The process of the initial investment of ₹5 lakh doubling to ₹10 lakh depends absolutely on patience, decent investments and the use of government or bank bonds. Whether it is fixed FDs, PPF, RBI bonds or small savings schemes of Post Office, with this investment you are sure to make money that ensures steady growth with guaranteed returns. When you lean towards safe ways, allowing compounds to work would automatically give you the strength not feel as a burden to achieve ₹10 lakh.