Fixed Deposits: Can you ever double your money by investing into FDs? Details here

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fixed deposits (FDs) partly for wealth creation and partly for keeping their money safe & secure. Those who want to double their investment need to earn a high interest so that the absolute return, over time, increases by 100 percent.Fixed deposits (FDs) offer varied interest rates for different tenures.

For instance, State Bank of India (SBI) offers 6.5 percent for a fixed deposit of 10-year tenure, and 6.75 percent for tenure that ranges between 3 to 5 years.In other words, how much income you earn depends on the tenure for which you have locked the money.And if you are looking forward to doubling your money, the investment should give a return of 14.87 per cent for five years, or 10.41 per cent for 7 years or 7.18 percent for 10 years.ALSO READ | Bank of India launches 666 days Fixed Deposit at 7.80% annual returns for senior citizens. Check all details hereSince no bank offers 14.8 percent per annum interest in a five-year period, or even 10.41 percent in 7 years.

Some banks, however, do offer over 7.18 percent in 10 years but only to senior citizens.Regular citizens generally get anywhere between 6.5 per cent to 7 percent in a 10-year period. So, there is no way to double your money in 10 years by investing into fixed deposits.

(Source: Bank websites; calculated on thecalculatorsite.com)As we can see in the table above, SBI gives 6.5 percent interest in 10 years and therefore, it falls short of doubling of investment by ₹13,000.HDFC Bank offers 7 percent, therefore, an investment of ₹one lakh becomes ₹1.96 lakh in 10 years. However, senior citizens are entitled to get 7.5 percent return.