Fixed deposits: How long will it take to double your money? Even 10 years may not be enough

livemint.com:

fixed deposit (FD) is a logical thing to do for gradual wealth creation. You invest a small or large sum in a term deposit and then stay stress-free until the date of maturity.

Not only does your money remain safe, but it also gives a good rate of return that hovers around 6-7 per cent per annum.Nevertheless, only a few investors believe that their investment would grow by 100 per cent, i.e., double. This is simply because varying interest rates are offered on different term durations.A shorter-duration fixed deposit (FD) gives a lower rate of interest, whereas a long-duration term deposit provides a higher rate of interest.Additionally, most banks offer the option to invest for a maximum time duration of 10 years.

To let the money grow by 100 per cent, fixed deposits offering a return of 7.18 per cent should remain invested for a minimum of 10 years.HDFC Bank: The private lender offers 7.5 per cent on 10-year deposits to senior citizens. Since the rate of return is higher than 7.18 per cent, your investment will grow by more than double.

Suppose you invest ₹1 lakh, your investment will grow to ₹2.06 lakh in a decade.On the other hand, an investment grows at a compounded rate of 7 per cent when invested by regular citizens, thus barely falling short of growing by double. When you invest ₹1 lakh for a period of 10 years, the total investment grows to ₹1.96 lakh.ALSO READ | State Bank of India raises fixed deposit interest rates on these tenors.

Check latest FD rates hereICICI Bank: It also offers the same rate of interest. So, to double your money, the only way is to invest via a senior citizen account for 10 years.If you invest ₹1 lakh, for instance, for a period of 10 years, the investment becomes ₹1.96 lakh for regular