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Double your money with these five tips

New Delhi, Nov 26: We all want to double our money, right? But we also want it without any risk. Doubling your money is a realistic goal and if one takes systematic approach then the

India TV News Desk Updated on: September 07, 2014 9:02 IST

Compound interest is your best friend

In first look, the amount of interest may look miniscule. But the good thing is that it grows over time. Even more, it can add up very quickly – thanks to compound interest. It is simply, the interest earned on interest.

Say you have Rs 100,000 in your bank account earning 6 per cent interest. After five years you'll get Rs 134,000 with interest being Rs 34,000. Similarly, the same amount will be Rs 181,940 after a span of 10 years. Quite handsome money indeed! Remember, the longer your money can remain uninterrupted, the bigger your fortune can grow.

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