If you put money in the bank, it used to double in 5 to 6 years. Now is not that day. The doubling time of money has also increased after the loan interest rate was fixed at 9 percent and the deposit rate at 6 percent. It now takes 7 to 12 years depending on the bank. Of course, this is a matter of keeping one-time money. However, there is also an opportunity to double the money by depositing monthly. In that case, it may take more time. FDR
Bank’s FDR
The rest is now up to the customer. Do not deposit one-time money, deposit monthly. The customer has to choose the bank. However, before choosing a bank, the customer can consider a few aspects. For example, the first thing to see is the quality of the bank or the rate of defaulted loans. Customers can also consider who is on the board of directors of the bank and even who is in the management.
Bank’s FDR
There is no room to change the interest rate that the bank will tell you on the first day of the contract or the time at which the money will double when you keep a one-time fixed deposit (FDR) in a bank. There is no chance of breaking the promise even in terms of depositing money every month. Every bank has mentioned various options including FDR for depositing money on their website.
Bank’s FDR
Almost all banks have money doubling programs. It can be seen that government banks are no longer accepting long-term FDRs. As a result, it is now irrelevant how long it takes for money to double if you keep it in a government bank. There are two options for depositing money every month. In one the interest rate is completely fixed. The bank reserves the right to change the other.
Bank’s FDR
Customers often stumble because of contracts they don’t understand or read, which later end up in court. Every bank has mentioned various options including FDR to deposit money on their website. Almost all banks have money doubling programs. It can be seen that government banks are no longer accepting long-term FDRs. As a result, it is now irrelevant how long it takes for money to double if you keep it in a government bank.
Bank’s FDR
In some private banks, it takes less time to double the money. After contacting Janata, Agrani, and Rupali Bank, it was found that they accept FDR for a period of at least 3 months, but not for more than 2 years. The interest rate is 5 to 6 percent. Rupali Bank, however, takes money for 3 years at 5 to 5 and a half percent interest.
Bank’s FDR
Meanwhile, if you keep FDR, the money in Pubali Bank doubles in 9 years. The interest rate is 8 percent. Uttara Bank doubles in 12 years, interest rate 6 percent. Money doubles in Premier Bank in 7 and a half to 8 years. And Prime Bank in 8 and a half years. The new generation bank South Bengal Agricultural and Commerce Bank has promised to double the money in 7 years with more than 10 percent interest.
Bank’s FDR
This bank will pay three times in 11 years and 5 months. Padma Bank will give double money in 10 years but triple in 15 years. If you want to keep money, you don’t need many documents. After completing the application form and attaching two copies of passport size photos, national identity card, or photocopy of the passport, the bank will do the job in less than 1 hour.
Bank’s FDR
Now that interest rates are low, many people don’t want to keep money in the bank for long periods. Again, from the bank’s side, keeping money for a long period of time does not give good results. Rupali Bank Managing Director Obaid Ullah Al Masood said the big advantage of keeping money in FDR is that up to 80 percent loan is available against it at any time. This is an added advantage over investing in savings bonds.
Bank’s FDR
Rupali Bank Managing Director Obaid Ullah Al Masud said yesterday, “Since the interest rate is low, many people do not want to keep money in the bank for a long period of time.” Again, from the bank’s side, keeping money for a long period of time does not give good results. So the money will double in 7 to 10 years, we have moved away from such programs.