An FD double scheme aims to double your principal within a fixed period by offering a pre‑set interest rate. Central Bank of India’s Cent Double Deposit scheme is a well‑known example. It doubles the deposit amount in approximately 7.5 years and requires a minimum deposit of ₹10,000 in metro branches (₹5,000 in rural areas). The scheme’s interest rate around mid‑2025 is about 7.5 %, though rates may vary. Banks may also have other “double” or “multiplier” schemes under different names.
Typical Features of FD Double Schemes
| Element | Description |
|---|---|
| Tenure | Around 7–8 years to double principal |
| Minimum deposit | ₹5,000 or ₹10,000 depending on branch type |
| Maximum deposit | Often up to ₹1 crore |
| Eligibility | Resident individuals and senior citizens |
| Loan facility | Often available against deposit |
While doubling schemes may be attractive, evaluate the implied rate of return, compare with other FDs, and verify the bank’s latest rate. Avoid unauthorised schemes that promise unrealistic returns.
