Bank FD: Know What Can Make You a Millionaire
Can you become a millionaire by depositing money in FD: Still many people in the country dream of becoming a millionaire.
But people do not want to take even a little risk in investment. In such a situation, only the option of FD is left with them. In such a situation, it is very important to know whether one can become a millionaire by investing in FD.
Where is FD
Generally people think that FD is only in the bank. but it’s not like that. Apart from bank FD, there is also in post office. Apart from this, big government and private companies also provide FD facility. A little more interest rate is available here.
Now Know How FD Can Make You a Millionaire
Bank or post office is not getting 8 percent interest anywhere. At the same time, companies are paying 8 percent interest.
In such a situation, if it is assumed that if somehow the interest of 8 percent continues to be available for the next 30 years, then a fund of Rs 10,93,572 will be prepared from the FD of Rs 1 lakh. Means a fund of about 11 lakh rupees.
In such a situation, if an interest of 8 percent is received, then a fund of Rs 10,38,89,431 i.e. a fund of Rs 1 crore can be created in 30 years from an FD of Rs 9.5 lakh.
But How Will You Get This Much Interest for 30 Years
Earning 8% interest continuously for 30 years is very difficult. In such a situation, if the interest is 7, then know how much rupees is needed to make million with an FD.
Know How to Become a Millionaire With 7% FD
If 7% interest is available for 30 years, then a fund of Rs 8,11,649 will be prepared from an FD of Rs 1 lakh in 30 years. In this way, to become a millionaire in 30 years, you will have to get an FD of Rs 13 lakh. After 30 years, you will have a fund of Rs 1,05,51,446 i.e. Rs 1 crore.
Know How to Become a Millionaire With 6% FD
If 6% interest is available for 30 years, then in 30 years a fund of Rs 6,02,257 will be prepared from an FD of Rs 1 lakh.
In this way, to become a millionaire in 30 years, you will have to get an FD of Rs 17 lakh. After 30 years of this, you will have a fund of Rs 1,02,38,377 i.e. Rs 1 crore.
Know How to Become a Millionaire With 5% FD
If 5% interest is available for 30 years, then in 30 years a fund of Rs 4,46,774 will be prepared from an FD of Rs 1 lakh.
In this way, to become a millionaire in 30 years, you will have to get an FD of Rs 23 lakh. After 30 years of this, you will have a fund of Rs 1,02,75,811 i.e. Rs 1 crore.
