at punjab sind bank in chandigarh?

Question

is it true that after 5 years this bank doubles wat u have for example if i had 10 000 rupees after 5 years i will have 20 000 then after another 5 i would have 40 000:?

Answer 1

These days the interest rates have gone up. Most Banks are giving good interests.

Answer 2

I have gone through the website of Punjab & Sind Bank and find that the maximum rate of interest they give to general public for fixed deposit is 9%. At this rate of interest, your investment cannot be double in 5 years.

Please check the following link for the interest rates of Punjab & Sind Bank:

http://www.psbindia.com/interestdom.php

Answer 3

you are talking about compound interest and whether your money doubles in 5 years or not depends on the type of interest your bank is paying you. So it is possible that your money will double in 5 years but it depends on the interest rate and not the bank. to find out more about compound interest go here:

http://www.moneychimp.com/calculator/compound_interest_calculator.htm