Almost everybody wants to double their money fast. People always try to identify which investment can double their money as early as possible. There are several schemes where your money can be doubled in a particular period. However, it is important to note that you shouldn’t expect magic here, in terms of duration. Hemant Rustagi, CEO, Wiseinvest Advisors told Zee Business Online, ''Doubling money requires patience, one needs to look out for the suitable option or investment, where he can remain invested for a particular time. The power of compounding interest and patience together can double your money. However, the instrument that works for your friend might not work for you as the returns are subjected to market, demand and supply, government laws, inflation, reforms, etc.''

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Thumb Rule 72 gives you information about the time required to double your money. The rule says that dividing 72 by expected annual return will give you a time when your money will get double. Imagine, if you invest Rs 1,000 and the expected annual return is 10 per cent then the money will get double in 72/10 =7.2 years. Here are some best 5 ways to double your money fast.

1. Stock Market

Investments made in the stock market have always given a high rate of returns to people. The annual rate of return that the stock market has given in the last decade has been 15 per cent per annum. Investing in large cap or reputed sound companies can increase your chances of doubling the money in a time period of 5 to 7 years. It is, however, essential to know fundamental and technical aspects of the stock market’s before investments, and reducing the risk of losing money. 

2. Mutual Funds (MFs)

There are number of mutual funds available in the market such as ELSS (Equity Linked Savings Scheme), Balanced or Hybrid Mutual Funds, debt-oriented, equity-oriented etc. Though mutual funds come with risk as the fund managers invest pooled money in different companies or sectors. But, the rate of return in MFs is higher compared to other investment instruments. ''The rate of return for mutual funds usually depends on the period of the fund. The long term mutual funds offer 12 per cent to 15 per per annum as the rate of return on an average. Hence doubling money through mutual funds will take approximately 6 to 8 years, subject to market risk and volatility'' added Rustagi.

3. National Savings Certificates

NSCs are issued by Indian Postal Department. It is one of the safest options for investment if you don't have large investment appetite. These certificates have a fixed tenure of 5 or 10 years, along with a fixed rate of interest. For NSCs with a 5-year tenure, the rate of interest offered is 8 per cent per annum. The NSCs are exempted under Section 80C of the Income Tax Act, 1961 for up to Rs 1,50,000 p.a and can be used to avail loans from any bank. Invested in NSC can double your money in 9 years. 

4. Corporate Deposits/Non-Convertible Debentures (NCD)

Corporate deposits is also an option that can double your money. Non-banking financial companies (NBFCs) and Corporates offer higher interest rates for non-convertible debentures and corporate deposits, as against fixed deposits of banks. The rate of return for these deposits is kept around 8 to 11%, based on ICRA ratings and tenure of the deposit. It will take around 7 to 9 years for the money to get double in this scheme. Corporate deposits are issued by companies, while NCDs are issued by companies including NBFCs.

5. Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) was restructured in 2015-16 and according to new regulations, PAN card is mandatory for making an investment into the Kisan Vikas Patra scheme worth Rs 50,000 paid in cash. The rate of interest applicable to Kisan Vikas Patra (KVP) may change periodically based on announcements made by the Finance Ministry. The current interest rate applicable to KVP is 7.7% per annum which will double your investment in 9 years and 4 months or so. Kisan Vikas Patra is completely taxable or not covered in 80C of Income Tax Act.