New Delhi, Aug. 29 -- Do you have Rs.50,000 lying dormant in your savings account? Do you wish to turn it into Rs.1 lakh? Have you devised a strategy for this to ensure the fastest possible doubling of your savings?

It is essential to keep in mind that the applicable interest rates, compounding frequency, and the actual investment period make a meaningful difference in the eventual wealth creation. For example, among popular small savings schemes, the Kisan Vikas Patra (KVP) and the Senior Citizen Savings Scheme (SCSS) offer a simple, straightforward way to double wealth. This is because, in KVP, the government clearly elaborates on the doubling period, whereas SCSS caters to an entirely different investor base, i.e., senior citizens.

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