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How is saving account different from …

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How is saving account different from Recurring account

Posted by Abhijith Marc 5 years, 8 months ago

CBSE > Class 11 > Business Studies

1 answers

Gaurav Seth 5 years, 8 months ago

Features	Savings Account	Fixed Deposits	Recurring Deposit
Rate of Interest	The rate of interest is not fixed. It varies with the market.=	Rate of interest is fixed. Generally it is rate varies from 6.96% to 8%	Rate is fixed. It varies from 5.25% to 7.90% per year
Deposit Amount	No limit on the deposit amount	The money you deposit is fixed and you get interest on that particular amount	A particular amount is deposited monthly for a particular period of time
Tenure	No tenure.	The tenor period is always fixed	The tenor period is fixed
Withdrawal	No withdrawal limit.	Withdrawal on maturity	Withdrawal on maturity
Tax Benefit	You can not avail any tax benefit for savings account.	Tax exemption is available for FDs under the section 80 of income tax	Income tax will not be deducted for interest earned up to INR 10,000
Loan against the Account	Not available	Available	Not available

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