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Write briefly about Recurring deposit accounts?

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Write briefly about Recurring deposit accounts?

Posted by Mohammed Hassaan 5 years, 3 months ago

CBSE > Class 10 > Social Science

1 answers

Priya ✧*｡٩(๑˙╰╯˙๑)و✧*｡ 5 years, 3 months ago

The Recurring deposit account is an account in the bank or in a Post office where a depositor deposits a preset amount of money every month for a fixed time period (generally ranging from one year to five years). This format is meant for persons who would like to deposit a fixed amount every month, with the purpose of getting a lump sum after a few years. The little monthly savings in the Recurring Deposit plan allow the saver to build up an attractive sum on maturity. Interest rate in this kind of deposit scheme is calculable on quarterly compounded based.

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