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Advantages of Recurring Deposit Account....

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Advantages of Recurring Deposit Account....

    • Posted by ? S. S. ? 4 years, 1 month ago

    CBSE > Class 11 > Business Studies
    • 1 answers

    Yogita Ingle 4 years, 1 month ago

    The main features of recurring deposit account are as follows:-

    1. The main objective of recurring deposit account is to develop regular savings habit among the public.
    2. In India, minimum amount that can be deposited is Rs.10 at regular intervals.
    3. The period of deposit is minimum six months and maximum ten years.
    4. The rate of interest is higher.
    5. No withdrawals are allowed. However, the bank may allow to close the account before the maturity period.
    6. The bank provides the loan facility. The loan can be given upto 75% of the amount standing to the credit of the account holder.

    1Thank You

    ANSWER
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