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What Is “recurring Deposit Account”? |
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Answer» In this type of account the depositor SAVES regularly and in return gets a fair return of deposit. While OPENING this account the deposit per month is fixed. We can deposit the amount once in the month on a fixed date and the amount is also fixed. The total amount with interest we can RECEIVE after the MATURITY. The rate of interest in RECURRING deposit account is higher than the saving account. The account can be opened by a person individually as well as jointly with another. In this type of account the depositor saves regularly and in return gets a fair return of deposit. While opening this account the deposit per month is fixed. We can deposit the amount once in the month on a fixed date and the amount is also fixed. The total amount with interest we can receive after the maturity. The rate of interest in recurring deposit account is higher than the saving account. The account can be opened by a person individually as well as jointly with another. |
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