Question

how is the term deposit account different from recurring deposit account​

Answer 1

Answer:

A recurring deposit is a kind ofaccount where you deposit money more than once, while in term depositit is one time deposit with a predefinedfixed term. ... After this maturity timethe amount is paid back to the depositor along with the interest.

Explanation:

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Answer 2

Answer:

Term Deposits:

⇒ To enable investors to mobilize idle savings and earn with a higher rate of interest than regular savings bank accounts.

⇒ Fixed deposit accounts can be opened for a minimum of 7 days, to a maximum of 10 years.

⇒ All resident Indians and Hindu Undivided Families (HUFs) are eligible to open a fixed deposit account.

Recurring Deposits:

⇒ To inculcate a regular habit of savings among the public.

⇒ Recurring Deposit accounts can be opened for a minimum of 6 months, and a maximum of 10 years.

⇒  All resident Indians and Hindu Undivided Families (HUFs) are eligible to open this account. RD accounts can also be opened for minors by their parents or legal guardians.