what is a recurring deposit account?? plz tell in simple meaning....
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Recurring Deposit Meaning:
In banking terminology, the term recurring deposit refers to the periodic placement of a fixed sum of funds with a bank or financial institution into a special term account, with a specified tenure, generally between one and five years. At the end of the tenure, the funds are typically withdrawn by the depositor with accrued interest........
In banking terminology, the term recurring deposit refers to the periodic placement of a fixed sum of funds with a bank or financial institution into a special term account, with a specified tenure, generally between one and five years. At the end of the tenure, the funds are typically withdrawn by the depositor with accrued interest........
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Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits. ... Minimum Period of RD is 6 months and maximum is 10 years.
myselfyiri:
why should they deposit a fixed account every month??
because it is rule of recurring deposit account
oh really??
I think ys
plz be sure??
yes
it is correct
I am sure
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