Recurring deposit interest meaning
Solution:-
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. Recurring deposit accounts are offered by most of the banks and NBFCs in India with tenures ranging from 6 months to 10 years. The interest given by bank to this account is recurring deposit interest and the interest rate usually ranges from 5.00% - 7.85%.
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. Recurring deposit accounts are offered by most of the banks and NBFCs in India with tenures ranging from 6 months to 10 years. The interest given by bank to this account is recurring deposit interest and the interest rate usually ranges from 5.00% - 7.85%.