Banking Term: Recurring Deposit
Find important banking term that is useful in upcoming banking exam.
Recurring Deposit is a kind of term deposit, which is 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.
The rate of interest payable is the same as for fixed deposits pertaining to the time period decided.
There is no restrictions on the amount of the monthly deposit which has to be remain fixed during duration of recurring deposit account.