Banking Term: Recurring Deposits

Find important banking term that is useful in upcoming banking exam.

Created On: May 27, 2015 17:23 IST

Banking Term:  Recurring Deposits

  • Recurring Deposit is a special kind of Term, 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.
  • Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
  • a recurring deposit plan is most commonly used by people with a regular income to set a portion of their income aside each month in order to make a large purchase in the future.

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