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Recurring deposit can be classified into two types:
1. Fixed Recurring Deposit:
In this the installment amount remains fixed for the entire tenor of RD from the time of booking.
2. Flexible Recurring Deposit:
In the installment amount can be changed during any part of the tenor as and when the customer decides to increase or decrease his installment amount.
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There are how many types of account relating to banking industry?
There are many different types of accounts offered by banks. Some of the main ones are: a. Savings Accounts b. Checking Accounts c. Time Deposit Accounts d. Recurring Deposit Accounts e. Overdraft Account f. Etc
What is meant by recurring deposit?
A Recurring Deposit is a special type of bank account wherein the customer will deposit a small amount of money regularly every month. Banks will offer higher interest rates than the usual savings or current accounts because the customer will not withdraw the money until the deposit matures.
How is recurring deposit done?
A Recurring Deposit account is one in which the customer deposits a small sum of money (usually a few hundred or thousands) every month. The bank accepts a deposit every month and at the end of the deposit period (usually 12 months or higher) the bank would return the money deposited with them along with a good interest.
What is the Difference between fixed deposit and recurring deposit?
Hi, Fixed Deposit : Deposit certain amount for certain period of time either monthly/yearly and fetching of amount is optional. If you need to get the FD amount in 1 year (example), interest will be added with the actual amount . The interesting rate is depends on your bank. Recurring Deposit : Deposit fixed amount in regular time period. At final you will get the total amount with specific interest.
What are the different types of deposit account?
The most common and basic types of deposit accounts are checking and savings accounts. These are both used to deposit money into if your place of work has direct deposit.
What are the different types of fixings?
Recurring deposits, fixed deposit, saving deposit
Highest Interest in which deposit - recurring deposit or fixed deposit?
how to calculate Recurring deposit interest ?
What is Tenure of deposit in month for recurring deposit?
interest
Interest rate on recurring deposit in Indian overseas bank?
interest rate of recurring deposit in iob
Which is better recurring deposit or fixed deposit?
Actually both of them have their own benefits and drawbacks. In terms of rate of interest an fixed deposit will give you more interest than a recurring deposit. In terms of ease of operation and opening a recurring deposit is easier because it will need much less contribution and on a regular basis whereas you need to deposit in lumpsum in case of a FD.
Is fixed deposit and recurring deposit rate of interest is same?
No. In most cases the rate of interest offered on fixed deposits and recurring deposits is different. Usually the rate of interest on a fixed deposit is much higher than a recurring deposit because you will be depositing the entire amount in one shot and leave it with the bank for the duration whereas in a recurring deposit you'll pay only the part of the money at a time. So the difference.
Types of bank accounts in indai?
Some of the different types of accounts in India are: a. Savings Account b. Current Account c. Fixed Deposit Account d. Recurring Deposit Account e. Senior Citizen Deposit Account f. Senior Citizen Pension Account g. Etc.
Letter format for recurring deposit installment complete so transfer this money in saving account?
Letter format for recurring deposit installment to from saving account
What are the different types of bank accounts?
State Bank of India offers different types of accounts. They are: a. Savings Account b. Current Account c. Fixed Deposit Account d. Recurring Deposit Account e. Senior Citizen Deposit Account f. Senior Citizen Pension Account g. Etc.
Can a company open a recurring deposit account?
yes
What is the maximum period of deposit in recurring?
10 years
Is there loan available at recurring deposit account?
maybe
