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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.
If you need to withdraw the money from a certificate of deposit before the term is over, you usually have to pay a penalty. The penalty varies from bank to bank and depends on the term of your certificate.
The banks loan out the money on deposit at higher rates of interest than they pay the depositors. Since most people keep their savings on deposit for long periods, the banks are able to do this. If everyone came at once and asked for their money, the bank would fail.
temporary deposit. Bank will not pay any interest to you .
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You need to walk into a branch of SBH and ask for opening a recurring deposit. The bank would have a form for the same. You need to fill up the form and then pay up the money you want to pay at the bank teller's counter. Once done, the bank officials would give you a small passbook for the recurring deposit with the days date and the amount you paid up. Every month you need to visit the bank and pay up the monthly installment of the recurring deposit.
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.
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. You can open a RD account by visiting any bank and filling up the form that is used for opening an RD and pay the first months money to the bank teller.
visit the bank branch where you have the recurring deposit accountsubmit a request in writing to close your accountthe bank will process the request and pay you the money held in that account.A point to note is that, if you are closing your RD before maturity, the bank can charge you a penalty for doing so.
Recurring Deposit is type of account where the customer deposits fixed amounts every month for a predetermined duration (6 months, 1 year etc). The money cannot be withdrawn until maturity and the bank would pay a slightly higher rate of interest due to the longer duration of the deposit. In case of savings account, there is no predetermined duration or amount and the money can be withdrawn anytime you want so banks pay you low interest on the money you hold in the account.
You Can Pay Your Deposit by Going To The Post Office
visit the bank branch where you have the recurring deposit accountsubmit a request in writing to close your accountthe bank will process the request and pay you the money held in that account.A point to note is that, if you are closing your RD before maturity, the bank can charge you a penalty for doing so.
You can right away but they will probably require you to pay a higher deposit.
If you need to withdraw the money from a certificate of deposit before the term is over, you usually have to pay a penalty. The penalty varies from bank to bank and depends on the term of your certificate.
recurring means. the number goes on and on and on... e.g. 0.3 (recurring) = 0.33333333... A recurring account could refer to an account which you pay regularly - an account which recurs - such as a telephone account.
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