The Recurring deposit account is an account in the bank (or a Post office in some countries) where an investor deposits a fixed amount of money every month for a fixed tenure (mostly ranging from one year to five years). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. Interest at term deposit rates is computable on quarterly compounded basis.
No. Recurring Deposits have a maturity date and you can withdraw the money only after the deposit matures. If you want to withdraw the money before maturity date, the bank will charge you a penalty for doing so.
You have to define deposition. In the legal world, a deposition is a statement, made under oath, but outside of a courtroom.
safe deposit box
Fill out deposit slip and proceed to teller to deposit.
you can deposit at the bank
The only disadvantage I can think of, is the fact that the money put into a recurring deposit is not much liquid. You need to terminate the deposit in order to get that cash. This way you may lose some interest rate or have some penalty charges charged by the bank.
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No. Recurring Deposits have a maturity date and you can withdraw the money only after the deposit matures. If you want to withdraw the money before maturity date, the bank will charge you a penalty for doing so.
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Recurring Deposit: 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. Term Deposit: A Term Deposit or a Fixed Deposit (FD) Account is one in which the customer deposits a big sum of money (Usually a few thousands and upwards. There is actually no limit to the amount of money you can deposit in a FD) for a fixed duration of time (Atleast 3 months or higher). Since you agree to keep the money deposited with the bank for a fixed/agreed upon duration, the bank gives you a very good interest as payment for keeping the deposit
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