Bank DepositsTax Deducted at Source Future Value Taxable interest Fixed deposit Interest payout Lender
Recurring Deposit or Cumulative Deposit Account
A bank account that requires a depositor to deposit a fixed amount (in multiples of Rs 5 or Rs 10) every month is known as a recurring deposit account. This deposit is typically available for a period of 1 to 5 years. The interest rate offered by banks for this account is determined based on the duration, and is generally higher than a regular savings account due to its similarity to a Fixed Deposit Account. This type of account is introduced by banks to encourage the habit of saving among individuals, by providing attractive interest rates.
Related terms
Understand the meaning and definition of Tax Deducted at Source in the context of stock market, trading, and investments.
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