Bank DepositsBorrower Savings bank account Deposit insurance Deposits FCNR 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 Borrower in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Savings bank account in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Deposit insurance in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Deposits in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of FCNR in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Lender in the context of stock market, trading, and investments.
MORE
Explore other categories
10 Cr+DOWNLOADS
Enjoy Zero Brokerage On Stock Investments
Get the link to download the App
