Bank DepositsNRO Interest payout Taxable interest FCNR Receipt Annual Yield
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 NRO in the context of stock market, trading, and investments.
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MOREUnderstand the meaning and definition of Taxable interest 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 Receipt in the context of stock market, trading, and investments.
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