Rakesh deposits Rs.1000 every month in a recurring deposit account for 3 years at 10% S.I. p.a. Find the interest earned by him in 3 years.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Rs. 5450
B	Rs. 5550
C	Rs. 4500
D	Rs. 5400

Explanation:

Detailed explanation-1: -Hence Matured value =Rs. 40440.

Detailed explanation-2: -The correct option is B Mrs. Goswami deposits Rs 1000 every month in a recurring deposit account for 3 years at 8% interest per annum.

Detailed explanation-3: -The 5 year Post Office Recurring Deposit (PORD) scheme allows you to save on a regular monthly basis for 5 years i.e. 60 monthly installments. These deposits earn interest as per applicable rate compounded on a quarterly basis.

Detailed explanation-4: -A Recurring Deposit, commonly known as RD, is a unique term-deposit that is offered by Indian Banks. It is an investment tool which allows people to make regular deposits and earn decent returns on the investment.

There is 1 question to complete.