Recurring Deposite Account is also known as ..... amount

BANKING GENERAL KNOWLEDGE

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

Recurring Deposite Account is also known as ____ amount

A	Fixed Deposit
B	Saving Deposit
C	Current
D	Cumulative Deposit

Explanation:

Detailed explanation-1: -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.

Detailed explanation-2: -What is a Recurring Deposits Account? The Recurring deposit account is an account in the bank or in a Post office where a depositor deposits a preset amount of money every month for a fixed time period (generally ranging from one year to five years).

Detailed explanation-3: -The most common RD scheme is which you have to deposit an amount for a particular tenure which in turn lets you earn interest on the principal amount. NRIs can invest in recurring deposits either through a non-resident ordinary (NRO) recurring deposit or a non-resident external (NRE) recurring deposit.

Detailed explanation-4: -RDs are a type of term deposit. A recurring deposit account requires customers to deposit a fixed amount of money on a monthly basis for a pre-determined period.

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