The maturity value of a recurring deposite account is Rs. 11, 364 in 4 years. In the monthly deposite is Rs. 200 then the rate of interest is

BANKING GENERAL KNOWLEDGE

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

A	9%
B	7%
C	8%
D	10%

Explanation:

Detailed explanation-1: -Maturity Value= Total Deposited Amount + Total Simple Interest.

Detailed explanation-2: -The maturity value of RD is rounded off to the nearest rupee and paid after 30 days /one month deposit of last installment or on the expiry of the period, for which the deposit was accepted, whichever is later.

Detailed explanation-3: -Tenure: The minimum period of a Recurring Deposit is six months at most of the banks. These deposits can be opened from 6 months to 10 years, depending on the depositor. Once the tenure and the RD amount has been set, it cannot be altered till maturity of the deposit.

Detailed explanation-4: -A depositor can submit an application to the bank requesting premature withdrawal of the recurring deposit account. The return on the principal amount invested by the depositor will only be provided for the period the money was deposited in the recurring deposit account in the bank.

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