BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Minimum 12 months and 120 months
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Minimum 3 months and 60 months
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Minimum 6 months and 24 months
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Minimum 9 months and 72 months
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Detailed explanation-1: -DURATION:-Minimum 6 Months and Maximum 120 Months, i.e. Term of RD can be for 6, 9, 12, 15, 18, 21, 24………… 120 months .
Detailed explanation-2: -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.
Detailed explanation-3: -You can choose a suitable period of deposit with a maximum tenure stretching up to 10 years. The interest rate offered on RDs is always higher than the interest earned through a savings account.
Detailed explanation-4: -Duration: For fixed deposits, the minimum duration is 7 days and for recurring deposit, the minimum duration is six months. The maximum duration for both schemes is 10 years.