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Question

Among the various types of accounts provided by the bank, recurring deposit account is one of them.



A

True

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B

False

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Solution

The correct option is B

True


Saving account and Recurring deposit account are the two types of accounts provided by the bank.

A savings account is an interest-bearing deposit account held at a bank or another financial institution. 

A recurring deposit account enables an individual to deposit a fixed amount every month for a pre-defined period. This helps to earn an interest similar to that in the Fixed Deposits (FD). For this, the minimum amount and tenure are fixed by the bank. The interest on RD is compounded on a quarterly basis.


Mathematics

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