In which type of account, deposits are made regularly on monthly basis for future requirements?

Saving account

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Current account

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Recurring account

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Term Deposit

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Solution

The correct option is C
Recurring account

These deposit accountsare generally opened for a purpose to be saved for a future date.For future requirements deposits are made regularly on monthly basis (For the purposes of Wedding expenses of children, tobuy costly items like land, car etc.,). After the period is over thetotal amount is repaid with interest

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