State the following statement is True or False
Recurring deposit account is a monthly saving scheme

True

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

False

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A True
Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed deposit.

Suggest Corrections

Similar questions

Q. State whether the following statement is True or False.
Overdraft facility is provided to saving account holders.

Ravi invests 50% of his monthly savings in fixed deposits. Thirty percent of the rest of his savings is invested in stocks and the rest goes into Ravi's savings bank account. If the total amount deposited by him in the bank (for savings account and fixed deposits) is Rs. 59500, then Ravi's total monthly savings (in Rs) is___

State with reasons whether the following statements are True or False.

Overdraft facility is granted to saving account holders.

A coolie deposits Rs. 150 per month in his post office Saving Bank account. If this is 15% of his monthly income, find his monthly income.

Q. Give reasons or explain the following statements:

1. Commercial banks provide agency functions to earn profits.
2. Overdraft facility is provided to current account holders.
3. Saving account deposits are usually opened by salaried class.
4. Rate of interest on fixed deposit is high.

Join BYJU'S Learning Program

State the following statement is True or FalseRecurring deposit account is a monthly saving scheme

The correct option is A TrueRecurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed deposit.

State the following statement is True or False
Recurring deposit account is a monthly saving scheme

The correct option is A True
Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed deposit.