The account in which certain amount of money is deposited every month regularly for a fixed duration is _______.

saving account

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current account

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recurring deposit

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fixed deposit

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Solution

The correct option is D recurring deposit
Recurring deposit account refers to the type of bank account where a fixed sum of money is deposited in the bank in monthly installment regularly for a fixed period of time. On the expiry of the fixed period, the total sum of money deposited in the bank account is paid to the depositor along with the accrued interest.

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