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Question

Which of the following is / are the feature(s) of a recurring deposit account?
  1. It as just an another name of a savings account.
  2. The account holder can decide the amount to be deposited in the account every month.
  3. For a certain amount, bank provides more interest on these accounts than savings account.
  4. It is a means of compulsory savings.


Solution

The correct options are
B The account holder can decide the amount to be deposited in the account every month.
C For a certain amount, bank provides more interest on these accounts than savings account.
D It is a means of compulsory savings.
In a Recurring deposit Account, the account holder can decide the amount to be deposited in the account every month and  the bank provides more interest on these accounts than savings account for the same amount of money.

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