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Recurring Deposit

Which of the ...

Question

Which of the following is the right option in the ascending order of interest rates for each deposit scheme?

A

Savings Deposit < Fixed Deposit < Recurring Deposit

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B

Savings Deposit < Recurring Deposit < Fixed Deposit

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C

Recurring Deposit < Fixed Deposit < Savings Deposit

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D

Recurring Deposit < Savings Deposit < Fixed Deposit

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Solution

The correct option is B Savings Deposit < Recurring Deposit < Fixed Deposit
In case of recurring deposits, the interest rate is higher than that of saving deposits, but less than that of fixed deposits. The interest rates offered and time periods for maturity differ from bank to bank.

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