Explain the following term/concept.
Renewal of Deposit
A process whereby the deposit holder continues with the deposit for an additional time period after the completion of the initial time period of investment (deposit) is called as ‘Renewal of Deposit’. The additional period can be similar or different from the original time period. Deposit Renewal Form is sent to depositors at least one month before the maturity date.
Concept: Correspondence with Depositors - Specimen Letters
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