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Questions
What is a Recurring Deposit Account?
What do you mean by Recurring Deposit Account.
Short Answer
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Solution
- In this account, the account holder is required to deposit a specific amount every month.
- After the expiry of the specified period, the depositor gets back his money together with interest thereon.
- The number of installments may vary from 12 to 72.
- A pass book is issued to the depositor but no cheque book is issued.
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Types of Bank Deposit Accounts
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Chapter 7: Banking and Bank Transactions - EXERCISES [Page 127]
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