Ask your Question
   (100 characters left)
Search for questions:      Advanced
Credit Cards
Car Loans
Home Loans
Personal Loan
Education Loans
Fixed Deposits
Savings Accounts
Miscellaneous
Bank ATM Auto Loan Bad credit Loan Recovery Recovery Agents Indian Bank Canara Bank Corporation Bank Loan Calculator credit card fraud HSBC Bank Vijaya Bank Deutsche Bank Credit history Credit score Used car loan Saving Account Fixed Deposit Loan Finance ICICI Bank RBI SBI Disha HDFC ABN Amro CitiBank EMI Calculator Kotak PNB Barclays Home Loan Personal Loan Credit Card Interest rate
Resolved Question:
Show me another
Fixed deposit account and Recurring deposit account, are these both similar?
In Fixed Deposits  -  Asked by Esha -  11 years ago

Best Answer:
In fixed deposit you deposit a certain some for a definite period. You can opt either for periodical(monthly/quarterly/half yearly or annually) returns or simply opt to get the amount with accumulated interest at the end of the prescribed period.
In recurring deposit, you pay a fixed amount at regular intervals(say 100 PM for 12 months). You will get back the amount with accumulated interest at the end of the prescribed period.
11 years ago - By Basu

Other Answers (1)
Answer 1.
Bank Fixed Deposits are also known as Term Deposits. In a Fixed Deposit Account, a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest.
The rate of interest for Bank Fixed Deposits depends on the maturity period. It is higher in case of longer maturity period. There is great flexibility in maturity period and it ranges from 7days to 10 years. The interest is compounded annually and is added to the principal amount. Minimum deposit amount is Rs 1000/- and there is no upper limit.
Loan / overdraft facility is available against bank fixed deposits. Premature withdrawal is permissible but some penalty is levied. Tax Deductible at Source, if the interest paid/ payable on deposit exceeds Rs.5000/- per customer, per year, per branch.



Under a Recurring Bank Deposit, a specific amount is invested in bank on monthly basis for a fixed rate of return. The deposit has a fixed tenure, at the end of which the principal sum as well as the interest earned during that period is returned to the investor.

Recurring Bank Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time.

There is great flexibility in period of deposit with maturity ranging from 6 months to 120 months. The minimum monthly deposit varies from bank to bank. In most of the public sector banks, one can start a Recurring Deposit Account with a monthly installment of Rs. 100/- only.

Loan/overdraft facility is also available against Recurring Bank Deposits.
11 years ago - By Ankur
Answer: Open Questions
No question found.
Discover: Resolved Questions RSS
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911 Chandigarh Escoℛt SeRvIcE iN Kharar Call gIℛℒ SeRvIcE
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt SeRvIcEs iN Chandigarh Call gIℛℒS SeRvIcE Nangal
Chandigarh@CaℒL Giℛℒ In Rajpura +O9855660911 Escoℛt SeRvIcEs iN Rajpura Call gIℛℒS SeRvIcE Rajpura
If I invest 100000 rupees deposit for 2 year , how much i will get monthly interest
zEENa: ℰscℴℛts Call ℊiℛl In Kharar💋O985566o911💋 Call ℊiℛl Service In Chandigarh Escort kharar
View All
Vote: Undecided Questions
No question found.
COMPARE RATES
Get best FD rates
Best FD rates by banks
Compare Car Loan Rates for a used car
Get best bank for Home Loan
Show All...
COMPARE QUICKLY
 Select a product:
 

CALCULATORS
Fixed Deposit Interest Income Calculator
Credit Card Balance Transfer Savings Calculator
Car Loan Amount by EMI Calculator
Car Loan Amount by Down Payment Calculator
More Calculators...
CALCULATE QUICKLY
 Select a product:
 

NEWS THIS WEEK
Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive
EDITORS' PICKS
The recent interest rate hike
The new avatar of savings account would...
Children’s Saving Account- teaching...
Fixed Deposits: Safest instrument to invest
How to Invest to Save?