Commercial Applications
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.
- Current account
- Recurring deposit account
- Saving account
- None of these
Banking
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Answer
Recurring deposit account
Reason — A Recurring Deposit Account is a savings plan in which the account holder deposits a specific amount every month for a fixed period (12 to 72 months). On maturity, the depositor gets back the total amount together with interest. A pass book is issued but no cheque book.
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