A Monthly Deposit Scheme Is A Special Type Of Fixed Deposit Scheme In Which A Fixed Amount Of Money Is Deposited Per Month. It Gets Almost The Same Interest As That Found In A Fixed Deposit Scheme. This Plan Also Has A Fixed Maturity Period. This Scheme Is Generally Convenient For Salaried And Business Class Or All Those Who Have A Fixed Regular Income.
Recurring Deposit Account Is Opened By Those Who Want To Save Regularly For A Certain Period Of Time And Earn A Higher Interest Rate. In Recurring Deposit Account Minimum Amount Rs.500/- And Multiplies Of 500/- Is Accepted Every Month For A Specified Period (1 Year To Five Year) And The Total Amount Is Repaid With Interest At The End Of The Particular Period.
| Deposit | Duration | Total Collection | Maturity Amount |
|---|---|---|---|
| 1000 | 5 Years | 60,000 | 84,000 |