Types Of Bank Deposit Accounts

will u plz help me clear this doubt..?

Is HOME SAFE ACCOUNT,CUMULATIVE DEPOSIT ACCOUNT AND HOME CONSTRUCTION DEPOSIT SCHEME/SAVING ACCOUNT
a part of RECURRING DEPOSIT ACCOUNT ??
i mean are these the categories of recurring account. ??
recurring account is a type of bank deposit account in which we can do savings..

Hye cuty

Yes your your ans is right all those are a part of recurring deposit account

The Recurring deposit account is an account in the bank (or a Post office in some countries) where an investor deposits a fixed amount of money every month/daily for a fixed tenure (mostly ranging from one year to five years). This scheme is meant for investors who want to deposit a fixed amount every month or daily, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. Interest at term deposit rates is computable on quarterly compounded basis.

Home safe account: this is an account in which agent of the banks comes to the home to collect the deposit money regularly from the customers home(daily or monthly)(own defination by seeing the question)

Cumulative deposit a/c-In this the principal and interest is paid on maturity of the deposit and the interest is cumulated i.e. interest is paid on the interest also that means it is not simple interest but cumulated interest and thus the yield is more than the interest quoted on the deposit,(i am not sure but i think it also a regular deposits)

Home Construction depost scheme- i think u know about this, it is a home saving a/c as the home safe a/c. in this we regularly deposits a small amount and get a heavy amount in maturity(maturity amt includes -principal + interest)

the defination clearly understands the meaning and i think u got ur ans.

Have a nice day

Deposit account – Wiki Article




















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