CBSE Class 11-commerce Answered
What is the difference between recurring and fixed deposit account? ?
Asked by shiphalijain | 05 Oct, 2017, 04:17: PM
Expert Answer
Difference between recurring and fixed deposit account
Recurring account |
Fixed deposit account |
Deposited a specified sum of money every month for a specified period of time |
Deposited a lump-sum amount for a specified period of time |
Rate of interest is higher than savings but not fixed deposit account |
Higher rate of interest is offered |
It is also known as cumulative cumulative time deposits |
It is also known as long term or time deposits |
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