Recurring Deposit (Cumulative Term Deposit) :

The Recurring Deposit Account is an account where an investor deposits a fixed amount of money every month. The scheme is meant for investors who want to deposit a fixed amount every month for a specific period of time not less than one year. Since the interest will be accumulated to the principal amount every quarterly, the depositor can expect a handsome amount on maturity. Interest at term deposit rates is computable on quarterly compounded basis.