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Advantages of Recurring Deposit Account.... |
| Answer» The main features of\xa0recurring deposit account\xa0are as follows:-\tThe main objective of recurring deposit account is to develop regular savings habit among the public.\tIn India, minimum amount that can be deposited is Rs.10 at regular intervals.\tThe period of deposit is minimum six months and maximum ten years.\tThe rate of interest is higher.\tNo withdrawals are allowed. However, the bank may allow to close the account before the maturity period.\tThe bank provides the loan facility. The loan can be given upto 75% of the amount standing to the credit of the account holder. | |