The banks offer a Recurring Deposit which is a different kind of Term Deposit in our country. It helps to those people who have regular income for depositing a fixed amount of rupees each month in their recurring deposit and receive interest which is applicable for Fixed Deposits. Recurring Deposits is same as making Fixed Deposits in a definite amount for monthly installments.
This type of deposit matures on a definite date received every month with all the deposits. This scheme allows consumers to make their savings through regular deposits in every month with a fixed amount in a definite period of time. The minimum period of Recurring Deposit is 6 months and maximum period is 10 years.