ICSE Class X Commercial Applications 2018 Solved Papers

SECTION - I

State one difference between each of the following :

Question : 3

Total: 33

Fixed Deposit Account and Recurring Deposit Account

Solution:

Fixed Deposit Account	Recurring Deposit Account
In Fixed Deposit Account, amount is deposited for a fixed time period and cannot be withdrawn before the expiry of the period, e.g., one year, three years and so on. The depositor can withdraw the money along with the interest on the maturity date.	In Recurring Deposit Account, the accountholder is required to deposit a specific amount every month in the account. The depositor or the accountholder gets back his/her money together with interest after the expiry of the specified period.

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