ICSE Class X Economics 2019 Solved Papers
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Question : 13
Total: 40
Give two differences between recurring deposits and fixed deposits.
Solution:
Differences between fixed deposits and recurring deposits :
| Fixed Deposit | Recurring Deposit | |
|---|---|---|
| 1. | Adeposit scheme in which a particular sum of money is invested with the bank for a fixed period, is known as Fixed Deposit. | A financial product in which money is deposited to a particular account at regular intervals for a short time is called Deposit. |
| 2. | In such deposits, the rate of interest are higher. The longer the period, higher is the interest rate. | In such deposits, the rate of interest paid by the bank is higher than the savings account but less than the fixed deposit account. |
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