_______ are those where a monthly instalment is deposited in the accounts every month.

Correct Answer recurring deposits

Key Points:

• A Recurring Deposit or RD as it is commonly called is a unique term deposit offered by banks. It is an investment tool that permits those with the ability to make regular deposits to earn decent returns on their investment.
• Consisting of regular deposits and an interest component, Recurring Deposits provide flexibility and ease of use to individuals.
• The account holders can choose to invest a particular amount each month, ensuring that they have sufficient income for an emergency, with the RD earning decent interest on the amount. 
• The minimum period of a recurring deposit is 6 months and the maximum is 10 years.

Additional InformationTypes of Bank accounts are following

• Savings Account
• Recurring Deposit Account
• Current Account
• Fixed Deposit Account
• DEMAT Account
• NRI Account

The savings bank account

• It is mostly eligible for pensioners, students, and working professionals.
• The bank pays interest on the deposits.

Current Account

• This type of bank account is mostly opened by businessmen and is useful when frequent transactions are needed on daily basis.
• An overdraft facility is available. 
• No interest is paid on the deposits.

The NRI accounts are divided into 3 types are following

• NRO ( Non-Resident Ordinary Rupees) Account
• NRE ( Non-Resident External Rupees) Account
• FCNR ( Foreign Currency Non-Resident ) Account

Fixed Deposit Account

• It is a type of time deposit and a one-time takeaway account.

Demat Account

• ​This account is opened for shares and securities holding electronically.