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Recurring deposits are provided by banks to help people invest their money through regular monthly deposits and earn interest at applicable rates. The deposits made every month will mature on a specific date in the future. In fixed deposits, you invest a lump sum amount and so the money earns interest till it reaches its maturity. However, in recurring deposits, the first installment earns interest for a 12 month period, the second installment for 11 months and so on. Due to this difference, fixed deposits are able to earn higher returns. But when you are unable to make deposits in a lump sum, opting for a recurring deposit is the best way to make investments each month.
Additional Reading: Recurring Deposit Calculator
ICICI Bank customers can make regular monthly investments by opening a recurring deposit. For example, you decide to deposit Rs. 1000 for a year at current interest rate provided being 5.55% per annum, at the end of the year you will have a total saving of Rs. 12,365. The interest earned will be Rs. 365. But for a senior citizen that invests at the same amount with the same tenure, the total savings will be Rs.12,399, as interest rates will be at 6.05% for them.
Additional Reading: Recurring Deposit Calculator Post Office