The Post Office Monthly Income Scheme is a secure and popular investment. It offers a guaranteed monthly income to investors, making it a preferred choice for individuals seeking regular income.
The Recurring deposit account is an account in the bank or in a Post office where a depositor deposits a preset amount of money every month for a fixed time period (generally ranging from one year to five years).
A Fixed Deposit is an account opened with a bank wherein, the bank pays a guaranteed interest rate on the sums deposited in a Fixed Deposit account, for a stipulated period or tenure. Creating a Fixed Deposit allows you to higher earn returns on funds lying idle in your Savings Account.
Savings means the money one has saved, especially through a bank or official scheme. Savings scheme means a scheme designed to encourage savings by making small deposits. Generally, the Government of India, Banks or Public financial institution launches savings schemes in India.