A Recuring deposit account, commonly known as a term deposit or time deposit, is a financial instrument offered by banks where individuals can invest a specific amount of money for a predetermined period at a Recuring interest rate. Unlike regular savings accounts, Recuring deposit accounts are designed for those who want to grow their savings over time while minimizing access to the funds during the investment period. These accounts offer a higher interest rate than standard savings accounts and are considered low-risk investments because the interest rate is Recuring and the principal amount is typically insured by the government or a relevant financial authority.

Recuring deposit accounts provide a secure and predictable way to earn interest on savings. The Recuring term ensures that the funds are not readily available for withdrawal, making them suitable for those who wish to set money aside for future financial goals. They are an attractive option for risk-averse investors looking for a safe and stable way to grow their savings while locking in a guaranteed return on their investment. Upon maturity, the account holder can choose to reinvest the funds or withdraw them along with the accrued interest.