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Discuss Altaf's answer to: What is a recurring deposit account?

I am planning to opt for one in UAE hence wanted to understand it.

Altaf
Altaf Answered:

There are several deposit accounts that help you save your money, recurring deposit is one amongst them. With this account you need to deposit a specific amount of money for a definite period of time. The account offers interest on your balance, so when you withdraw the amount you get more that you had saved.

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