Hi students, Welcome to Amans Maths Blogs (AMB). In this article, you will get Banking ICSE Class 10 Maths Revision Notes & Solutions Chapter 2 PDF.
What is Fixed Deposits (FD)?
In fixed deposit, a depositor deposits a fixed amount for a fixed period of time. At the expiry of this period, the depositor gets the amount deposited by him together with an interest. For fixed deposits, the minimum duration is 7 days and for recurring deposit, the minimum duration is six months. The maximum duration for both schemes FD and RD is 10 years
What is Recurring Deposits (RD)?
In this scheme, a depositor deposits a fixed amount every month for a specified months. At the expiry of this period, the depositor gets the amount deposited by him together with an interest, completed quarterly at a fixed rate.
What is Fixed Deposits (FD)?
In fixed deposit, a depositor deposits a fixed amount for a fixed period of time. At the expiry of this period, the depositor gets the amount deposited by him together with an interest. For fixed deposits, the minimum duration is 7 days and for recurring deposit, the minimum duration is six months. The maximum duration for both schemes FD and RD is 10 years.
What is difference FD and RD?
In RD, an investment is made at a fixed period, whereas in FD, the investment is one-time. RD works well for people who wish to invest minimal amount monthly or at any fixed period. The investment in FD is a higher lumpsum. When returns in FD or RD are compared, then FD seems to give higher returns.
What is Recurring Deposits Formula (RD Formula)?
If Rs. P is the money deposited per month, n, the number of months for which this money is deposited and r% p.a. the simple interest, then the equivalent principle for 12 months is Rs. Pn(n + 1)/2, time = 1 month, r rate of interest = r/12% per month and hence the simple interest is
Thus, the maturity value is MV = Pn + SI, or
Read More : S Chand ICSE Class 10 Math Chapter 2 Banking Exercise 2 Solutions
Read More : S Chand ICSE Class 10 Math Chapter 2 Banking Revision Exercise Solutions
