What is recurring deposit in post office?

A recurring deposit in a post office is a savings scheme that allows individuals to deposit a fixed amount of money at regular intervals, typically monthly, for a predetermined tenure. It offers a higher interest rate compared to regular savings accounts and helps in building a corpus over time. At the end of the tenure, the total amount deposited along with the accrued interest is paid out to the account holder. This scheme is ideal for individuals looking to save systematically while earning interest on their deposits.