A savings account serves as a fundamental banking option, enabling you to deposit funds securely, make withdrawals, and accrue interest on your balance.
A fixed deposit (FD) from banks or NBFCs offers higher interest than a regular savings account until the specified maturity date, potentially without the need for a separate account.
A recurring deposit, a unique term deposit by banks, enables individuals with regular incomes to deposit a fixed monthly amount, earning interest at rates applicable to fixed deposits.