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Banking (Recurring Deposit Accounts) 
 
 
Question 1. 
Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits ? 
600 per month for 20 months. Calculate the maturity value of this account, if the bank 
pays interest at the rate of 10% per annum. 
 
Solution: 
Installment per month(P) = ? 600 
Number of months(n) = 20 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that Manish will get at the time of maturity 
= ? (600×20) + ? 1,050 
= ? 12,000 + ? 1,050 
= ? 13,050 
Question 2. 
Mrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited ? 
640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays 
interest at the rate of 12% per year. 
 
Solution: 
Installment per month(P) = ? 640 
Number of months(n) = 54 
Rate of interest(r)= 12% p.a. 
 
 
Page 2


Banking (Recurring Deposit Accounts) 
 
 
Question 1. 
Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits ? 
600 per month for 20 months. Calculate the maturity value of this account, if the bank 
pays interest at the rate of 10% per annum. 
 
Solution: 
Installment per month(P) = ? 600 
Number of months(n) = 20 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that Manish will get at the time of maturity 
= ? (600×20) + ? 1,050 
= ? 12,000 + ? 1,050 
= ? 13,050 
Question 2. 
Mrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited ? 
640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays 
interest at the rate of 12% per year. 
 
Solution: 
Installment per month(P) = ? 640 
Number of months(n) = 54 
Rate of interest(r)= 12% p.a. 
 
 
The amount that Manish will get at the time of maturity 
= ? (640×54) + ? 9,504 
= ? 34,560 + ? 9,504 
= ? 44,064 
Question 3. 
Each of A and B both opened recurring deposit accounts in a bank. If A deposited ? 
1,200 per month for 3 years and B deposited ? 1,500 per month for 2 ½ years; find, on 
maturity, who will get more amount and by how much? The rate of interest paid by the 
bank is 10% per annum. 
 
Solution: 
For A 
Installment per month(P) = ? 1,200 
Number of months(n) = 36 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that A will get at the time of maturity 
= ? (1,200×36) + ? 6,660 
= ? 43,200 + ? 6,660 
= ? 49,860 
For B 
 
Instalment per month(P) = ? 1,500 
Number of months(n) = 30 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that B will get at the time of maturity 
Page 3


Banking (Recurring Deposit Accounts) 
 
 
Question 1. 
Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits ? 
600 per month for 20 months. Calculate the maturity value of this account, if the bank 
pays interest at the rate of 10% per annum. 
 
Solution: 
Installment per month(P) = ? 600 
Number of months(n) = 20 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that Manish will get at the time of maturity 
= ? (600×20) + ? 1,050 
= ? 12,000 + ? 1,050 
= ? 13,050 
Question 2. 
Mrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited ? 
640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays 
interest at the rate of 12% per year. 
 
Solution: 
Installment per month(P) = ? 640 
Number of months(n) = 54 
Rate of interest(r)= 12% p.a. 
 
 
The amount that Manish will get at the time of maturity 
= ? (640×54) + ? 9,504 
= ? 34,560 + ? 9,504 
= ? 44,064 
Question 3. 
Each of A and B both opened recurring deposit accounts in a bank. If A deposited ? 
1,200 per month for 3 years and B deposited ? 1,500 per month for 2 ½ years; find, on 
maturity, who will get more amount and by how much? The rate of interest paid by the 
bank is 10% per annum. 
 
Solution: 
For A 
Installment per month(P) = ? 1,200 
Number of months(n) = 36 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that A will get at the time of maturity 
= ? (1,200×36) + ? 6,660 
= ? 43,200 + ? 6,660 
= ? 49,860 
For B 
 
Instalment per month(P) = ? 1,500 
Number of months(n) = 30 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that B will get at the time of maturity 
= ? (1,500×30) + ? 5,812.50 
= ? 45,000 + ? 5,812.50 
= ? 50,812.50 
 
Difference between both amounts = ? 50,812.50 – ? 49,860 
= ? 952.50 
 
Then B will get more money than A by ? 952.50. 
Question 4. 
Ashish deposits a certain sum of money every month is a Recurring Deposit Account for 
a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets ? 
12,715 as the maturity value of this account, what sum of money did money did he pay 
every month? 
 
Solution: 
Let Installment per month(P) = ? y 
Number of months(n) = 12 
Rate of interest(r) = 11% p.a. 
 
 
 
Maturity value = ? (y × 12) + ? 0.715y = ? 12.715y 
Given maturity value = ? 12,715 
Then ? 12.715y = ? 12,715 
 
 
Question 5. 
A man has a Recurring Deposit Account in a bank for 3 ½ years. If the rate of interest is 
12% per annum and the man gets ? 10,206 on maturity, find the value of monthly 
instalments. 
 
Solution: 
Let Installment per month(P) = ? y 
Number of months(n) = 42 
Page 4


Banking (Recurring Deposit Accounts) 
 
 
Question 1. 
Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits ? 
600 per month for 20 months. Calculate the maturity value of this account, if the bank 
pays interest at the rate of 10% per annum. 
 
Solution: 
Installment per month(P) = ? 600 
Number of months(n) = 20 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that Manish will get at the time of maturity 
= ? (600×20) + ? 1,050 
= ? 12,000 + ? 1,050 
= ? 13,050 
Question 2. 
Mrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited ? 
640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays 
interest at the rate of 12% per year. 
 
Solution: 
Installment per month(P) = ? 640 
Number of months(n) = 54 
Rate of interest(r)= 12% p.a. 
 
 
The amount that Manish will get at the time of maturity 
= ? (640×54) + ? 9,504 
= ? 34,560 + ? 9,504 
= ? 44,064 
Question 3. 
Each of A and B both opened recurring deposit accounts in a bank. If A deposited ? 
1,200 per month for 3 years and B deposited ? 1,500 per month for 2 ½ years; find, on 
maturity, who will get more amount and by how much? The rate of interest paid by the 
bank is 10% per annum. 
 
Solution: 
For A 
Installment per month(P) = ? 1,200 
Number of months(n) = 36 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that A will get at the time of maturity 
= ? (1,200×36) + ? 6,660 
= ? 43,200 + ? 6,660 
= ? 49,860 
For B 
 
Instalment per month(P) = ? 1,500 
Number of months(n) = 30 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that B will get at the time of maturity 
= ? (1,500×30) + ? 5,812.50 
= ? 45,000 + ? 5,812.50 
= ? 50,812.50 
 
Difference between both amounts = ? 50,812.50 – ? 49,860 
= ? 952.50 
 
Then B will get more money than A by ? 952.50. 
Question 4. 
Ashish deposits a certain sum of money every month is a Recurring Deposit Account for 
a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets ? 
12,715 as the maturity value of this account, what sum of money did money did he pay 
every month? 
 
Solution: 
Let Installment per month(P) = ? y 
Number of months(n) = 12 
Rate of interest(r) = 11% p.a. 
 
 
 
Maturity value = ? (y × 12) + ? 0.715y = ? 12.715y 
Given maturity value = ? 12,715 
Then ? 12.715y = ? 12,715 
 
 
Question 5. 
A man has a Recurring Deposit Account in a bank for 3 ½ years. If the rate of interest is 
12% per annum and the man gets ? 10,206 on maturity, find the value of monthly 
instalments. 
 
Solution: 
Let Installment per month(P) = ? y 
Number of months(n) = 42 
Rate of interest(r) = 12% p.a. 
 
 
 
Maturity value= ? (y × 42) + ? 9.03y= ? 51.03y 
Given maturity value = ? 10,206 
Then ? 51.03y = ? 10206 
 
 
Question 6. 
(i) Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits ? 140 
per month for 4 years. If he gets ? 8,092 on maturity, find the rate of interest given by 
the bank. 
(ii) David opened a Recurring Deposit Account in a bank and deposited ? 300 per month 
for two years. If he received ? 7,725 at the time of maturity, find the rate of interest per 
annum. 
 
Solution: 
(a) 
Installment per month(P) = ? 140 
Number of months(n) = 48 
Let rate of interest(r) = r% p.a. 
 
 
 
Maturity value= ? (140 × 48) + ? (137.20)r 
Given maturity value = ? 8,092 
Then ? (140 × 48) + ? (137.20)r = ? 8,092 
? 137.20r = ? 8,092 – ? 6,720 
Page 5


Banking (Recurring Deposit Accounts) 
 
 
Question 1. 
Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits ? 
600 per month for 20 months. Calculate the maturity value of this account, if the bank 
pays interest at the rate of 10% per annum. 
 
Solution: 
Installment per month(P) = ? 600 
Number of months(n) = 20 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that Manish will get at the time of maturity 
= ? (600×20) + ? 1,050 
= ? 12,000 + ? 1,050 
= ? 13,050 
Question 2. 
Mrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited ? 
640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays 
interest at the rate of 12% per year. 
 
Solution: 
Installment per month(P) = ? 640 
Number of months(n) = 54 
Rate of interest(r)= 12% p.a. 
 
 
The amount that Manish will get at the time of maturity 
= ? (640×54) + ? 9,504 
= ? 34,560 + ? 9,504 
= ? 44,064 
Question 3. 
Each of A and B both opened recurring deposit accounts in a bank. If A deposited ? 
1,200 per month for 3 years and B deposited ? 1,500 per month for 2 ½ years; find, on 
maturity, who will get more amount and by how much? The rate of interest paid by the 
bank is 10% per annum. 
 
Solution: 
For A 
Installment per month(P) = ? 1,200 
Number of months(n) = 36 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that A will get at the time of maturity 
= ? (1,200×36) + ? 6,660 
= ? 43,200 + ? 6,660 
= ? 49,860 
For B 
 
Instalment per month(P) = ? 1,500 
Number of months(n) = 30 
Rate of interest(r) = 10% p.a. 
 
 
 
The amount that B will get at the time of maturity 
= ? (1,500×30) + ? 5,812.50 
= ? 45,000 + ? 5,812.50 
= ? 50,812.50 
 
Difference between both amounts = ? 50,812.50 – ? 49,860 
= ? 952.50 
 
Then B will get more money than A by ? 952.50. 
Question 4. 
Ashish deposits a certain sum of money every month is a Recurring Deposit Account for 
a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets ? 
12,715 as the maturity value of this account, what sum of money did money did he pay 
every month? 
 
Solution: 
Let Installment per month(P) = ? y 
Number of months(n) = 12 
Rate of interest(r) = 11% p.a. 
 
 
 
Maturity value = ? (y × 12) + ? 0.715y = ? 12.715y 
Given maturity value = ? 12,715 
Then ? 12.715y = ? 12,715 
 
 
Question 5. 
A man has a Recurring Deposit Account in a bank for 3 ½ years. If the rate of interest is 
12% per annum and the man gets ? 10,206 on maturity, find the value of monthly 
instalments. 
 
Solution: 
Let Installment per month(P) = ? y 
Number of months(n) = 42 
Rate of interest(r) = 12% p.a. 
 
 
 
Maturity value= ? (y × 42) + ? 9.03y= ? 51.03y 
Given maturity value = ? 10,206 
Then ? 51.03y = ? 10206 
 
 
Question 6. 
(i) Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits ? 140 
per month for 4 years. If he gets ? 8,092 on maturity, find the rate of interest given by 
the bank. 
(ii) David opened a Recurring Deposit Account in a bank and deposited ? 300 per month 
for two years. If he received ? 7,725 at the time of maturity, find the rate of interest per 
annum. 
 
Solution: 
(a) 
Installment per month(P) = ? 140 
Number of months(n) = 48 
Let rate of interest(r) = r% p.a. 
 
 
 
Maturity value= ? (140 × 48) + ? (137.20)r 
Given maturity value = ? 8,092 
Then ? (140 × 48) + ? (137.20)r = ? 8,092 
? 137.20r = ? 8,092 – ? 6,720 
 
(b) 
Instalment per month(P) = ? 300 
Number of months(n) = 24 
Let rate of interest(r)= r% p.a. 
 
 
 
Maturity value = ? (300 × 24) + ? (75)r 
Given maturity value = ? 7,725 
 
Then ? (300 × 24) + ? (75)r = ? 7,725 
? 75 r = ? 7,725 – ? 7,200 
 
 
Question 7. 
Amit deposited ? 150 per month in a bank for 8 months under the Recurring Deposit 
Scheme. What will be the maturity value of his deposits, if the rate of interest is 8% per 
annum and interest is calculated at the end of every month? 
 
Solution: 
Installment per month(P) = ? 150 
Number of months(n) = 8 
Rate of interest(r) = 8% p.a. 
 
 
 
The amount that Manish will get at the time of maturity

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