Download App

Banking (Recurring Deposit Account) Mathematics - Banking (Recurring Deposit Account)

ICSE - STD 10 - Mathematics (ICSE - English Medium). 59 questions in this chapter.

Question types

Banking (Recurring Deposit Account) question types

59 questions across 5 question groups — pick any mix to generate a Mathematics paper with step-by-step answer keys.

59
Questions
5
Question groups
5
Question types
Sample Questions

Banking (Recurring Deposit Account) questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Q 1[2 Mark Question Answer]2 Marks
Sharukh opened a recurring deposit account in a bank and deposited $Rs.800$ per month for $1 \frac{1}{2}$ years. If he recieved $Rs.15,084$ at the time of maturity, find the rate of interest per annum
View full solution →
Q 3[2 Mark Question Answer]2 Marks
Amit deposited $Rs.150$ 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?
View full solution →
Q 4[2 Mark Question Answer]2 Marks
Mrs Mathew opened a Recurring Deposit Account in a certain bank and deposited $₹ 640$ per month for $4^{1/2}$ years. Find the maturity value of this account, if the bank pays interest at the rate of $12\%$ per year.
View full solution →
Q 5[2 Mark Question Answer]2 Marks
Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits Rs 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.
View full solution →
Q 6[3 marks sum]3 Marks
Mr Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. It the rate of interest is of 8% per annum and Mr Britto gets Rs. 8088 from the bank after 3 years, find the value of his monthly instalment.
View full solution →
Q 7[3 marks sum]3 Marks
Gopal has a cumulative deposit account and deposits Rs 900 per month for a period of 4 years he gets Rs 52,020 at the time of maturity, find the rate of interest.
View full solution →
Q 8[3 marks sum]3 Marks
Mr. Richard has a recurring deposit account in a post office for 3 years at 7.5% p.a. simple interest. If he gets Rs. 8,325 as interest at the time of maturity, find:
  1. the monthly income
  2. the amount of maturity
View full solution →
Q 9[3 marks sum]3 Marks
Mr Bajaj needs Rs 30,000 after 2 years. What least money (in multiple of 5) must he deposit every month in a recurring deposit account to get required money after 2 years, the rate of interest being 8% p.a.?
View full solution →
Q 10[3 marks sum]3 Marks
The maturity value of an R.D. Account is $Rs.16,176.$ If the monthly instalment is $Rs.400$ and the rate of interest is $8\%$; find the time (period) of this R.D Account.
View full solution →
Q 11[4 marks sum]4 Marks
A recurring deposit account of Rs 1,200 per month has a maturity value of Rs 12,440. If the rate of interest is 8% and the interest is calculated at the end of every month; find the time (in months) of this Recurring Deposit Account.
View full solution →
Q 12[4 marks sum]4 Marks
Each of A and B both opened recurring deposit accounts in a bank. If A deposited Rs 1,200 per month for 3 years and B deposited Rs 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.
View full solution →
Q 13[4 marks sum]4 Marks
Mr Gulati has a Recurring Deposit Account of Rs 300 per month. If the rate of interest is 12% and the maturity value of this account is Rs 8,100; find the time (in years) of this Recurring Deposit Account.
View full solution →
Q 14MCQ1 Mark
Naveen deposits 800 every month in a recurring deposit account for 6 months. If he receives 4884 at the time of maturity, then the interest he earns is:
  • ✓
    84
  • B
    42
  • C
    24
  • D
    284

Answer: A.

View full solution →
Q 15MCQ1 Mark
Which of the following is/are correct?
Statement (A): A recurring deposit account is opened with a monthly deposit of 800 for 3 years at an interest rate of 5% per annuam.
Statement (B): The total amount deposited over the 3 years is 28,800.
Statement (C): The final amount received at maturity is exactly 30,000.
View full solution →
Q 16MCQ1 Mark
Which of the following is/are correct?
Statement (A): An individual has a recurring deposit account where the interest is compounded quarterly.
Statement (B): If the compounding frequency of the same account changes from quarterly to monthly, the maturity value of the account decreases.
Statement (C): Monthly compounding results in interest being calculated more frequently on a smaller principal amount.
  • A
    Only A and B are correct
  • B
    Only B and C are correct
  • ✓
    Only A and C are correct
  • D
    All A, B and C are correct

Answer: C.

View full solution →
Q 17MCQ1 Mark
Statement (A): If a person deposits 500 every month in a recurring deposit account for a period of 2 years at an annual interest rate of 6%, the maturity value will be more than 12,500.
Statement (B): Recurring deposit interest is compounded quarterly, and the total interest accured over the period adds significantly to the principal amount deposited.
Which of the statement is valid?
  • A
    Only A
  • B
    Only B
  • ✓
    Both A and B
  • D
    Neither A nor B

Answer: C.

View full solution →
Q 18MCQ1 Mark
Statement (A): A person opens a recurring deposit account and deposits 1,000 per month for 12 months. The interest rate offered is 5% per annum.
Statement (B): The maturity value of this account using the formula for a recurring deposit is 12325.
Which of the statement is valid?
  • A
    Only A
  • B
    Only B
  • ✓
    Both A and B
  • D
    Neither A nor B

Answer: C.

View full solution →
Q 19Assertion (A) & Reason (B) MCQ1 Mark
Assertion: Akbar has a recurring deposit account in a bank and deposits 400 per month for 3 years. If he gets 16,176 on maturity, then the rate of interest paid by the bank is 8% per annum.
Reason: Ifn is a natural number, then
$1+2+3+\ldots+n=\frac{N(n+1)}{2}$
  • A
    Both assertion and reason are correct and reason is the correct explanation of assertion.
  • ✓
    Both assertion and reason are correct but reason is not the correct explanation of assertion.
  • C
    Assertion is correct but reason is incorrect.
  • D
    Assertion is incorrect but reason is correct.

Answer: B.

View full solution →
Q 20Assertion (A) & Reason (B) MCQ1 Mark
Assertion: Vijay opened a recurring deposit account for 200 per month at 10% p.a. If he gets 6,775 at the time of maturity, then the maturity period is 36 months.
Reason: The formula for finding the maturity value of a recurring deposit is:
M.V. $= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
  • A
    Both assertion and reason are correct and reason is the correct explanation of assertion.
  • B
    Both assertion and reason are correct but reason is not the correct explanation of assertion.
  • C
    Assertion is correct but reason is incorrect.
  • ✓
    Assertion is incorrect but reason is correct.

Answer: D.

View full solution →
Q 21Assertion (A) & Reason (B) MCQ1 Mark
Assertion: Mrs. Mehta has a cumulative time deposit account in a bank. He deposits 600 per month for 6 years and received 53,712 at the end of maturity period. Then the rate of interest is 8% per annum.
Reason: The maturity value of a R.D. account includes the amount deposited by the account holder together with the interest compounded quarterly at a fixed rate.
  • A
    Both assertion and reason are correct and reason is the correct explanation of assertion.
  • ✓
    Both assertion and reason are correct but reason is not the correct explanation of assertion.
  • C
    Assertion is correct but reason is incorrect.
  • D
    Assertion is incorrect but reason is correct.

Answer: B.

View full solution →
Q 22Assertion (A) & Reason (B) MCQ1 Mark
Assertion : Mr. Khan deposits ' 250 per month for $1 \frac{1}{2}$ years in a R.D. account of a bank. If the rate of interest is $8 \%$ per annum, then the interest earned on this account is 285.
Reason : The formula for finding the interest is $I = P \times \frac{n(n+1)}{12} \times \frac{r}{100}$.
  • A
    Both assertion and reason are correct and reason is the correct explanation of assertion.
  • B
    Both assertion and reason are correct but reason is not the correct explanation of assertion.
  • ✓
    Assertion is correct but reason is incorrect.
  • D
    Assertion is incorrect but reason is correct.

Answer: C.

View full solution →
Browse all question groups ↑

Generate a Banking (Recurring Deposit Account) paper free

Pick question groups from the list above, set marks and difficulty, and export a branded PDF with step-by-step answer keys. First 3 chapters free — no signup.

Download App
Generate Paper FreeAll Mathematics chapters