This chapter introduces you to a type of savings account offered by banks called a Recurring Deposit (RD) account. It's a great way to save money regularly and earn interest on your deposits.

Here's a quick breakdown of what you'll learn:

• Understanding RD Accounts: You'll learn how RD accounts work, including the concept of fixed monthly deposits, interest rates, and the maturity period.
• Calculating Maturity Value: This section will equip you with the formulas and methods to calculate the total amount you'll receive at the end of the RD term (maturity value). This includes the sum of your deposits and the interest earned.
• Solving Problems: You'll practice applying the concepts through various problems. These might involve finding the monthly deposit amount, interest rate, or the time period based on the given maturity value.

By the end of this chapter, you'll be able to:

• Explain the concept of RD accounts.
• Calculate the maturity value of an RD account.
• Solve problems related to RD accounts, including finding missing information like deposit amount, interest rate, or time period.

Here are some additional points to keep in mind:

• The interest in RD accounts is usually compounded, meaning you earn interest on both the principal amount and the accumulated interest.
• RD accounts are a good option for individuals who want to save regularly and achieve a specific financial goal.