Hello there, @rameet.
I'd be happy to share some insights about recurring transactions.
As mentioned by my colleague above, setting your recurring sales receipt automatically makes sales receipt for your monthly charges.
Also, for recurring sales receipts, you still need to manually enter their bank information.
While recurring invoices send a reminder to your customer about an open invoice. And from there, they are able to pay the invoice through bank transfer.
Your customers will have the option to Review and Pay the invoices sent to them.
Please feel free to get back to me if you have any other questions. I'll be around to help you.