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Yearly membership but payment taken as monthly. Is it a bug?

Created by: tapashdatta

I have 2 types of membership in CiviCRM 5.37.0: Monthly - £10 Yearly - £120 Auto renew required

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Created a price set with following options for membership contribution page:

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When I submit monthly payment, it all works like a charm. But when select yearly payment option, GC and CiviCRM creates a monthly recurring membership payment.

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I have tried to find something related in the extension documentation but couldn't find anything. Is this a bug? Or is it something wrong in my configuration? @artfulrobot Any help would be much appreciated. Thank you.