In this paper, we have investigated a spatially homogeneous locally rotationally symmetric Bianchi type-I space-time with cosmological term Λ in presence of perfect fluid distribution in f (R,T ) gravity theory. We have derived explicitly the field equations of the theory and obtained the exact solution of field equations by employing a periodic varying deceleration parameter, which is a unique feature of the model. We have also performed the analysis of the model such as the equation of state parameter, pressure, energy density, density parameter and jerk parameter which are significant in the discussion of cosmology. Some physical and geometrical properties of the model have also been discussed along with the graphical representation of various parameters. We obtained the presence of quintessence and phantom regions based on chosen parameters. It is observed that the deceleration parameter exhibits a smooth transition from early deceleration to late time acceleration of the universe and oscillate based on chosen parameters. We have observed that the presented model is compatible with the recent cosmological observations.