I purchased iCloud storage and amount is deducted from my account but storage is not showing

Check -> Go to -> Settings -> your name -> iCloud -> if you see 50 GB (or 200 GB ot 2 TB) then you have an iCloud subscription.

If you have an iCloud subscription, you will receive a monthly bill from Apple, check your e-mail box.

You pay monthly for iCloud storage.

See the following Apple articles:

Sign in and use iCloud.com

Sign in and use iCloud.com – Apple Support (UK)

How to use iCloud on iPhone

How to use iCloud on iPhone – Apple Support (UK)

Manage your iCloud storage

Manage your iCloud storage - Apple Support