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    Erwtwrtwrttwetw

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    The document discusses the main types of deposit accounts available at banks: demand deposits which allow unlimited withdrawals and include savings and current accounts; term deposits which require keeping money in the account for a fixed period of time in exchange for higher interest rates; and recurring deposits where a small fixed amount is deposited each month for a set period of time. Key features of each type of account such as interest calculation, withdrawal policies, and additional services are outlined.

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    Erwtwrtwrttwetw

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    11 views8 pages
    The document discusses the main types of deposit accounts available at banks: demand deposits which allow unlimited withdrawals and include savings and current accounts; term deposits which require keeping money in the account for a fixed period of time in exchange for higher interest rates; and recurring deposits where a small fixed amount is deposited each month for a set period of time. Key features of each type of account such as interest calculation, withdrawal policies, and additional services are outlined.

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    The document discusses the main types of deposit accounts available at banks: demand deposits which allow unlimited withdrawals and include savings and current accounts; term deposits which require keeping money in the account for a fixed period of time in exchange for higher interest rates; and recurring deposits where a small fixed amount is deposited each month for a set period of time. Key features of each type of account such as interest calculation, withdrawal policies, and additional services are outlined.

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    11 views8 pages

    Erwtwrtwrttwetw

    Uploaded by

    Anonymous NhOj4N
    The document discusses the main types of deposit accounts available at banks: demand deposits which allow unlimited withdrawals and include savings and current accounts; term deposits which require keeping money in the account for a fixed period of time in exchange for higher interest rates; and recurring deposits where a small fixed amount is deposited each month for a set period of time. Key features of each type of account such as interest calculation, withdrawal policies, and additional services are outlined.

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    of 8

    Types of Deposits Accounts

    Demand Deposit Term Deposit Recurring Deposit Saving Deposit Current Account

    Demand Deposit
    Here money is not deposited for a specific time period. Investor can withdraw money at any time. Bank is responsible to return the money on customers demand. This account allows you to demand your money at any time.

    Term Deposit
    Money is deposited for a fixed period of time. It is also called Fixed Deposit. Investor can withdraw the money only after the time period. Premature withdrawals are also allowed by paying a penalty. Interest is calculated on monthly, quarterly or yearly depends on the bank and scheme. Many banks offer loan or overdraft facility as an added features with fixed deposits. Term deposit is a safe investment it is therefore a very good option for conservative, lowrisk investors.

    Recurring Deposit
    This is another type of fixed deposit. Investor pay a small amount every month for a specific time period. he will get the principle with interest accumulated. A Recurring Bank Deposit is a good option for regular savings.

    Saving Account
    This is a kind of demand deposit. Limited number of withdrawals during any specific period. Savings Accounts provides principal security and a modest interest rate. Now banks also put some restriction on the minimum balance.

    Saving Account
    If customer dont maintain the minimum balance customer has to pay a penalty.Now saving account comes with many features like ATM and Debit Card, Cheque Book, Free Internet Banking with Bill Pay, Fund Transfer, Prepaid mobile charging, Free Telephone Banking etc.

    Saving Account
    Now saving account comes with many features like ATM and Debit Card, Cheque Book, Free Internet Banking with Bill Pay, Fund Transfer, Prepaid mobile charging, Free Telephone Banking etc.

    Current Account
    This is another kind of demands deposit like saving account with unlimited withdrawals. There are many different Current Accounts available now a days. From specialist young persons bank accounts to Current Accounts (with overdraft), Cheque Accounts, Basic Bank Accounts, Student Accounts, Graduate Accounts, Foreign Currency Accounts and Current Accounts with special offers.

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