Question

Apart from banks people keep deposits in
other institutions such as housing
societies, companies, post office
schemes etc. Discuss how is that
different from bank deposits?​

Answer 1

Answer:

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Answer 2

Answer:

Types of Deposits

Savings Bank Account.

Current Deposit Account.

Fixed Deposit Account.

Recurring Deposit Account

Primarily, banks offer two kinds of deposit accounts. These are demand deposits like current/saving account and term deposits like fixed or recurring deposits. When you open a deposit account in a bank, you become an account holder or a depositor. Saving accounts are used to meet daily on-demand requirements of cash.

Backed by a sovereign guarantee, deposits in post office schemes are secure, and offer an alternative to banks. ... Again, the insurance protection is on a per-depositor basis; that is, even if a customer holds multiple deposits in a bank, he is entitled to only ₹1 lakh as insurance cover.