Explain the types of blank deposits
Answers
★There are mainly three types of deposit accounts in a bank.
●In Current account large volume of business is allowed. Mostly business people prefer such transactions although a few individuals open it. Overdraft is permissible in a current account. No interest is payable by the Bank for credit balance outstanding on it although they recover periodic incidental charges and interest on OD.
●Savings accounts are very popular among individuals. However, unlimited transactions are not allowed in these accounts like current account. Banks pay 4% interest on savings bank accounts per annum. Children of the age of 10 and above can open and operate savings accounts by them.
●Term deposit accounts carry higher interest depending on period of deposit. It varies from bank to bank. At present highest interest payable by banks is around 7%. Senior citizens get 0.5% extra interest in term deposit accounts. Term deposits may be for fixed or recurring tenure.
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Answer:
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Explanation:
there are several different types of deposit account including current account, saving account, call deposit, money market account , certificate of deposit (cds)......
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