Explain various types of deposits.
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The different types of bank deposits are explained below:
Saving deposits:
In these types of deposits, money is deposited for specific period and bank gives interest on that money after that period.
Current deposits:
It is type of saving account and money is deposited in this account without any condition. This account may be used for exchange and transfer of money.
Fixed deposits:
In these types of deposits, a fixed amount is deposited into an account from investors at higher interest rates.
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