What are the different types of bank deposits? class 10 (answer it for 3 marks)
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ᴘʀɪᴍᴀʀɪʟʏ, ʙᴀɴᴋs ᴏғғᴇʀ ᴛᴡᴏ ᴋɪɴᴅs ᴏғ ᴅᴇᴘᴏsɪᴛ ᴀᴄᴄᴏᴜɴᴛs. ᴛʜᴇsᴇ ᴀʀᴇ ᴅᴇᴍᴀɴᴅ ᴅᴇᴘᴏsɪᴛs ʟɪᴋᴇ ᴄᴜʀʀᴇɴᴛ/sᴀᴠɪɴɢ ᴀᴄᴄᴏᴜɴᴛ ᴀɴᴅ ᴛᴇʀᴍ ᴅᴇᴘᴏsɪᴛs ʟɪᴋᴇ ғɪxᴇᴅ ᴏʀ ʀᴇᴄᴜʀʀɪɴɢ ᴅᴇᴘᴏsɪᴛs. ᴡʜᴇɴ ʏᴏᴜ ᴏᴘᴇɴ ᴀ ᴅᴇᴘᴏsɪᴛ ᴀᴄᴄᴏᴜɴᴛ ɪɴ ᴀ ʙᴀɴᴋ, ʏᴏᴜ ʙᴇᴄᴏᴍᴇ ᴀɴ ᴀᴄᴄᴏᴜɴᴛ ʜᴏʟᴅᴇʀ ᴏʀ ᴀ ᴅᴇᴘᴏsɪᴛᴏʀ. sᴀᴠɪɴɢ ᴀᴄᴄᴏᴜɴᴛs ᴀʀᴇ ᴜsᴇᴅ ᴛᴏ ᴍᴇᴇᴛ ᴅᴀɪʟʏ ᴏɴ-ᴅᴇᴍᴀɴᴅ ʀᴇǫᴜɪʀᴇᴍᴇɴᴛs ᴏғ ᴄᴀsʜ.
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Savings Bank Account
As the name suggests this type of account is suitable for people who have a definite income and are looking to save money. For example, the people who get salaries or the people who work as laborers. This type of account can be opened with a minimum initial deposit that varies from bank to bank. Money can be deposited at any time in this account.
Current Deposit Account
Big businessmen, companies, and institutions such as schools, colleges, and hospitals have to make payment through their bank accounts. Since there are restrictions on the number of withdrawals from a savings bank account, that type of account is not suitable for them. They need to have an account from which withdrawal can be made any number of times.
Fixed Deposit Account
Some bank customers may like to put away money for a longer time. Such deposits offer a higher interest rate. If money is deposited in a savings bank account, banks allow a lower rate of interest. Therefore, money is deposited in a fixed deposit account to earn interest at a higher rate.
As the name suggests this type of account is suitable for people who have a definite income and are looking to save money. For example, the people who get salaries or the people who work as laborers. This type of account can be opened with a minimum initial deposit that varies from bank to bank. Money can be deposited at any time in this account.
Current Deposit Account
Big businessmen, companies, and institutions such as schools, colleges, and hospitals have to make payment through their bank accounts. Since there are restrictions on the number of withdrawals from a savings bank account, that type of account is not suitable for them. They need to have an account from which withdrawal can be made any number of times.
Fixed Deposit Account
Some bank customers may like to put away money for a longer time. Such deposits offer a higher interest rate. If money is deposited in a savings bank account, banks allow a lower rate of interest. Therefore, money is deposited in a fixed deposit account to earn interest at a higher rate.
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