What are the feature of deposit with bank
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Bank deposits are safe investments as all bank deposits are insured upto a maximum of INR 100,000 under the Deposit Insurance & Credit Guarantee Scheme of India. Banks are subject to control and regulated by the Reserve Bank of India. They offer various types of deposits, depending on the needs of the customer. Bank deposits are preferred more for their liquidity and safety than for the returns thereon. Interest is paid by banks on regular intervals or at maturity of FD as selected by customer.
Generally the Interest rates paid by Private Banks on deposits are higher than Interest rates of Public Sector Banks. Also banks provide facility of auto renewal of FDs to avoid loss of interest to customers. It is possible to get loans or overdraft facility of up to 75 – 90% of the deposit amount from banks against fixed deposit receipts.
Banks will generally ask for your PAN no. while opening your Bank account and/or accepting deposits. Interest on Saving bank account is exempt from Income tax to an extent of INR 10000 on annual basis u/s 80TTA. If the interest paid by bank on Saving Bank is higher than 15000, Banks will deduct TDS while paying interest. A Customer can submit form 15G/H to avail benefit of TDS exemption.
Banks generally offer higher interest rates of 0.5%-1% p.a. to Senior citizens on the Bank deposits.

TYPES OF BANK DEPOSITS AND KEY FEATURES
1. Savings Bank Account
It is often the first banking product people use
Lower interest rate as compared to other debt products,
It is highly liquid
It is suitable for inculcating the habit of saving among the customers
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Generally the Interest rates paid by Private Banks on deposits are higher than Interest rates of Public Sector Banks. Also banks provide facility of auto renewal of FDs to avoid loss of interest to customers. It is possible to get loans or overdraft facility of up to 75 – 90% of the deposit amount from banks against fixed deposit receipts.
Banks will generally ask for your PAN no. while opening your Bank account and/or accepting deposits. Interest on Saving bank account is exempt from Income tax to an extent of INR 10000 on annual basis u/s 80TTA. If the interest paid by bank on Saving Bank is higher than 15000, Banks will deduct TDS while paying interest. A Customer can submit form 15G/H to avail benefit of TDS exemption.
Banks generally offer higher interest rates of 0.5%-1% p.a. to Senior citizens on the Bank deposits.

TYPES OF BANK DEPOSITS AND KEY FEATURES
1. Savings Bank Account
It is often the first banking product people use
Lower interest rate as compared to other debt products,
It is highly liquid
It is suitable for inculcating the habit of saving among the customers
plzz mark as brainliest answer
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