The safe or box cannot be opened by the depositor, who can put money in it regularly, which is collected by the bank’s representative at intervals and the amount is credited to the depositor’s account. A widely used time deposit or term deposit is ‘Fixed deposit’, where the interest rate is dependent upon the tenor and amount of deposits. 0000001211 00000 n Consumers deposit money and … Some bank customers may like to put away money for a longer time. The purpose of deposit then is to keep money safe for future needs. Students can open this account with zero balance by providing the required documents. Sometimes we use numbers to uniquely identify an account. On the basis of purpose they serve, bank deposit accounts may be classified as follows: As the name suggests this type of account is suitable for people who have a definite income and are looking to save money. Alternatively known as term deposits, all-time deposits are eligible for interest payment. Each deposit corresponds to a unique account and vice versa. Interest rate differs from bank to bank depending upon the tenure of the deposits & as when the bank changes the rate. Two free cheque books will be issued per year. For this account, overdraft facility will be provided up to Rs. We will also know which types of deposit and accounts are suitable for what people. For the subsidy kept under the government sponsored schemes, Margin money, earnest money & court attached/ordered deposits, minimum amount criteria will not be applicable. They need to have an account from which withdrawal can be made any number of times. With a local close relative on 'former or survivor basis', US dollar, pound sterling, Yen, Euro, Australian dollar & Canadian dollar, Savings, Current, Fixed, Recurring deposit, Banks are allowed to determine interest rates for Deposits, not less than 1 year and not more than 5 years, TDS on Interest received on NRO deposits to be deducted at 30.90%, Without any financial ceiling on the loan amount subject to standard margin requirements, 1) Without any financial ceiling on the loan amount subject to standard margin requirements. This period of deposit may range from 15 days to three years or more during which no withdrawal is allowed. In the following section, we will see what these different deals are. The Recurring Deposit Accounts may be of the following types: Q 1: Which of the following statements is not correct? If you have ever opened an account in any of the banks in India, then you must be aware of the fact that there are many kinds of deals and features that the banks offer us. Money and banking are part of everyday life. It is allowed to some specific customers and up to a certain limit subject to previous agreement with the bank concerned. In that case, banks give lower interest than what was agreed upon. Any resident individual- single accounts, two or more individuals in joint accounts, Associations, Minors, societies, clubs etc., are eligible for this account. Fundamentals of Business Mathematics & Statistics, Fundamentals of Economics and Management – CMA, Debit Cards, Credit Cards and Microcredit.

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