Deposit means money passed into a customer's account at a bank or financial institution. A deposit account is a saving account or current account or any other type of account at a financial institution that grants money which is deposited and with drawn by account holder. Types of deposit accounts are given below:
1.Checking Account: Is a deposit account which carried at a financial institution or a bank, for the purpose of security and for providing frequent access quickly on demand, by a variety of separate channels. These accounts are also referred as demand deposit accounts or demand accounts because money is available on demand.
2.Saving Account: These accounts are managed by retail banks that pay interest but can not be used as money, for suppose can be used by writing cheque. This is not as convenient as use of checking account. While earning monetary return, these accounts let customers set aside a portion of their liquid assets.
3.Money market deposit account: It is a deposit account with high interest rate and in this for withdrawals short notice is required. And it requires higher minimum balance to avoid monthly fees or to earn interest. Money market deposit account is considered as a saving account in U.S for some purposes.
4.Time deposit: It is a deposit at financial institution that people can not with-draw money for a present fixed term or period of time. It can be withdrawn or it can be rolled over for another term when the term is finished.
1.Checking Account: Is a deposit account which carried at a financial institution or a bank, for the purpose of security and for providing frequent access quickly on demand, by a variety of separate channels. These accounts are also referred as demand deposit accounts or demand accounts because money is available on demand.
2.Saving Account: These accounts are managed by retail banks that pay interest but can not be used as money, for suppose can be used by writing cheque. This is not as convenient as use of checking account. While earning monetary return, these accounts let customers set aside a portion of their liquid assets.
3.Money market deposit account: It is a deposit account with high interest rate and in this for withdrawals short notice is required. And it requires higher minimum balance to avoid monthly fees or to earn interest. Money market deposit account is considered as a saving account in U.S for some purposes.
4.Time deposit: It is a deposit at financial institution that people can not with-draw money for a present fixed term or period of time. It can be withdrawn or it can be rolled over for another term when the term is finished.
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