Deposit

Overview

Banks are the dealer of legal money, it borrows/collects money from people/organization & lend/disburse money to the people/organization. As a process to borrow or collect money from people/organization, banks introduce/offer different products to people/organization called Deposit Product. Bank provides certain interest against deposit products to the product holder as per category & also imposes some yearly maintenance charge for this product.

Types of Deposit Products

Present scheduled banks have usually following types of deposit products

• Current Account
• Savings Account
• Special Notice Deposit (SND) Account
• Foreign Currency Account
• Monthly Deposit scheme
• Fixed Deposit (FD) Account