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- Allows customers to deposit a certain amount of money in a bank account for a specific period of time, typically ranging from a few months to several years.
- In return, the bank offers a fixed interest rate on the deposit, which remains constant throughout the deposit term.
Saving deposit:
- Offers customers a place to keep their savings and earn a nominal interest rate.
- Customers can make regular deposits and withdrawals from their savings accounts, and the interest earned is usually credited to the account annually or semi-annually.
- Savings accounts typically offer lower interest rates compared to fixed deposits.
Current deposit:
- Designed to manage everyday financial transactions and provide customers with easy access to their funds.
- Current accounts allow for deposits, withdrawals, and cheque payments.
- While current accounts offer convenient banking services, they usually do not earn interest on the deposited funds.
Call deposit:
- Offers a flexible option for short-term deposits, usually with tenors ranging from a few days to several months.
- Customers can deposit funds into call accounts and withdraw them on short notice, subject to bank conditions.
- The interest rate on call deposits is generally lower than that of fixed deposits, reflecting their higher liquidity.
Recurring deposit:
- Encourages customers to save regularly by allowing them to make periodic deposits, usually monthly, over a predetermined period.
- The interest earned on recurring deposits is calculated on the cumulative balance and is paid upon maturity of the deposit term.