Question

Explain the types of Bank Deposits.

Answer 1

1. Student Savings Account:
   There are savings accounts some banks offer specifically for young people enrolled in high school or college, and the main feature more flexible terms such as lower minimum balance requirements.
2. Savings Deposits:
   Savings deposits are opened by customers to save part of their current income. The customers can withdraw their money from their accounts when they require it. The bank also gives a small amount of interest to the money in the saving deposits.
3. Current Account Deposit:
   Current accounts are generally opened by business firms, traders, and public authorities. The current accounts help infrequent banking transactions as they are repayable on demand.
4. Fixed Deposits:
   Fixed deposit accounts are meant for investors who want their principle to be safe and yield them fixed yields. The fixed deposits are also called Term deposits as, normally, they are fixed for the specified period.