A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allowsmoney to be deposited

and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank, and represent the amount owed by the bank to the customer. Some banks charge a fee for this service, while others may pay the customer interest on the funds deposited.

Major types Checking accounts: A deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

Savings accounts: Accounts maintained by retail banks that pay interest but can not be used directly as money (for example, by writing a cheque). Although not as convenient to use as checking accounts, these accounts let customers keep liquid assets while still earning a monetary return.

Money market account: A deposit account with a relatively high rate of interest, and short notice (or no notice) required for withdrawals. In the United States, it is a style of instant access deposit subject to federal savings account regulations, such as a monthly transaction limit.

Time deposit: A money deposit at a banking institution that cannot be withdrawn for a preset fixed 'term' or period of time. When the term is over it can be withdrawn or it can be rolled over for another term. Generally speaking, the longer the term the better the yield on the money.

hecking Account:

This is the simplest form of account, you are provided with a check book and/or a check card and can make unlimited deposits and withdrawals limited only by the amount of money you have in your account. You can easily access your money by writing a check, hitting the ATM, or using your check card. Some banks will even

offer an interest bearing checking account so even your spending money can earn some interest. Typically the interest bearing accounts are going to pay you very little, but that little bit is more than you were getting before.
Savings Account:

A savings account is a more permanent place to keep your money, typically these types of accounts are going to pay you more interest than an interest bearing checking account but they will also come with more restrictions. Oftentimes you will see a minimum deposit restriction along with a minimum balance restriction. In addition there is a restriction in place on how often you can withdrawal funds from the account. There is a limit of 6 withdrawals from a savings account in any given calendar month or statement cycle. This is a federal regulation and not a quirk of the bank so make sure you are staying within the limits of this rule, otherwise you should look at using just a regular checking account.
Money Market Deposit Account:

These are glorified, easy access, savings accounts. You will typically see these marketed as a savings account with a check card. Keep in mind though that these are still savings accounts and are subject to the 6 transaction limit. While that limit does not apply to ATM transactions it does apply to other forms of electronic transfer/payment. If you need a checking account get a checking account, if you need a savings account then get a savings account. Do not try to mix the two together, it will just confuse you and make things worse.
Time Deposit (CD):

This is where you agree to deposit a specified amount of money for a specified amount of time. If you choose to withdraw your money prior to reaching the agreed upon maturity date you risk losing some or all of the interest earned on your initial investment. These types accounts typically show up in the US as Certificates of Deposit (CDs). In order to maximize the return on investment and minimize the amount of time before you can access your funds people will build a CD Ladder. Time deposit accounts are a great way to earn more with your stagnant money without significantly increasing your risk and playing the stock market.

Depository institutions may offer a great variety of accounts, but they generally fall within one of these five types of bank accounts: Checking Accounts a checking account is a type of bank account from which you use checks to withdraw your money. You may use checks to pay your bills, purchase products and services (at businesses that accept personal checks), send money to friends and family, and many other common uses. You can also use checks to transfer money into accounts at other banks and financial institutions. You have quick, convenient, and, if needed, frequent-access to your money. Typically, you can make deposits into the checking account as often as you choose. Many banking institutions will enable you to withdraw or deposit funds at an automated teller machine (ATM) or to pay for purchases at stores with your ATM card. Some checking accounts pay interest; others do not. A regular checking account - frequently called a demand deposit account - does not pay interest, while a negotiable order of withdrawal (NOW) checking account does. Banks and financial institutions may impose fees on checking accounts, besides a charge for the checks you order. Fees vary among banks. Some institutions charge a bank account maintenance or flat monthly fee regardless of the balance in your checking account. Other institutions charge a monthly fee if the minimum balance in your checking account. Other institutions charge a monthly fee if the minimum balance in your checking account drops below a certain amount any day during the month or if the average balance for the month drops below the specified amount. Some banks charge a fee for every transaction in your bank account, such as for each check you write or for each withdrawal you make at an ATM. Many institutions impose a combination of these banking fees. Although a checking account that pays interest may appear more attractive than one that does not, it is important to look at fees for both types of checking accounts. Often checking accounts that pay interest charge higher bank fees than do regular checking accounts, so you could end up paying more in fees than you earn in interest. Money Market Accounts Most banks and financial institutions offer a type of interest-bearing account that allows you to write checks called a money market account. This type of

bank account usually pays a higher rate of interest than a checking or savings account does. Money market accounts often require a higher minimum balance to start earning interest, but they frequently pay higher rates for higher balances. Withdrawing funds from a money market account may not be as convenient as doing so from a checking account. With a money market account, each month, you are limited to six transfers to another account or to other people, and only three of these transfers can be by check. As they do with checking accounts, most banks and financial institutions impose fees on money market accounts. Savings Accounts Another type of bank account, a savings account, allows you to make withdrawals, but without the flexibility of using checks to do so. As with a money market account, the number of withdrawals or transfers you can make on the savings account each month is limited. Many banking institutions offer more than one type of savings account -- for example, passbook savings and statement savings. With a passbook savings account you receive a record book in which your deposits and withdrawals are entered to keep track of transactions in your savings account; this record book must be presented when you make deposits and withdrawals. With a statement savings account, the bank regularly mails you a statement that shows your withdrawals and deposits for the savings account. As with other types of bank accounts, a bank may assess various fees on savings accounts, such as minimum balance fees. Certificate of Deposit, CD, Time Deposits Time deposits, often called certificates of deposits or CDs, are also among the various types of bank accounts commonly offered. They usually provide a guaranteed rate of interest for a specified term, such as one year. Banks and financial institutions offer certificates of deposit that allow you to choose the length of time, or term, that your money is on deposit. CD terms can range from several days to several years. Once you have chosen the term you want, the bank will generally require that you keep your money in the certificate of deposit account until the term ends, that is, until "maturity". Some banks will allow you to withdraw the interest you earn even though you may not be permitted to take out any of your initial deposit (the principal).

Because you agree to leave your funds for a specified period, the bank may pay you a higher rate of interest than it would for a savings or other type of bank account. Typically, the longer the term, the higher the annual percentage yield. Sometimes a bank allows you to withdraw your principal funds before maturity, but a penalty is frequently charged. Penalties vary among banks, and they can be hefty. The penalty could be greater than the amount of interest earned, so you could lose some of your principal deposit. A bank will notify you before the maturity date for most certificate of deposit accounts. Often certificates of deposit renew automatically. Therefore, if you do not notify the bank at maturity that you wish to take out your money, the certificate of deposit will roll over, or continue, for another term. Basic or No Frill Banking Accounts Many institutions offer a type of bank account that provides you with a limited set of services for a low price (often referred to as "basic" or "no frill" accounts). Basic accounts give you a convenient way to pay bills and cash checks for less than you might pay without an account. They are usually checking accounts, but they may limit the number of checks you can write and the number of deposits and withdrawals you can make. Interest generally is not paid on basic accounts. Compare basic and regular checking accounts for the best deal in low fees or low minimum balance requirements. Credit Union Accounts Credit unions offer accounts that are similar to accounts at other depository institutions, but have different names. Credit union members have "share draft" accounts (rather than checking), "share" accounts (rather than savings), and "share certificate" accounts (rather than certificate of deposit).

.fixed deposit account 2.saving account 3.current account 4.home saving account 5.family saving account

4.2.1 Deposit accounts

All the Islamic banks have three kinds of deposit accounts: current, savings and investment.
4.2.1.1 Current accounts

Current or demand deposit accounts are virtually the same as in all conventional banks. Deposit is guaranteed.
4.2.1.2 Savings accounts

Savings deposit accounts operate in different ways. In some banks, the depositors allow the banks to use their money but they obtain a guarantee of getting the full amount back from the bank. Banks adopt several methods of inducing their clients to deposit with them, but no profit is promised. In others, savings accounts are treated as investment accounts but with less stringent conditions as to withdrawals and minimum balance. Capital is not guaranteed but the banks take care to invest money from such accounts in relatively risk-free short-term projects. As such lower profit rates are expected and that too only on a portion of the average minimum balance on the ground that a high level of reserves needs to be kept at all times to meet withdrawal demands.
4.2.1.3 Investment account

Investment deposits are accepted for a fixed or unlimited period of time and the investors agree in advance to share the profit (or loss) in a given proportion with the bank. Capital is not guaranteed.

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