PRESTIGE INSTITUTE OF MANAGEMENT &

RESEARCH, GWALIOR

VARIOUS TYPES OF
DEPOSIT ACCOUNT
DEPOSIT ACCOUNT & ITS TYPES

 Deposit account is a bank account maintained by the financial institutions

in which customers can deposit and withdrawal money.

The main purpose of deposit account is to remain safe the customers

money and earned profit by it.

There are mainly four types of deposit account:-

Saving Account
 Current Account
 Recurring Deposit Account
 Fixed Deposit Account
.

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 SAVING ACCOUNT
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 Saving account is a basic type of bank account that allow customers to deposit money,
keep it safe, and withdrawal fund, all while earning interest.

 Saving account refers to an account that is meant for people who keep their saving to
fulfill there financial requirements in future.

 It can not be opened on the name of business company

partnership/ Proprietary or association.
 FEATURES OF SAVING ACCOUNT

 Account opening
 Number of applicants
 Rate of interest
 Transaction limitations
 Minimum amount in account
 ATM/ Debit card facility
 CURRENT ACCOUNT
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 Current bank account is opened by businessmen who have a higher number of regular
transactions with the bank.

 It includes deposits, withdrawals.It is also known as Demand Deposit Account.

 Current account can be opened in co-operative bank and commercial bank.

 FEATURES OF CURRENT ACCOUNT
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 No Limit on Transactions.

 Overdraft Facility for Customers.

 Can offer Creditworthiness.

 Separates Business from Personal Finances.

 Convenient Banking Transactions.

TYPES OF CURRENT ACCOUNT
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Standard
Current
Account

Single
Basic
Column
Current
Cash
Account
Book

Current
Account
Foreign Premium
Currency Current
Account Account

Packaged
Current
Account
SAVING VS CURRENT ACCOUNT
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 RECURRING DEPOSIT ACCOUNT
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An account in bank or post office where a depositor

deposits a preset amount of money every month for a fixed
time period.

The little saving in the recurring deposit plan allow the

saver to build up an attractive sum on maturity.

Interest rate is calculated on the amount deposited.

.
PROS & CONS OF RECCURING DEPOSIT ACCOUNT
.

ADVANTAGES DISADVANTAGES

Useful for short term investment  Liquidity

Online recurring deposit features  Rate of interest

Ease of investment  Stringent monthly installments

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FIXED •It is a financial instrument where a sum of

DEPOSIT money given to a bank whereby the receiving
entity pays interest at a specified percentage
ACCOUNT for the time duration of the deposit.

•The rate of interest paid for fixed deposit vary

according to amount, period and from bank to
bank.
FEATURES OF FIXED DEPOSIT ACCOUNT
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To know what is a fixed deposit clearly, you need to know its prime features. Here are
the significant ones:

 One time deposit

 Rate of Interest
 Offers Flexible Tenures
 Renewal
 Withdrawal with penalties
 Return on Investment
 Easy opening of FD account
 ADVANTAGES OF FIXED DEPOSIT ACCOUNT
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 Safe Investment Option with Guaranteed Returns

 Loan against FD

 High rate on interest

 Backed with Deposit Insurance of Rs. 5 lakh (DICGC)

 Tax-Saving Option

 Higher FD rates for Senior Citizens

 Flexibility in Interest Payout

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