Bank Deposits: An Introduction
Banks are the institutions that specialize in lending, borrowing,issuing, exchanging,taking deposits and handling it as per the legislation of the country.Mostly it acts as an intermediary that accepts deposits and channelizes these deposits into lending activities.Thus the most important function of the bank is accepting deposits from people and utilizing the same in lending activities.For this the banks run different deposit accounts. A customer of the bank is required to open an account with the bank by deposit ing certain amount of money and then start transacting with the bank.
A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder.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.
Generally the different kinds of Bank Deposits can be categorized as under:
Presented in this section in detail are information relating to various Bank Deposit Accounts in India. Please click on the above links to know more.