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Deposit accounts are places where investors can keep their cash for safeguarding. Also, they can earn a certain amount, which is provided by a fixed interest rate, along with enjoying the benefits of insurance.Â
So, let’s learn about this in detail!
A deposit Interest Rate is nothing but the interest rate the financial institution offers to the account holder who deposits their money.Â
Generally, the banks offer much higher interest rates when the deposited sum is considerably large. Banks employ This offer as an incentive to draw rich clients with large assets. Owing to this, the clients deposit a large sum of money to get larger returns.Â
While fixed interest rates can occur a little bit slow in terms of growth, they are much better than other financial offers that offer various interest rates.
There are basically 4 different types of bank deposits. Let’s look at them one by one:
1. Savings Account: A savings account is also known as a regular savings account that helps people with limited income to save up. The interest rate offered by the savings account is the bare minimum. Â
The savings account is categorised into some subdivisions based on age, purpose, and gender:
2. Current Account: When compared to a savings account, a current bank account comes with a few restrictions associated with the transactions. This type of account is generally opened by businessmen who require daily cash transactions.Â
Also, there are no restrictions imposed on per-day transactions but only for the depositor.
3. Recurring Deposit: Recurring Deposit is accompanied by a fixed period in which the depositor can deposit money every month or every 4 months. This type of account doesn't require the account holder to deposit much money at once.
However, you can deposit small chunks of money at your convenience.
4. Fixed Deposit: Fixed Deposits are mainly used to increase a certain sum of money through a fixed tenure. That means the account holder must invest a fixed amount of money for a definite period, accompanied by a good interest rate.
A fixed deposit account yields a higher interest rate and capital protection than a regular savings account.Â
The banks encourage their customers to indulge in long-term deposits as it benefits the customers and the financial institution. More cash deposition aids the financial institution in making more transactions, such as credit cards and loans, that are easily accessible by their customers.
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