Do the Digit Insurance

Pay as you Drive

Car
Two Wheeler
9000+ Hospitals

Health
Commercial
Covering Seniors

Travel
Home

Meaning of a Call Deposit Account & How to Open Online/Offline?

Banking is an important part of our daily life, and so, we should thoroughly understand all of its processes. One such aspect to know about is a call deposit account that provides some excellent dual-purpose benefits and can help significantly in one’s financial planning.

In this article, we have discussed the different aspects of a call deposit account, including its features and working.

Team Digit

What Does a Call Deposit Account Mean?

A call deposit account is one such account that gives you the privilege to enjoy the advantages of savings and a checking account. This means you can enjoy the advantages without worrying about penalties.

What are the Benefits of a Call Deposit Account?

Some of the basic features of a call deposit account are discussed in the following section:

Offers greater interest rates along with a guaranteed liquidity level.
It can be accessed through ATMs or phone banking apps
Allows the customer to deposit money in several other currencies.
Unlimited deposits and withdrawals.
Offers instant access to the funds.

What are the Benefits of a Call Deposit Account?

Let us now focus on some of the popular benefits of a call deposit account:

Interest is compounded monthly and paid at the end of the month.
The interest rates offered are near those that are offered on term deposits.
The fact that you can withdraw your funds at any time by just giving prior notice facilitates easy liquidity.

How Does a Call Deposit Account Work?

According to the banded interest rates, the interest rate solely depends on the amount of money you have deposited in your account. However, the customers are required to maintain a certain amount of account balance before they earn interest.

The financial institutions set up daily withdrawal limits to reduce the loss if there is any case of identity theft. Also, you need to notify the institution beforehand if you want to withdraw more than the stipulated amount they set.

Steps to Open a Call Deposit Account Offline

Step 12 Choose a bank and visit its nearest branch.

Step 1: Head over to the official website of your chosen bank.

Step 2: Then go to the section where you get all the forms for opening various accounts.

Step 3: Select the form for opening a call deposit account.

Step 4: Fill up the form and upload all the required documents.

Step 5: Submit the form.

Step 6: You will receive a text message on your phone once your request starts getting processed.

Note: If you face any problem while going through the online process, you can also call their official number and get your queries clarified by the employees.

Thus, a call deposit account is nothing but a modified demand deposit account where you enjoy some of the privileges provided by a term deposit account. Hence, compared to a normal demand deposit, where your money doesn’t earn interest, it does in the case of call deposit accounts.

FAQs about Call Deposit Account

All

Can a call deposit account hold money for a long time?

Yes, these types of accounts work by letting the customer deposit a particular amount of money for however long they want.

What are at-call deposits?

At-call deposits are those funds that are straightaway accessible to the customers whenever required.

What is the bank deposit payment method?

The bank deposit payment options include the following:

Online Banking
Cards

Latest News

Currently there are no news to show.

Renew & Download Policy Document, Check Challan, Credit Score, PUC & more

60K+ Reviews

4.8

Rated App

60K+ Reviews

12K+ Reviews

4.3

Rated App

12K+ Reviews

Download the App

CIN: L66010PN2016PLC167410, IRDAI Reg. No. 158.

Go Digit General Insurance Limited | Corporate Office Address: Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru 560095 | Registered Office Address: 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, Shivaji Nagar, Pune-411005, Maharashtra | Trade logo of Go Digit General Insurance Ltd. displayed above belongs to Go Digit lnfoworks Services Private Limited and is provided and used by Go Digit General Insurance Ltd. under license.