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.

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.

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.

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.

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.