There are mainly four types of account
- Current deposit
- Fixed deposit
- Savings deposit
- Recurring deposit
- Savings Bank Deposits Accounts are maintained by both transaction and savings purposes mostly by individuals and households.
- This deposit is intended primarily for small-scale savers.
- Any individual can open a savings account.
- Moreover these accounts can be opened in names of two or more persons also.
- One can earn interest on funds for short period of time
- There are limited number of withdrawals in a month
- There is also ceiling on the maximum amount that can be withdrawn at once.
- Limit on number of cheques that can be drawn in a month
- Interest payable (capitalized) half yearly on daily outstanding balance basis
- The customer is charged if he fails to maintain a required balance in his minimum balance in his account.
- Facility of passbook is provided to the customer
- Nomination facility is provided in savings account.
- As indicated in the Second Quarter Review of Monetary Policy announced on October 25, 2011, it has been decided to deregulate the savings bank deposit interest rate with immediate effect. Banks are free to determine their savings bank deposit interest rate, subject to the following two conditions:
- Each bank will have to offer a uniform interest rate (earlier it was revised at 3.5% in 2003) on savings bank deposits up to Rs.1 lakh, irrespective of the amount in the account within this limit.
- For savings bank deposits over Rs.1 lakh, a bank may provide differential rates of interest, if it so chooses, subject to the condition that banks will not discriminate in the matter of interest paid on such deposits, between one deposit and another of similar amount, accepted on the same date, at any of its offices.
Current deposit account
Fixed deposit account