DEPOSIT ACCOUNTS

SEPTEMBER,2013

TYPES OF DEPOSIT
a) Demand Deposits : i) Savings Deposit Meant to encourage savings restrictions on the no. of transactions - Interest is payable half-yearly AMB / AQB Interest rates are freed recently.

ii) Current Deposit meets the transaction needs of the customer no restrictions on the no. of transactions no interest is payable

TYPES OF DEPOSIT
b) Time Deposit :
Fixed Deposit / Term Deposit : Deposits are held for specified period, varying from 7 days to 120 months These are called Fixed Deposit or Term Deposit Pre-mature withdrawal is permitted Loan against the said FDs are allowed Higher interest rates are offered interest rates ranges from 5% to 10% p.a. Recurring Deposit : specified amount deposited every month for the term selected. Certificate of Deposit : CDs are money market instruments, maturity not exceeding 1 year.

Non-Resident Indian (NRI)Accounts

Three categories : i) Non-Resident (external) (NRE) ii) Non-Resident (NRO) (Ordinary)

rupee

accounts

rupee

accounts

iii) Foreign Currency non-resident accounts (FCNR (B))

(Banks)

THANK YOU