{"id":19342,"date":"2013-05-09T12:41:46","date_gmt":"2013-05-09T07:11:46","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=19342"},"modified":"2024-04-12T14:15:37","modified_gmt":"2024-04-12T08:45:37","slug":"types-of-deposits-2","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/types-of-deposits-2\/","title":{"rendered":"Types of Deposits"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Introduction-to-Foreign-Exchange-4-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Introduction-to-Foreign-Exchange-4-1.png\" alt=\"Types of Deposits\" class=\"wp-image-99356\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Introduction-to-Foreign-Exchange-4-1.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Introduction-to-Foreign-Exchange-4-1-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n<\/div>\n\n<p>Types of Deposits- Deposits from the public are the principal sources of funds for banks. In India, deposits are classified into three categories:<\/p>\n<ul>\n<li><b style=\"line-height: 1.714285714; font-size: 1rem;\">Fixed Deposit Account:<\/b><span style=\"line-height: 1.714285714; font-size: 1rem;\"> These are made for a wide range of 15 days to 3 years and more for a set percentage of interest. The depositor cannot withdraw the deposit before the expiry of the agreed period and the payment is made once at the time of opening of the account. The deposit rate depends on the length of the period, the amount deposited, the credit of the bank, and the condition of the money market. A \u2018fixed deposit receipt\u2019 (FDR) is exempt from the payment of stamp duty.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b style=\"line-height: 1.714285714; font-size: 1rem;\">Current Account:<\/b><span style=\"line-height: 1.714285714; font-size: 1rem;\"> It is defined as a running, active account on which cheques are drawn and to which credits are paid. There are no restrictions on the number of deposits and withdrawals made to\/from a current account. Bankers do not allow interest on the balances of such amounts (if so, it is negligible). A minimum balance is required on the account else there are incidental charges levied.<\/span><\/li>\n<\/ul>\n<ul>\n<li><b style=\"line-height: 1.714285714; font-size: 1rem;\">Savings Deposit Account:<\/b><span style=\"line-height: 1.714285714; font-size: 1rem;\"> A person may deposit money as often as needed provided that he\/she abides by the prescribed yearly limit. No overdraft is granted on savings accounts, but many ancillary services can be availed of such as free mail transfer, collection of cheques, dividend warrant, etc., and payment of insurance premiums.<\/span><\/li>\n<\/ul>\n<div class=\"apply\">\n<p><span style=\"font-weight: 400;\">Become Vskills <\/span><span style=\"font-weight: 400;\">Certified Commercial Banker<\/span><b>.<\/b><span style=\"font-weight: 400;\"> Learn the module &#8220;Types of Deposits&#8221;. Try the free practice test!<\/span><\/p>\n<h5>Apply for Commercial Banker Certification Now!!<\/h5>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/Certified-Commercial-Banker\" target=\"_blank\" rel=\"noopener\">http:\/\/www.vskills.in\/certification\/Certified-Commercial-Banker<\/a><\/p>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.vskills.in\/practice\/commercial-banking\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"961\" height=\"150\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Try-Free-Practice-Test-for-CyberOps-Associate-200-201-CBROPS-2-1-1.png\" alt=\"\" class=\"wp-image-99313\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Try-Free-Practice-Test-for-CyberOps-Associate-200-201-CBROPS-2-1-1.png 961w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Try-Free-Practice-Test-for-CyberOps-Associate-200-201-CBROPS-2-1-1-300x47.png 300w\" sizes=\"auto, (max-width: 961px) 100vw, 961px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/certified-commercial-banker-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Types of Deposits- Deposits from the public are the principal sources of funds for banks. In India, deposits are classified into three categories: Fixed Deposit Account: These are made for a wide range of 15 days to 3 years and more for a set percentage of interest. The depositor cannot withdraw the deposit before the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3342],"tags":[9763,9766,9764,9765,9767,3384],"class_list":["post-19342","page","type-page","status-publish","hentry","category-commercial-banking","tag-certified-commercial-banker","tag-certified-commercial-banker-course-outline","tag-certified-commercial-banker-exam-details","tag-certified-commercial-banker-free-practice-test","tag-certified-commercial-banker-tutorial","tag-types-of-deposits"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Types of Deposits - Tutorial<\/title>\n<meta name=\"description\" content=\"Types of Deposits. Government of India Certification for commercial bankers. Get Certified and improve employability. 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