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What are the different types of bank deposits?
Deposit is the form of savings in which the account holders save their money in their bank account by depositing. Bank also accept the deposit from the account holders and also provide interest rate for depositing, this makes the people save as deposit instead of holding extra cash in hand.
• Demand deposit: Deposit in the bank can be withdrawn by the customer on demand is called demand deposit.
• Fixed deposit: In fixed deposit, the deposit cannot be withdrawn before the term specified. The rate of interest for a fixed deposit will be higher than the demand deposit.
• Recurring deposit: When the depositor deposits the fixed amount every month for a certain period is known as recurring deposit