Saving accounts are opened to encourage the people to save money and collect their savings. The Savings Bank account can be opened by depositing just Rs.100. The saving account holder is allowed to withdraw money from the account as and when required.
Current bank accounts are very popular among companies, firms, public enterprises, businessmen who generally have higher number of regular transactions with the bank.
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Fixed deposits are popular and conventional banking product which allows depositors capital security and a certain amount ofincome at the rate of interest prevailing at the time of deposit. The interest can be withdrawn monthly, quarterly or on maturity.The period of deposit generally range from 15 days to 60 months. Loan facility is also available against the security of the fixed deposit receipt.
An earnest payment is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction.
