It is my pleasure to tell you the types of accounts that we are using in our daily life to do transactions (withdraw & deposit money) are as follows:
- Current Account (CD)
- Savings Account (SB)
- Short Term Deposit Account (STD)
- Fixed Deposit Receipt Account (FDR)
CD Account : Basically this types of accounts can be opened by a person/business institution to deposit and withdraw money several times in a day to meet the business requirement. It's a non interest bearing account. So, you can do transactions as much as you can. The banker issue cheque book against the account.
SB Account : SB account can be opened singly or jointly on the basis of needs. It's a interest bearing account. But, there are some restrictions to withdraw fund to get the benefit of interest. Banker issuing cheque books against the account.
STD Account : It is called short term deposit account. A person and or a institution can open such types of account for doing transaction frequently as per business needs. It's a interest bearing account. Banker issuing cheque books against the account.
FDR Account : The account is opened by a person and or a institution to deposit fund only for a fixed tenor with a fixed rate of interest. Tenor meaning One/Two/Three/Six/Twelve Months. It also can be opened for two or three Years. Banker provide different rate of interest for different tenor. A receipt is issued against the account. On maturity the FDR Receipt must be produced to the banker for payment. FDR A/C can be open with a written request by debiting CD/SB/STD account. But nomination is a must for the account and a photograph of nominee is required duly attested by the applicant of the FDR account.
Very important : The customer must keep cheque books under locked and key at their own custody and also at their own risk to avoid fraudulent activities to safeguard you/your institution and or a bank as well.
SB Account : SB account can be opened singly or jointly on the basis of needs. It's a interest bearing account. But, there are some restrictions to withdraw fund to get the benefit of interest. Banker issuing cheque books against the account.
STD Account : It is called short term deposit account. A person and or a institution can open such types of account for doing transaction frequently as per business needs. It's a interest bearing account. Banker issuing cheque books against the account.
FDR Account : The account is opened by a person and or a institution to deposit fund only for a fixed tenor with a fixed rate of interest. Tenor meaning One/Two/Three/Six/Twelve Months. It also can be opened for two or three Years. Banker provide different rate of interest for different tenor. A receipt is issued against the account. On maturity the FDR Receipt must be produced to the banker for payment. FDR A/C can be open with a written request by debiting CD/SB/STD account. But nomination is a must for the account and a photograph of nominee is required duly attested by the applicant of the FDR account.
Very important : The customer must keep cheque books under locked and key at their own custody and also at their own risk to avoid fraudulent activities to safeguard you/your institution and or a bank as well.
1 comment:
Thanks for the post. It's a very helpful one.
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