3.3 Types of Deposits offered by the Bank: Today, Bank offers different types of Deposits. The number and range of deposit services offered by banks is impressive. They are: CURRENT DEPOSIT ACCOUNT, SAVING DEPOSIT ACCOUNT, TERM DEPOSIT, and FIXED DEPOSIT, SPECIAL SAVING SCHEME. CURRENT DEPOSIT ACCOUNT Amount Deposited under this account gives the facility of withdrawal from the amount without any restrictions and within the funds available on credit. Ordinary no interest is paid on the amount deposited in this account. SAVING DEPOSIT ACCOUNT These are interest bearing deposit accounts. The drawing are restricted in respect of both the amount of withdrawal and frequency thereof so that the payment and of interest and does not become non-compensating for the banker. Interests are paid half yearly on the amount deposited. These accounts are suitable for individual person. TERM DEPOSIT ACCOUNT Deposits are also accepted by the bank against acknowledgement in the form of receipts for the specified amount and fixed periods. In Term Deposit Interest rate depends on period of deposit. The longer the period the higher is the rate of interest on them. The receipts are not negotiable and not transferable. Sometimes encashment of a receipt before maturity is allowed upon surrender of interest. FIXED DEPOSIT RECEIPT Fixed deposit accounts are repayable after the expiry of the predetermined period fixed by the customer. The period of the FDR ranges from three months to one year. Longer the period, the rate of’ interest is higher. Amount of FDR is payable once a time. If the client does not withdraw the amount and give’ further instructions for renewal within one month from the date of maturity, then the FDR account would get renewed for a further three months and the rate of interest would L prevailing rote for fixed deposit. Rate of Interest on Deposit offered by the Bank Types of Deposit •FDR for 1 months •FDR for 3 months •FDR 6 months •FDR for 12 months •Short Term Deposit •Savings Bank Deposit •Special Saving Scheme
Rate of Interest (0/0 per annum) 8.00 11.50 11.75 12.00 6.00 7.00 12.00
3.4 SERVICES PROVIDED UNDER GENERAL BANKING There are some customer’s oriented services in the field of general banking. There are different types of customer services. Like Cash, Account Opening and Closing, Remittance and Clearing. These are described below.