What is a deposit account?
The meaning of the deposit account
By opening a deposit account in a bank, a client chooses conditions from a possible range of services offered. During the whole period of placement of funds, certain interest is calculated in accordance with the conditions agreed in advance. Deposit accounts can be opened not only by individuals, but also by legal entities.
The amount of deposits is not limited, but there are, as a rule, the minimum size of deposits. You can open such an account at any time. The main terms of the deposit are strictly fixed period of storage of funds and the inability to use the funds by the client until the expiration of the contract with the bank. In this case, you can regularly withdraw or accumulate interest. Cash placed in a deposit account is returned in full after a pre-agreed date.
Types of deposit accounts
All types of deposit accounts can be divided into two main categories - with the terms of the program “up todemand and urgent. Each type of deposit has its own distinctive features, advantages and disadvantages. All the nuances are usually prescribed in the contract with the bank. Before signing such documents, it is better to carefully examine all the conditions immediately and, if necessary, to get additional advice from the staff.
If you have savings and you want to increase your income, then the best option would be to open a “urgent” deposit account. In this case, you should pay special attention to the main condition - you will not be able to withdraw funds for a predetermined period. It is convenient to use such an account if you are sure that you will not need the money in the near future.
Deposit accounts "on demand" have more flexible conditions, but interest rates on them, as a rule, are lower than those of urgent ones. In this case, you place funds on your account and can withdraw them in whole or in part before the deadline specified in the contract.
Features of deposit accounts
You can open a deposit account using any currency that is in circulation of the bank.In addition, each depositor is provided with a deposit insurance service, which means reimbursement of the entire amount of the deposit upon the bankruptcy of the organization.
Interest earned on a deposit account is taxable. Such a rule is established and regulated by current legislation. When withdrawing cash, 13% is withheld. Interest accrual, depending on the chosen program, can be carried out monthly, quarterly or with capitalization, when the accrued funds are included in the total amount of the deposit account.
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