Aim bank deposit to open12/12/2023 ![]() Debit Cards, Credit Cards & Microcreditīig businessmen, companies, and institutions such as schools, colleges, and hospitals have to make payment through their bank accounts.A minimum balance has to be maintained in the account as prescribed by the bank. The rate of interest on savings bank account varies from bank to bank and also changes from time to time. Interest is allowed on the balance of deposit in the account. Normally banks put some restriction on the number of withdrawal from this account. Withdrawals can be made either by signing a withdrawal form or by issuing a cheque or by using an ATM card. Money can be deposited at any time in this account. For example, the people who get salaries or the people who work as laborers. This type of account can be opened with a minimum initial deposit that varies from bank to bank. Let us see all of these in detail now! Savings Bank AccountĪs the name suggests this type of account is suitable for people who have a definite income and are looking to save money. On the basis of purpose they serve, bank deposit accounts may be classified as follows: Some, mostly businessmen, deposit all their income from sales in a bank account and pay all business expenses out of the deposits. Some may want to deposit money in a bank for as long as possible to earn interest or to accumulate savings with interest so as to buy a flat, or to meet hospital expenses in old age, etc. The purpose of deposit then is to keep money safe for future needs. They deposit money in the bank only when they have extra income. It may also be a combination of alphanumeric letters. Bank deposits serve different purposes for different people. Sometimes we use numbers to uniquely identify an account. ![]() Each deposit corresponds to a unique account and vice versa. This is known as the deposit and to each deposit, the bank assigns a unique identity which is known as the account. Banks offer all sorts of financial products to help you manage your money on a day-to-day basis. The bank is such a place where once we deposit money, it remains safe and also earns interest over some time. Note: More information can be obtained at KBank branch.Money and banking are part of everyday life.
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