Types of BankDepositAccounts|Topic4|BankingTutorial|Learn Banking With EasyTips|InternationalBanking
Published at : 12 Feb 2021
In this video, explained about Types of Bank Deposit Accounts.
What is Fixed Deposit Account?
Some bank customers may like to put away money for a longer time. Such deposits offer a higher interest rate. If money is deposited in a savings bank account, banks allow a lower rate of interest. Therefore, money is deposited in a fixed deposit account to earn interest at a higher rate.
What is Recurring Deposit Account?
Recurring Deposit A recurring deposit is a special kind of term deposit offered by banks which help people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits.
What is Tax Saving Deposit?
Tax-saving FD is one of the tax-saving instruments where one can invest to save tax under section 80C of the Income Tax Act. ... Returns on a tax saving FD are also guaranteed contractually by the lender (the bank or post office) and fixed for the term of the FD.
What is a Monthly Interest Payment?
We commonly think in terms of monthly costs. For example, you have monthly utility bills, food costs, or a car payment. ... Whether you're paying interest on a loan or earning interest in a savings account, the process of converting from an annual rate (APY or APR) to a monthly interest rate is the same.
What is TDS?
TDS - TDS stands for tax deducted source as per the income tax act any company or person making the payment is required to deduct tax at source. If the payment exceeds certain threshold limits. TDS has to be deducted at the rate prescribed by the income tax department.
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