deposit account

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Bank Account

An agreement between a bank and a person or institution, whereby the bank agrees to hold money and/or other assets on behalf of the other party. What the holder may do with those assets depends upon the nature of the account. In a checking account or a savings account, the bank holds money and pays the client a certain percentage in interest. This payment gives the bank the right to lend the money to other clients or invest it within the confines of law and banking regulations. However, the client has the right to withdraw the total amount of money on demand.

deposit account

see COMMERCIAL BANK.

deposit account

or

time account

or

savings account

an individual's or company's account at a COMMERCIAL BANK into which the customer can deposit cash or cheques and from which he or she can draw out money subject to giving notice to the bank. Deposit accounts (unlike CURRENT ACCOUNTS, which are used to finance day-to-day transactions) are mainly held as a form of personal and corporate SAVING and used to finance irregular ‘one-off payments.
References in periodicals archive ?
The "risky'' bank deposit tax would be "extremely dangerous'' for wider economic confidence, shadow treasury minister Chris Leslie said.
Failures of both high-profile and local banks have a greater effect on bank deposits than economic conditions.
BRSA said 1-3 month maturity bank deposits were worth 250.
At present, several deductions like life insurance premium, payment of housing loan principal, taxsaving bonds issued by various institutions, investment in mutual funds ( MFs), bank deposits and small savings schemes with different minimum tenures, and pension schemes are clubbed under Section 80C.
This shift of household savings from domestic bank deposits to overseas assets (foreign currency deposits, bond funds, leveraged currency trades, etc.
will introduce later this year to its clients a bank deposit program that offers FDIC insurance, competitive interest rates and the opportunity to earn higher interest rates based on account type and household asset values.
The proposal would be the first limit imposed on interest rates on bank deposits since their liberalization in October 1994.
While most Wall Street money center banks were able to transfer operations quickly to contingency sites, a few banks had difficulty making payments, causing their Reserve Bank deposits to grow rapidly.
For example, the Service tracks funds from known sources to deposits made to a taxpayer's bank accounts, rather than analyzing bank deposits to identify unreported income from unknown sources.
DIC) said Monday it plans to issue four-year, government-guaranteed bonds worth up to 100 billion yen per month through next March 31, in a bid to secure a stable method of preparing reserves for the possible refund of bank deposits.
Just as households in the late 1970s shifted their money out of traditional bank deposits into money market mutual funds, households today are shifting out of M2 deposits at banks and thrift institutions and into higher-yielding bond and equity mutual funds.
Global Banking News-January 9, 2014--Pakistan bank deposits increase