deposit account

(redirected from Bank deposits)
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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 ?
Cash-rich companies previously preferred bank deposits because they paid slightly higher rates than bonds and were more liquid, with maturity profiles that ranged from days to 12 months.The newly imposed low returns on deposits have, however, seen many opt to trade liquidity offered by the lenders for higher returns on government bonds and T-bills.
But it noted that bank deposits grew by about $8 billion in the 12 months leading to June 2015 relative to an increase of around $3 billion in the public debt, which suggests an ample and sustainable source of financing, even in current conditions.
What's more, in the context of KTB, public funds will used to repay BGN 3.6 B in guaranteed bank deposits and interest on them,""Stoyanova said.
With the BIR regulation, the lawyers and bankers warned that unless this is amended to make bank deposits really secret, big depositors might close their accounts, resulting in the flight of capital.
Nevertheless, today the population trusts in the bank deposits and the share of the deposits is increasing," said Kelimbetov.
Total bank deposits increased marginally by 0.3 per cent in April, to close at Dh1.2418 trillion, as a result of an increase in resident deposits by 1.3 per cent.
Stournaras noted that there was no danger for Greece to be affected by the consequences of the crisis in Cyprus, which had rejected a proposed levy on bank deposits as part of its international bailout.
Former President of the Republic Demetris Christofias has dismissed allegations that his government had given its consent for a haircut on Cypriot bank deposits.
The cash-strapped lenders have been closed since Saturday, when Cyprus said it would raid personal bank deposits to help fund its international bailout package to avoid a bank run.
Parliament rejected the previous plan, which involved seizing up to 10 percent of people's bank deposits.
In exchange for 10 billion euro (PS8.6bn) in rescue money, the government proposed a one-time tax of 6.75% on all bank deposits under 100,000 euro (PS86,490) and 9.9% over that amount.
PRESIDENT Nicos Anastasiades said yesterday that savers made to pay a tax on bank deposits as part of a sovereign bailout deal will be compensated by shares in banks guaranteed by future natural gas revenues.