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 ?
Banks are generally granted the "liberty to customize their product offerings" according to their niche market or "based on the needs of the identified market" when it comes to basic deposit accounts.
An FDIC-insured deposit account would enable it to offer things like a savings account or mobile check deposits.
Since opening a flexi fixed deposit account is simple and hassle free, with most banks following a fast and transparent process, banks generally allow auto renewal of flexi FDs, ensuring account holders don't have to worry about renewal.
In addition to assuming the transactional deposit accounts of the failed bank, Whitney Bank agreed to purchase approximately $1 billion of the failed bank's assets.
Timed to coincide with the dividend distribution season, customers who applied for any new deposit account during the campaign period ending February 28 were given the chance to win up to QR10,000 each month.
Transfers can be made between FirstMerit deposit accounts and up to five accounts at other financial institutions.
Also, Lebanon's deposit account penetration rate was higher than the global rate of 1,192, the UMICs' penetration rate of 1,371 and the Arab rate of 681 deposit accounts per 1,000 adults last year.
Each of these exchanges offers bitcoin deposit accounts to hold bitcoins purchased on the exchange and bitcoins held for sale on the exchange.
Gatehouse Bank, a wholesale Shari'ah-compliant investment bank based in London, has announced the launch of its Treasury Notice Deposit Account with rates compared against traditional deposit accounts
In August, for the 23rd month in a row, Bulgarian households kept putting money aside in deposit accounts, with increase of BGN 270 M in only one month.
Chen Yi-tuan, deputy director of the economic research department of the CBC, pointed out that it remains to be seen whether local people will transfer their funds from demand deposit accounts to time deposit accounts, due to the issue of the stock transaction gains tax.
"Moreover, these efforts contribute in reducing the costs and alleviating the burden imposed on the government authorities in the development fields, in addition to supporting the saving efforts through opening deposit accounts in the bank."