deposit account


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Related to deposit account: savings account, Demand deposit account

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 ?
As an incentive for banks, the basic deposit account is granted a preferential zero percent reserve requirement which lowers their account maintenance cost.
The bank's deposit accounts are designed to offer wider choices and crucially better returns.
Many depositors at other banks canceled their time deposits and put their money into the ordinary deposit accounts of the Bank of Tokyo-Mitsubishi and whatever banks they perceive as having stronger financial health than their old banks, banking sources said.
To spur you on, Virgin Direct's kicking off the new deposit account at 6.
Fonacier said PDIC is still studying the proposals to exempt banks from paying annual premiums if they have basic deposit account products.
While attempted fraud against bank deposit accounts reached USD13 billion, banks' prevention measures stopped USD11 billion in fraudulent transactions.
The bank said that it has launched a Sharia-compliant term deposit account.
The Treasury Notice Deposit Account uses a Wakala structure, with Gatehouse Bank acting as an agent to invest funds within the Bank's Treasury pool of Shari'ah-compliant assets, which include real estate bridge financing, asset financing and Sukuk.
The UOB Foreign Currency Fixed Deposit account pays interest of 0.
Investment Deposit Account customers can enter into the raffle by maintaining a monthly deposit of Dh 25,000.
Upon launching the Golden Deposit account, JCBank's clients may now benefit from competitive interest rates of 4.
IN a deposit account: pounds 250 invested in a deposit account paying 5.