A bank deposit is a sum of money placed by a customer with a bank, which may attract interest and have specific accessibility terms. Deposits allow banks to extend loans to other customers, existing mainly on paper in the bank's books.
A passbook is a book issued by a bank to record deposits, withdrawals, and interest earned in a savings account, typically known as a passbook savings account. It lists the depositor's name, account number, and all transactions.
A specialized savings account operated via postal mail or automated teller machines (ATMs), offering higher interest rates due to its reduced operational costs.
A bank or building-society account designed for the investment of personal savings. These accounts typically offer higher interest rates than deposit and current accounts. Some accounts provide instant access to funds, while others require notice to be given, typically 30, 60, or 90 days.
A Time Deposit is a savings account or a Certificate of Deposit (CD) held in a financial institution for a fixed term or with the understanding that the depositor can withdraw only by giving notice. It offers a specified term and usually carries penalties for early withdrawal.
